| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20051 |
| 来源ID | Working Paper 20051 |
| Internal versus External Growth in Industries with Scale Economies: A Computational Model of Optimal Merger Policy | |
| Ben Mermelstein; Volker Nocke; Mark A. Satterthwaite; Michael D. Whinston | |
| 发表日期 | 2014-04-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can reduce costs through either internal investment in building capital or through mergers. The model, which we solve computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust authority is able to block mergers at some cost. We examine the optimal policy when the antitrust authority can commit to a policy rule and when it cannot commit, and consider both consumer value and aggregate value as possible objectives of the antitrust authority. We find that optimal policy can differ substantially from what would be best considering only welfare in the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement. In general, antitrust policy can greatly affect firms' optimal investment behavior, and firms' investment behavior can in turn greatly affect the antitrust authority's optimal policy. |
| 主题 | Industrial Organization ; Antitrust |
| URL | https://www.nber.org/papers/w20051 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577725 |
| 推荐引用方式 GB/T 7714 | Ben Mermelstein,Volker Nocke,Mark A. Satterthwaite,et al. Internal versus External Growth in Industries with Scale Economies: A Computational Model of Optimal Merger Policy. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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