all the bargaining power at the production stage, while it vanishes when the buyer and suppliers' weights are balanced … more bargaining power when selecting suppliers than when negotiating over quantities and intermediate prices. The buyer …

merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private … information of the merged firm. The optimal merger policy trades off potential cost savings against regulatory distortions from … market induces a more lenient merger policy. The regulated firms' diversification into a competitive segment of the market …

exact amount of cost efficiency/inefficiency that will result from the merger. Nevertheless, the key element of the model is … always have incentives to merge, irrespective of cost uncertainty, while a merger without role redistribution is ex ante … merger between leaders always enhances welfare if participants have incentives to merge, such that private and collective …

when taking merger decisions. In practice, firms and competition authorities cannot know exact future efficiency gains …, prior to merger consummation. This paper analyzes horizontal mergers when the output decision-making process is sequential … of "Merger Approval", the paper emphasizes the timing of regulatory intervention and distinguishes two different merger …