consumers search for satisfactory deals. In the pre-merger symmetricequilibrium, the probability that a firm is the next one to … when they do not find any product satisfactory enough, they continue searching atthe merging stores. When search costs are … sizable search economies. Such demand-side economies can conferthe merging firms a prominent position in the marketplace, in …

search sequentially for satisfactory deals. In the pre-merger symmetric equilibrium, consumers visit firmsrandomly. However … non-merging stores, and only when they do not find a satisfactory product there they visit the merging firms. As search … products of the constituent firms, which generates sizable search economies. We show that such demand-side economies can confer …