@techreport{Jovanovic2012equilibrium,
abstract = {We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency gains and social welfare can be non-monotone. Second, we consider both endogenous mergers and endogenous efficiencies and find that merger proposals are largely aligned with a proper social welfare analysis which explicitly considers the without merger counterfactual. We demonstrate that the merger specificity requirement does not help much to select socially desirable mergers; to the contrary, it may frustrate desirable mergers inducing firms not to claim efficiencies at all.},
address = {D\"{u}sseldorf},
author = {Dragan Jovanovic and Christian Wey},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
isbn = {978-3-86304-063-5},
keywords = {K21; L13; L41; 330; Horizontal Mergers; Efficiency Defense; Merger Specific Efficiencies; Horizontale Konzentration; Fusion; Wirtschaftliche Effizienz; Fusionskontrolle; Wohlfahrtsanalyse; Theorie},
language = {eng},
number = {64},
publisher = {DICE},
title = {An equilibrium analysis of efficiency gains from mergers},
type = {DICE Discussion Paper},
url = {http://hdl.handle.net/10419/60470},
year = {2012}
}
