Photo of Leslie M. Marx, PhD

Selected Industries

  • Carbon
  • Insurance
  • Vitamins

Leslie M. Marx, PhD


Leslie M. Marx is the Robert A. Bandeen Professor of Economics at the Fuqua School of Business at Duke University. She is an expert in auctions, vertical contracting, antitrust liability, and cartels. Dr. Marx is well known for her innovative ideas in the areas of industrial organization, applied game theory, auctions, procurements, and collusion. She served as the Chief Economist of the Federal Communications Commission from August 2005 through August 2006.

Dr. Marx has published extensively in peer-reviewed journals and elsewhere on topics related to industrial organization, applied game theory, auctions, procurements, and collusion. Her published work includes papers on collusive mechanisms, incentives in procurement contracting, slotting allowances, and exclusive dealing.

Selected Experience

  • Prepared as a testifying expert on behalf of DOJ in support of its successful challenge of the proposed $34.6 billion merger of Halliburton and Baker Hughes.
  • Served as testifying expert at deposition and trial on behalf of a large coalition of direct action plaintiffs in In re Urethane Antitrust Litigation. Analyzed impact and estimated damages. Analysis indicated that plaintiffs were overcharged by $608 million, or 11%, between 1994 and 2003 as a result of alleged price-fixing conspiracy among chemicals suppliers. Direct action plaintiffs reached settlements, including a $400 million settlement with The Dow Chemical Company.

  • In the matter ACCC v. Informed Sources, provided economic analysis on behalf of the Australian Competition and Consumer Commission in its Federal Court of Australia proceedings against Informed Sources. Analyzed whether the retail gasoline price information provided by Informed Sources to fuel retailers that subscribed to the service likely lessened competition in metropolitan Melbourne.

  • In the matter In re Petition of Pandora Media, Inc., served as testifying expert on behalf of Pandora in its litigation with the American Society of Composers, Authors, and Publishers (ASCAP). The court ultimately adopted key aspects of Dr. Marx’s analysis of proposed benchmarks and set a rate within the range of rates proposed by Dr. Marx.
  • Served as a testifying damage expert on behalf of plaintiffs in the matter In re TFT-LCD (Flat Panel) Antitrust Litigation.
  • In the matter In re Chocolate Confectionary Antitrust Litigation, assisting testifying expert on behalf of defendant regarding its participation in an alleged price-fixing conspiracy of chocolate candy products in the United States.
  • Submitted a white paper to and participated in meetings with DOJ and the FCC on behalf of the Communications Workers of America (CWA), an interested party in the proposed T-Mobile/AT&T merger. Opined on the appropriate methods of analysis and horizontal and vertical concerns with the proposed merger.
  • Provided economic analysis related to the Comcast-NBCU merger on behalf of Bloomberg, LP. Conditions were imposed on the transaction to protect Bloomberg TV and other competitors of Comcast-NBCU's business news network CNBC from being disadvantaged.
  • Served as a testifying expert in the matter In re Electrical Carbon Products Antitrust Litigation. Submitted an expert report on damages.
  • In the matter Oxford Health Plans v. Liberty Surplus Ins. Corp., provided an expert report and deposition testimony for Liberty Surplus Insurance Corporation in litigation that concerned Oxford Health Plans’ settlement negotiations in a securities class action lawsuit.


PhD, Economics, Northwestern University

BS, Mathematics, Duke University