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 …Some path-breaking work on mergers takes efficiency gains for granted, or assumes that firms have perfect knowledge …, prior to merger consummation. This paper analyzes horizontal mergers when the output decision-making process is sequential …

Economic Theory, one of the most important contributions to the economic literature. Anticipating modern behavioral economics … agency costs – may actually support their relative efficiency and effectiveness, even if they appear problematic, costly or … Uncertainty, Evolution, and Economic Theory. In Part II, we explain the implications of Alchian's paper for behavioral economics …

This paper lays down the rudiments of a descriptive theory of competition among the digital tech platforms known as … average tendencies of FANGs expose the limitations of the textbook monopoly model (I), proposes an alternative theory of …

consultants) anticipate the critical questions and potential paths that should be addressed regarding antitrust merger risk. This … affected merger review, investments, decision making, and counsel. The surveys also offer antitrust agencies an opportunity to … think about the optimal design of the merger control system and various consequences of certain policy choices and …