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| Author: | Hay, G.A. Werden, G.J. |
| Title: | Horizontal mergers: law, policy, and economics. |
| Journal: | American Economic Review
1993 : MAY, VOL. 83:2, p. 173-177 |
| Index terms: | POLICY ANTITRUST MERGERS LAW ECONOMICS |
| Language: | eng |
| Abstract: | It is reviewed what economics has to say about social costs and benefits of horizontal merger, and authors explore the relationship between economic learning and merger law and policy. The main social cost associated with horizontal mergers arises from their potential to raise price and restrict output. Oligopoly models offer insights into such effects, and they are considered in two groups: models that involve "collusion" and models that do not. The authors think that there is merit to a merger policy that relies to some extent on simple rules and that makes no pretext of explicitly measuring the costs and benefits of particular mergers. As more is learned, merger law and policy are expected to adapt. |
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