Horizontal Mergers and Uncertainty

Horizontal Bank Mergers : Issues and

Horizontal mergers with free entry

We consider the impact of horizontal mergers in the presence of free entry and exit. In contrast to much of the previous literature on horizontal mergers, our model yields predictions that seem intuitively reasonable: with only moderate cost synergies mergers of a small number of industry participants are beneficial (even under quantity competition), there is no “free rider problem” in that ins...

Horizontal Mergers: An Equilibrium Analysis

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A dynamic model of endogenous horizontal mergers

an anonymous referee, and seminar participants at several institutions for helpful comments. I would like to thank the Social Sciences and Humanities Research Council of Canada and the Alfred P. Sloan Foundation for financial support during the preparation of this paper. This paper is a revised version of parts of my doctoral dissertation.

Assessing horizontal mergers under uncertain efficiency gains∗

The analysis of horizontal mergers hinges on a tradeoff between unilateral effects and efficiency gains. The article examines the role of uncertainty (on the efficiency gains) in this tradeoff. Common wisdom is that the antitrust authorities should be very cautious about random gains. Our results show that dismissing efficiency gains on the sole ground that they are uncertain would not be theor...