endogenous rather than exogenous merger theory. More surprisingly, our data suggests that fairness (or relative performance … profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Stigler …

This paper analyzes endogenous merger formation in oligopolistic markets where firms have different unit production … costs. We reformulate the merger model, introduced by Barros (1998), by employing the core as cooperative equilibrium … concept. We show that, depending on the size asymmetry in the pre-merger market, this alternative solution concept predicts a …

We analyze the optimal policy of an antitrust authority towards horizontal mergers when merger proposals are endogenous … pre-merger market share. The optimal policy is a response to a bias in firms' proposal incentives: firms always propose a … larger merger when it is better for consumers than a smaller one, but sometimes will propose the larger one even when it is …

markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …

strategic behaviour in the product market. If firms compete in quantities, consolidation makes firms more aggressive due to …

generalizes the traditional IO approach, employing ideas on coalition-formation from cooperative gave theory. The model suggests …

. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the time of … merger, and the split of surplus …