Using only information on the degree of concavity of demand and observable structural variables as the market share of firms, a necessary and sufficient condition for a merger to increase welfare is derived. On the profitability side, we obtain that when market size decreases merger...

The US Merger Guidelines consider that the anticompetitive effect of a horizontal merger is increasing in the initial market concentration and decreasing in the elasticity of demand. These ideas are studied in a setting where identical firms compete à la Cournot and marginal cost is constant....

In this paper we analyze the implementation of socially optimal mergers when the regulator is notinformed about the parameters that determine social and private gains from potential mergers. Wefind that most of the standard tools in dominant strategy implementation, like the revelationprinciple...

We analyze merger policy in an industry where firms participate in a non-tournament R&D competition. We conclude that merger policy should be, in general, less restrictive in high technology markets (pharmaceuticals and telecoms), because mergers reduce the wasteful duplication of R&D...

Horizontal takeovers often occur in waves. A sequence of takeovers is obtained in a Cournotsetting with cost asymmetries. They are motivated by two different reasons: (i) A low realizationof demand increases the profitability of takeovers. (ii) Takeovers raise the profitability of...

This paper tries to precisely date the change of monetary policy regimeoccurred in Spain along the year 1984 moving away from controlling monetaryaggregates into interest rate targeting. The most likely date for the changeis estimated and, surprisingly, there is evidence that agents learn...

Sánchez Villalba (2009) claims tax evasion can be modelled as a global game when income shocks are common and prescribes that the tax agency should audit each individual taxpayer with a probability that is a non-decreasing function of every other taxpayer's declarations ("contingent policy...