. Even if market concentration and technological disadvantages lead to a significant welfare reduction after merger, from … takeover is hostile. …

Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be … profitable. The profitability depends on the post-merger contest st ructure, the discriminatory power of the contest and on the …

can lead to a softer merger policy when competition is weaker. … merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private … information of the merged firm. The optimal merger policy trades off potential cost savings against regulatory distortions from …

A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on … economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather … than innovation. Economic theory shows the ways that price competition benefits consumers; and courts, antitrust agencies …

Merger value is frequently evaluated in single market contexts without considering possible gains stemming from firms … multimarket firms create incremental value. We establish a simple theoretical model that determines merger value in a multimarket … firm environment. The model enables us to derive merger values as being independent of post-merger market shares, but …