This article analyzes endogenous efficiency gains from mergers. It considers oligopolistic homogeneous good markets and … homogeneous good markets, all possible mergers generate efficiency gains, and that these are most significant when R&D spillovers … are very low or very high. Efficiency gains increase with the number of insiders and generally decrease with the number of …

. Consequently, many antitrust agencies take into account the balancing effects of efficiency gains compared to anti …-competitive effects that may result from mergers and acquisitions. In order to appropriately consider efficiency claims in the merger … subject to confusing interpretation for two seasons: (i) there seems to be no clear indication of whether a claimed efficiency …

actually reduce consumer surplus which opposes the use of an efficiency defense in merger control. …