This paper studies horizontal mergers in vertically related markets. In atwo-level Cournot model, with an intermediate and a final market, we show thatdownstream mergers inducing size effects are, ceteris paribus, more profitablethan upstream ones. Moreover, a merger at one level reduces the...

We consider the implementation of an economic outcome undercomplete information when the principal cannot commit to a simultaneousparticipation game. From a general class of sequential decentralizedparticipation processes and without common knowledge onthe details of the process, we introduce...

This paper introduces a speci…c Bootstrap method for positiverecurrent Markov chains, based on the regenerative method and the Nummelinsplitting technique. The main idea underlying this construction consists in generatinga sequence of approximate pseudo-renewal times for a Harris chain X...