Autore
Cellini, Roberto

Titolo
Whom should I merge with? How product substitutability affects merger profitability
Periodico
Economia e politica industriale
Anno: 2021 - Volume: 48 - Fascicolo: 3 - Pagina iniziale: 337 - Pagina finale: 354

The paper presents a simple model of oligopoly, in which three firms produce differentiated goods. The degree of product substitutability is not uniform across goods. Merger profitability from the firms' perspective is investigated. The model shows that the merger profitability depends on the degree of good differentiation. Contrary to what seems to emerge from different models, merger between firms that supply "more similar" product is more profitable as compared to merger between firms supplying more differentiated goods. Keywords: Oligopoly, Merger, Profitability, Merger paradox



SICI: 0391-2078(2021)48:3<337:WSIMWH>2.0.ZU;2-A

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