| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14188 |
| DP14188 Mergers and Innovation Portfolios | |
| José-Luis Moraga-González; Evgenia Motchenkova; Saish Nevrekar | |
| 发表日期 | 2019-12-10 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper studies mergers in markets where firms invest in a portfolio of research projects of different profitability and social value. The investment of a firm in one project imposes both a negative business-stealing and a positive business-giving externality on the rival firms. We show that when the project that is relatively more profitable for the firms appropriates a larger (smaller) fraction of the social surplus, a merger increases (decreases) consumer welfare by reducing investment in the most profitable project and increasing investment in the alternative project. The innovation portfolio effects of mergers may dominate the usual market power effects. |
| 主题 | Industrial Organization |
| 关键词 | Horizontal mergers Innovation portfolios R&d contests |
| URL | https://cepr.org/publications/dp14188-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543074 |
| 推荐引用方式 GB/T 7714 | José-Luis Moraga-González,Evgenia Motchenkova,Saish Nevrekar. DP14188 Mergers and Innovation Portfolios. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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