文章基本信息

标题：Horizontal merger of differentiated firms with product consolidation: the effect of change in substitutability
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作者：Nobuo Matsubayashi ; Tatsuya Hashimoto
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2010
卷号：30
期号：1
页码：94-102
出版社：Economics Bulletin
摘要：This paper studies an effect of a horizontal merger where a product consolidation by the merged firm may alter the substitutability in the industry. We show that as the number of firms in the industry increases, this type of merger becomes profitable for merging firms, while unprofitable for non-merging firms. Furthermore, we show that with a moderate level of change in the substitutability, the merger of a larger number of firms with a product consolidation is not necessarily profitable for merging firms