Celeste C. Saravia

Vice President,
Cornerstone Research;
University of California, Berkeley


  • San Francisco


Celeste Saravia coheads Cornerstone Research’s antitrust and competition practice. Dr. Saravia provides economic and statistical consulting, analysis, and expert testimony in complex business litigation. She addresses class certification, liability, and damages issues in antitrust litigation matters involving allegations of collusion, vertical restraints, and other allegedly anticompetitive behavior, as well as assessing the competitive effects of mergers.

Dr. Saravia works on matters in many industries, including life sciences (pharmaceuticals and medical devices), finance, information technology, energy, telecommunications, and media. Who’s Who Legal has recognized her multiple times as a Global Leader among competition economists. Dr. Saravia teaches economics courses at the University of California, Berkeley.

Antitrust and competition

Dr. Saravia has served as an expert in more than a dozen cases dealing with a variety of antitrust issues, including no-poach agreements, non-compete agreements, price fixing, monopolization, bundling, exclusive dealing, predatory pricing, price discrimination, and product hopping. These cases include Inline Packaging LLC v. Graphic Packaging International Inc. and Fresenius Kabi USA LLC v. Par Sterile Products LLC et al. Dr. Saravia offered trial testimony in In re HIV Antitrust Litigation, a case involving an allegedly anticompetitive reverse payment in a pharmaceutical patent settlement; and in J & M Distributing Inc. v. Hearth & Home Technologies Inc. et al., an alleged monopolization case.

Dr. Saravia has provided government agencies and parties support in all phases of merger review. She has analyzed competitive effects in prominent proposed mergers, such as Sysco/US Foods and Thoratec/Heartware. The Department of Justice (DOJ) retained Dr. Saravia to assess the competitive effects of the proposed merger between China International Marine Containers Group and Maersk Container Industry.

As a consultant, Dr. Saravia leads teams working on high-profile matters, including FTC v. Qualcomm, In re Flash Memory Antitrust Litigation, American Express Travel Related Services Company Inc. v. Visa USA Inc. et al., and Thales Avionics Inc. v. Matsushita Avionics Systems Corporation.

Energy and commodities

Dr. Saravia has developed analytical and statistical models to examine the competitiveness of deregulated electricity markets and modeled the competitive effects of a proposed merger of two electricity firms. In a matter related to an alleged monopsony by the largest purchaser of a natural resource, she provided a preliminary injunction analysis and addressed class certification, liability, and damages issues.

Intellectual property

Dr. Saravia has addressed general damages and intellectual property issues in a variety of matters. In Verizon Services Corp. et al. v. Cox Fibernet Virginia Inc. et al., she analyzed reasonable royalty rates, lost profits, and price erosion due to patent infringement. She also addressed reasonable royalty rates due to patent infringement in Brandeis University and GFA Brands Inc. v. Keebler Co. et al. Dr. Saravia analyzed class certification, liability, and damages related to a breach of contract dispute in the hospitality industry.

Dr. Saravia speaks and publishes frequently on competition issues. She won a Concurrences Antitrust Writing Award for her coauthored article, “Analyzing Incentives and Liability in ‘Hub-and-Spoke’ Conspiracies.” She has published research in Global Competition Review, including “Horizontal Merger Guidelines and Market Definition in Monopolization Cases” and “Standards for Assessing Bundled Discounts.”

Before joining Cornerstone Research, Dr. Saravia worked at the University of California Energy Institute.


GCR Live: Cartels 2024


How A 3-Firm ‘Joint Effort’ Beat A $3.6B Pharma Antitrust Suit

Press Release

Cornerstone Research Shortlisted for 2024 GCR Awards

Press Release

Cornerstone Research Named Among 2024 Outstanding Global Economic Consultancies


Most-Favored Entry Clauses in Drug-Patent Litigation Settlements

Press Release

WWL: Competition Global Leaders and Consulting Experts 2023

Press Release

Cornerstone Research Staff and Affiliated Experts Submit Comments on the Joint FTC-DOJ Draft Merger Guidelines


In re HIV Antitrust Litigation

  • “Can bots collude? Cartels in the age of artificial intelligence,” GCR Live: Cartels 2024, 15 May 2024
  • “Transatlantic Antitrust Class Actions,” 49th Annual Conference on International Antitrust Law and Policy and Antitrust Economics Workshops, Fordham University School of Law, 14 September 2022
  • “Certifiable? Navigating Class Actions Today,” American Bar Association’s 70th Antitrust Law Spring Meeting, 6 April 2022
  • “Think Tank on State and Federal Antitrust Initiatives: Commercial Considerations for Patent Settlements, Reverse Payments, and Emerging Legislation,” 12th Summit on Biosimilars & Innovator Biologics, American Conference Institute, 23 June 2021
  • “Big Tech Trial Juror Study,” American Bar Association Section of Antitrust Law, 18 May 2021
  • “Fundamentals—Economics,” American Bar Association Section of Antitrust Law Spring Meeting, 23 March 2021
  • “Women in Lead Roles: First Chairs and Expert Witnesses,” American Bar Association, 25 February 2021
  • “Tech Enforcement and Digital Competition Challenges,” Antitrust TX 2020, 28 October 2020
  • “Antitrust Counseling on Competitor Collaborations and Price Gouging during COVID-19,” American Bar Association Section of Antitrust Law, 1 April 2020
  • 20th Annual Berkeley-Stanford Advanced Patent Law Institute: Silicon Valley, 12 December 2019
  • “A Deep Dive into Spokeo: Including a Discussion of the Use of Experts and Statistical Sampling at Class Certification in Light of Spokeo and Tyson,” 2017 Class Action Litigation Conference, 8 September 2017
  • “What Is a Hub-and-Spoke Conspiracy and Who Benefits?,” webinar, 16 May 2017
  • “Fundamentals—Economics,” American Bar Association Section of Antitrust Law Spring Meeting, 29 March 2017
  • “Clarifying Liability in Hub-and-Spoke Conspiracies,” Antitrust Globally: American Bar Association Section of Antitrust Law Spring Meeting, 6 April 2016
  • “Trial Practice Fundamentals: Working with Your Expert,” American Bar Association Section of Antitrust Law, 19 May 2015
  • “Downloading the Future: Media Mergers and Content Distribution,” American Bar Association Section of Antitrust Law Spring Meeting, 17 April 2015
  • “Analyzing Conspiracies with Both Vertical and Horizontal Elements,” Agriculture & Food Committee and Distribution & Franchising Committee, American Bar Association Section of Antitrust Law, 7 January 2015