different markets. We focus on the interaction between the merger's effects on downstream efficiency and on buyer power in a … size discounts for the merged entity has no impact on consumer prices or on smaller retailers, unless the merger affects … “waterbed effects,” that is, each small retailer pays a higher average tariff if a buyer merger improves downstream efficiency …

a single theory – that the merger would create a dominant buyer (or group of buyers) that would exploit small, powerless … a comprehensive analysis of the role of buyer power in merger enforcement. It defines the types of buyer power … combinations that increase such power are beneficial, the article identifies ten situations in which a merger that augments …

collusion hypothesis, rivals of the merging firms benefit from the merger since successful collusion limits output and raises …