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Dynamic Merger Review

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Author Info
Volker Nocke
Michael D. Whinston

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Abstract

We analyze the optimal dynamic policy of an antitrust authority towards horizontal mergers when merger proposals are endogenous and occur over time. Approving a currently proposed merger will affect the profitability and welfare effects of potential future mergers, the characteristics of which may not yet be known to the antitrust authority. We show that, in many cases, this apparently difficult problem has a simple resolution: an antitrust authority can maximize discounted consumer surplus by using a completely myopic merger review policy that approves a merger today if and only if it does not lower consumer surplus given the current market structure.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14526.

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Date of creation: Dec 2008
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Handle: RePEc:nbr:nberwo:14526

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Find related papers by JEL classification:
L0 - Industrial Organization - - General
L4 - Industrial Organization - - Antitrust Issues and Policies

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  1. Boyan Jovanovic & Peter L. Rousseau, 2002. "The Q-Theory of Mergers," NBER Working Papers 8740, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Massimo MOTTA & Helder VASCONCELOS, 2003. "Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game," Economics Working Papers ECO2003/23, European University Institute. [Downloadable!]
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  3. Ramon Fauli-Oller, 2000. "Takeover Waves," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 9(3), pages 189-210, 06. [Downloadable!] (restricted)
  4. Martin Pesendorfer, 2005. "Mergers Under Entry," RAND Journal of Economics, The RAND Corporation, vol. 36(3), pages 661-679, Autumn.
  5. Ramon Fauli-Oller, 2000. "Takeover Waves," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 9(2), pages 189-210, 06. [Downloadable!] (restricted)
  6. Boyan Jovanovic & Peter L. Rousseau, 2002. "Mergers as Reallocation," NBER Working Papers 9279, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Farrell, Joseph & Shapiro, Carl, 1990. "Horizontal Mergers: An Equilibrium Analysis," American Economic Review, American Economic Association, vol. 80(1), pages 107-26, March. [Downloadable!] (restricted)
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  8. Nilssen, T. & Sorgard, L., 1995. "Sequential Horizontal Mergers," Memorandum 30/1995, Oslo University, Department of Economics.
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  9. Matsushima, Noriaki, 2001. "Horizontal Mergers and Merger Waves in a Location Model," Australian Economic Papers, Blackwell Publishing, vol. 40(3), pages 263-86, September. [Downloadable!] (restricted)
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