Horizontal mergers, entry, and efficiency defences |
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Authors: | David Spector |
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Institution: | CNRS and Cepremap, 48 Boulevard Jourdan, Paris 75014, France |
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Abstract: | In standard models of Cournot competition, it is well-known that if large-scale entry is impossible, then any merger failing to create technological synergies must harm consumers through a higher price level. This paper shows that this is true irrespective of entry conditions: any profitable Cournot merger failing to generate synergies must raise price, even if large-scale entry is possible or if the merger allows the avoidance of fixed cost duplication. |
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