, specifically with regards to horizontal mergers. Studying mergers that span several markets, we show that a myopic merger policy … may thwart a surplus-increasing merger wave. The analysis does not rely on any tacit or explicit collusive behavior by the …

exact amount of cost efficiency/inefficiency that will result from the merger. Nevertheless, the key element of the model is … always have incentives to merge, irrespective of cost uncertainty, while a merger without role redistribution is ex ante … merger between leaders always enhances welfare if participants have incentives to merge, such that private and collective …