Autore:
Georgantzis, Nikolaos Titolo:
The effect of mergers on potential competition under economies or diseconomies of joint productionPeriodico:
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papersAnno:
1992 - Fascicolo:
67 - Pagina iniziale:
1 - Pagina finale:
45The merger of two single-product manufacturers into a multi-product firm leads to the joint production of two goods which in the pre-merger industry configuration were produced separately. Given that, pre-merger, the two firms participate in different markets, the merger does not affect the number of firms per market. The merger is socially desirable if it does not cause product-specific marginal costs to rise. However, if firms are potential rivals, the merger offers them a more profitable but socially undesirable alternative. Efficiency gains from such a merger cannot compensate social losses from less potential competition.
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