Mergers Under Entry
I study merger incentives in a dynamic model under the presence of gradual entry. I consider a repeated game with merger decisions in every period and characterize the set of equilibria. I establish two properties: (i) a merger for monopoly may not be profitable; (ii) a merger in a nonconcentrated industry can be profitable. I illustrate the merger welfare implications in the Cournot model.
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Volume (Year): 36 (2005)
Issue (Month): 3 (Autumn)
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