Econ Papers Daily / 期刊论文
古诺竞争下并购的竞争效应
The Competitive Effects of Mergers with Cournot Competition
摘要
This article provides a full characterization of the competitive effects of horizontal mergers in the Cournot model with heterogeneous firms and constant marginal costs. We show that price effects depend only on the smaller merging firm's market share and the number of firms but are independent of the distribution of market shares among other firms. Standard concentration measures, instead, are often misleading. We also provide simple—yet general—closed‐form solutions for merger effects based on pre‐merger parameters. Moreover, we extend the model to study the combination of output and input market power and relate our results to the Merger Guidelines.
中文摘要
本文全面刻画了异质性企业且边际成本恒定条件下古诺模型中横向合并的竞争效应。研究表明，价格效应仅取决于规模较小合并企业的市场份额及企业数量，而与其他企业的市场份额分布无关。相比之下，标准集中度指标往往具有误导性。我们基于合并前参数，为合并效应提供了简洁而通用的闭式解。此外，我们将模型拓展至产出市场与投入市场势力的联合分析，并将研究结论与《合并指南》相关联。