Mergers in Stackelberg Markets with Efficiency Gains

被引：9

作者：

Cunha M. ^{[1
]}

Vasconcelos H. ^{[1
,2
]}

机构：

[1] Universidade do Porto, Rua Dr. Roberto Frias, Porto

[2] CEF-UP and CEPR, Porto

来源：

Journal of Industry, Competition and Trade | 2015年 / 15卷 / 2期

关键词：

Efficiency gains; Mergers; Stackelberg;

D O I：

10.1007/s10842-014-0182-4

中图分类号：

学科分类号：

摘要：

This paper analyzes the profitability of mergers and their induced welfare effects in a setting where: (i) firms compete `a la Stackelberg; and (ii) mergers may give rise to efficiency gains. The results contrast with the ones obtained by previous literature where merger’s induced efficiency gains are assumed away. In particular, we find that under certain conditions regarding the cost benefits resulting from mergers, the so called “free-riding problem” is eliminated and mergers are not only profitable but also welfare enhancing, even with linear costs. © 2014, Springer Science+Business Media New York.

引用

页码：105 / 134

页数：29

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