are linear. The results help to reconcile theory with various empirical findings on mergers. -- efficient hedging …

Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be … profitable. The profitability depends on the post-merger contest structure, the discriminatory power of the contest and on the … number of contestants. -- contests ; merger …

Fairness is a strong concern as shown by the robust results of dictator giving and ultimatum experiments. Efficiency … provision games. In our experiment participants can increase efficiency by gift giving at the cost of reducing their own … for mutual gift giving. In both cases decisions can be conditioned on whether there is or there is not an efficiency gain …