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Merger Policy and Innovation: Must Enforcement Change to Account for Technological Change?

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  • Michael L. Katz
  • Howard A. Shelanski

Abstract

Merger policy is the most active area of U.S. antitrust policy. It is now widely believed that merger policy must move beyond its traditional focus on static efficiency to account for innovation and address dynamic efficiency. Innovation can fundamentally affect merger analysis in two ways. First, innovation can dramatically affect the relationship between the pre-merger marketplace and what is likely to happen if a proposed merger is consummated. Thus, innovation can fundamentally influence the appropriate analysis for addressing traditional, static efficiency concerns. Second, innovation can itself be an important dimension of market performance that is potentially affected by a merger. We explore how merger policy is meeting the challenges posed by innovation.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10710.

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Date of creation: Aug 2004
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Publication status: published as Merger Policy and Innovation: Must Enforcement Change to Account for Technological Change? , Michael L. Katz, Howard A. Shelanski. in Innovation Policy and the Economy, Volume 5 , Jaffe, Lerner, and Stern. 2005
Handle: RePEc:nbr:nberwo:10710

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  1. Cohen, Wesley M & Klepper, Steven, 1996. "A Reprise of Size and R&D," Economic Journal, Royal Economic Society, vol. 106(437), pages 925-51, July.
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Cited by:
  1. Ornaghi, Carmine, 2009. "Mergers and innovation in big pharma," International Journal of Industrial Organization, Elsevier, vol. 27(1), pages 70-79, January.
  2. Møllgaard, Peter & Lorentzen, Jo, 2006. "Competition Policy and Innovation," Working Papers 09-2005, Copenhagen Business School, Department of Economics.
  3. Ganslandt, Mattias, 2008. "Intellectual Property Rights and Competition Policy," Working Paper Series 726, Research Institute of Industrial Economics.
  4. Van Beers, Cees & Dekker, Ronald, 2009. "Acquisitions, Divestitures and Innovation Performance in the Netherlands," MPRA Paper 13464, University Library of Munich, Germany.
  5. Gilbert Richard J, 2006. "Competition and Innovation," Journal of Industrial Organization Education, De Gruyter, vol. 1(1), pages 1-23, December.
  6. Norbäck, Pehr-Johan & Persson, Lars, 2012. "Entrepreneurial innovations, competition and competition policy," European Economic Review, Elsevier, vol. 56(3), pages 488-506.
  7. Mas, Nuria & Valentini, Giovanni, 2012. "The importance of technology in the consolidation of hospital markets. The case of the United States," IESE Research Papers D/953, IESE Business School.
  8. Ornaghi, Carmine, 2006. "Mergers and innovation: the case of the pharmaceutical industry," Discussion Paper Series In Economics And Econometrics 0605, Economics Division, School of Social Sciences, University of Southampton.

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