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The B.E. Journal of Economic Analysis & Policy

Editor-in-Chief: Jürges, Hendrik / Ludwig, Sandra

Ed. by Auriol , Emmanuelle / Brunner, Johann / Fleck, Robert / Mendola, Mariapia / Requate, Till / Schirle, Tammy / de Vries, Frans / Zulehner, Christine

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Volume 3, Issue 1 (Jan 2003)

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Volume 1 (2001)

Horizontal Mergers Without Synergies May Increase Consumer Welfare

Johan Stennek
  • 1IUI and CEPR,
Published Online: 2003-01-29 | DOI: https://doi.org/10.2202/1538-0653.1074

Abstract

In imperfectly competitive markets firms with high costs produce positive output. The market's ability to minimize costs is also constrained by the fact that firms' costs are often private information. Mergers in such markets play a dual role. They reduce competition but they also generate an efficiency gain associated with the pooling of information. This paper shows that not only may costs be reduced as a result of merger, the price level may also decline and consumers may thus gain.

Keywords: horizontal merger; welfare; asymmetric information; efficiency defense

About the article

Published Online: 2003-01-29



Citation Information: Topics in Economic Analysis & Policy, ISSN (Online) 1538-0653, DOI: https://doi.org/10.2202/1538-0653.1074. Export Citation

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[1]
Albert Banal-Estañol
International Journal of Industrial Organization, 2007, Volume 25, Number 1, Page 31

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