Frederick R Warren Boulton

Frederick R. Warren-Boulton
Senior Managing Director

Expert Witness; Antitrust & Competition Economics; Former DOJ - DAAG

Dr. Frederick R. (Rick) Warren-Boulton is a Senior Managing Director at Ankura, based in Washington, DC. He is an internationally recognized economics expert in the fields of antitrust and industrial organization, particularly in the economics of vertical restraints, mergers, price fixing, exclusion, and monopolization, and has testified and published extensively on those issues. Rick served for six years as Chief Economist of the Antitrust Division of the US Department of Justice, first as Director of its Economic Policy Office and then as the first Deputy Assistant Attorney General for Economic Analysis, before co-founding MiCRA, an economic consulting firm specializing in applied microeconomic theory, industrial organization and econometrics, in 1991. He is a former associate professor of economics at Washington University (St Louis), a visiting lecturer at Princeton University, a resident scholar at the American Enterprise Institute, and a research professor of Psychology at American University.

  • Experience

    Rick has served as the testifying expert for private parties and for various government agencies on landmark monopolization cases such as US v. AT&T and US v. Microsoft, as well as merger challenges such as FTC v. Staples and Office Depot and US v. H&R Block.

    He has also published and consulted extensively on price-fixing and other restrictive or collusive agreements. At the DOJ, he was a primary author of the US Sentencing Guidelines for criminal antitrust offenses such as price-fixing and market allocation and has lectured and written on related issues such as optimal fines, penalties, and leniency. Since leaving the DOJ, he has provided economic analysis and econometric estimates of harm for private parties negotiating fines and penalties with the DOJ and with antitrust agencies in Canada, the EU, Germany, Australia, and New Zealand. He has also been the expert for liability and damages in a number of class action and opt-out cases in the US involving price fixing or market allocation, including for the defendants in recent cases involving air cargo, car carriers, parcel shipping, auto parts and capacitors.

  • News & events
  • Insights & innovation
    • “On Rethinking the Goals of Antitrust,” Festschrift (Liber Amicorum), for Judge Douglas H. Ginsburg, forthcoming 2019
    • “Prices, Market Definition and the Effects of Mergers: Staples, Office Depot, and Office Max (1997, 2015, 2016),” in The Antitrust Revolution: Economics, Competition and Policy, Seventh Edition, Oxford University Press, with John E. Kwoka Jr. and Lawrence J. White
    • “Platforms and Innovation,” Global Antitrust Economics, Concurrences, 2017 “US v. H&R Block: Market Definition in Court since the 2010 Merger Guidelines,” The Antitrust Bulletin 59, 9/2014, with Marc Remer