, after a merger, because insiders raise their prices more than the outsiders, consumers start searching for good deals at the …We study the incentives to merge in a Bertrand competition model where firms sell differentiated products and consumers … search sequentially for satisfactory deals. In the pre-merger symmetric equilibrium, consumers visit firmsrandomly. However …

offered than in an equilibrium without PMGs. We also consider the incentives of firms to choose PMGs and show that an …