The welfare impact of a merger involves the market power offense and the efficiency defense. Salant et al. (1983) show … that mergers among symmetric firms are unprofitable except for monopolization. We characterize the limit to this merger … for a profitable merger to increase welfare but leave open whether it exists. We characterize the degree of cost asymmetry …

In perfectly competitive economies under uncertainty, there is a well-known equivalence between a formulation with …

allocations of endowments, identifies the preferences and beliefs of individuals under uncertainty; this is the case even if the …

environmental quality means financing depollution activities and uncertainty concerns its efficiency since it's not always clear or …

In this paper I consider social choices under uncertainty. I prove that any social choice rule that satisfies …

uncertainty related to the law (L-uncertainty) and to the facts (F-uncertainty). We show that commitments are subop- timal when L-uncertainty … is important. Furthermore, the generalized use of commitments creates an additional risk of under-enforcement when F-uncertainty …