basis of efficiencies. The "second order importance" of the efficiency argument in merger analysis is based on varied … grounds. One reason for the limited significance of the efficiency defense in antitrust enforcement is, certainly, the … efficiency area, and the treatment of efficiencies in lower courts depends heavily on the outlook of a particular court, many …

We study upstream horizontal mergers and their potential efficiency gains. We show that an upstream horizontal merger … can give rise to two efficiency-enhancing effects when firms trade through two-part tariffs. It increases R&D investments … efficiency gains can overcome its anti-competitive effects in terms of welfare, we show that when firms merge usually both of the …