When Multiple Merged Entities Lead in Stackelberg Oligopolies View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2019-01-11

AUTHORS

Walter Ferrarese

ABSTRACT

I study a merger model among symmetric Cournot firms where—before a merger occurs—firms choose output simultaneously and in which a merged entity acquires the market leadership. I find conditions under which a single or multiple mergers are profitable and solve the free-riding problem. The model connects to Liu and Wang (Econ Lett 129:1–3, 2015), who show that a single leading entity can profitably merge with an arbitrary number of firms. The current paper extends their results in two directions: first, I find the conditions under which the free-riding issue is solved; second, I study the implications of multiple mergers, in which the merged entities are allowed to be heterogeneous in the number of merging firms. A welfare analysis shows that mergers may be welfare-enhancing—even without efficiency gains. Moreover, the set of welfare-enhancing mergers is the same irrespective of the measure that is used: consumer surplus only, or the sum of consumer surplus and industry profits. This suggests caution for the antitrust authorities in evaluating the overall effect of these mergers. More... »

PAGES

1-12

References to SciGraph publications

Journal

TITLE

Review of Industrial Organization

ISSUE

N/A

VOLUME

N/A

Author Affiliations

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s11151-019-09678-6

DOI

http://dx.doi.org/10.1007/s11151-019-09678-6

DIMENSIONS

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