informational problems. We show that, as a consequence of this trade-off, more intense competition in unregulated segments of the … can lead to a softer merger policy when competition is weaker. …

There is a general presumption that social preferences can be ignored if markets are competitive. Market experiments … (Smith 1962) and recent theoretical results (Dufwenberg et al. 2008) suggest that competition forces people to behave as if … hold when uncertainty is important (financial markets) or when incomplete contracts are traded (labor markets). Social …

variable that induces a smaller degree of competition. The reason is that demand uncertainty and the degree of substitutability …