Competition policy aims to prevent anticompetitive agreements and mergers, limiting the abusive exercise of market power. The formulation and application of this policy presents significant challenges, which include showing that proposed mergers are anticompetitive, proving that firms are...

"Managers who are looking to gain a better understanding of today's industrial environment will appreciate this text. It offers a comprehensive examination of the field. Empirical applications are integrated throughout the chapters to provide relevant examples. Discussions are included on price...

Cost synergies are an explicitly recognized justification for a two-firm merger, and empirical techniques are now widely used to assess the impact of cost-reducing mergers on prices and welfare in the post-merger market. We show that if the merger occurs in a vertically product differentiated...