This paper builds on the work of BUSCHENA and GRAY (1999) to look at the effects of mergers in the North American malting industry as ten firms in two separated markets merged into four firms in an integrated market. We explore the sensitivity of our results to the assumption of market power. We...

Under production uncertainty, it is shown that the LeChatelier principle holds for the derived demand of the "i"th factor if it is technically complementary (competing) with the risk-increasing (risk-reducing) quasi-fixed input and absolute risk aversion is decreasing. In addition, the...