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Horizontal Mergers and Antitrust Policy

Randolph McAfee and Michael Williams ()

Journal of Industrial Economics, 1992, vol. 40, issue 2, 181-87

Abstract: The welfare implications of horizontal mergers are examined in the context of the Cournot-Nash model of M. Perry and R. Porter (1985). Horizontal mergers are more likely to be welfare enhancing the more concentrated is the ownership of the nonmerging firms. Mergers that create a new largest firm, or increase the size of the largest firm, reduce welfare. Copyright 1992 by Blackwell Publishing Ltd.

Date: 1992
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Journal of Industrial Economics is currently edited by Pierre Regibeau, Yeon-Koo Che, Kenneth Corts, Thomas Hubbard, Patrick Legros and Frank Verboven

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