complete contracts. We define the firm as being composed of its assets. We present a theory of costly contracts which …

out to result from reducing individual inefficiencies. The majority of the 84 merger cases is characterized by merger …

less valuable. The latter effect is due to downstream competition between buyers and, as we show, is also stronger the …

differentiation. An increase in concentration is more likely under Cournot competition if products are complements and more likely … under Bertrand competition if products are substitutes. Moreover, as products become closer substitutes, a takeover becomes … more likely under Bertrand and less likely under Cournot competition. …

structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

The optimal competition policy when licensing is an alternative to a merger, which has the intention of transferring a … superior technology, and is derived in a differentiated goods duopoly, as in the cases of Cournot and Bertrand competition. We … of the US Horizontal Merger Guidelines. In contrast, when only one instrument is feasible, be it fixed fees or royalties …

the respective mono-tonicity properties. If the profit differential between post-merger and pre-merger profits satisfies … equilibria of merger games with simultaneous and sequential moves. The application of our framework to specific oligopoly models … illustrates that the introduction of two-sided asymmetric information may lead to considerable changes in the predicted merger …