Sequential mergers under general symmetric product differentiation with four firms (Previous version: "Endogenous market structures with sequential mergers and product differentiation")
Sequential mergers under general symmetric product differentiation with four firms (Previous version: "Endogenous market structures with sequential mergers and product differentiation")
复制标题
四家公司的一般对称产品差异化下的顺序合并（上一版本：“顺序合并和产品差异化的内生市场结构”）
DOI：
10.1080/16081625.2016.1188754
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发表时间：
2016
影响因子：
1.1
通讯作者：
Takeshi Ebina and Daisuke Shimizu
中科院分区：
文献类型：
--
作者：
Makoto Hanazono;Lijun Pan;Takeshi Ebina and Daisuke Shimizu
本文研究了当一个行业中企业生产的产品存在差异化时，出现的顺序合并类型以及它们是如何出现的。特别是，我们通过引入一个描述最高分化程度的新参数，采用了四家公司的最一般分化设置。我们分析了产品差异化程度如何影响序贯并购的出现，发现当这个新参数的值变小时，序贯并购更容易出现。此外，我们还提供了福利和数值分析，以讨论产品差异化范围是否会导致顺序合并或不导致均衡合并。因此，决策者可以将这一新参数作为预测未来并购结构的经验参数。
This paper studies the types of sequential mergers that emerge and how they emerge when goods produced by firms in an industry are differentiated. In particular, we employ the most general differentiation setting with four firms by introducing a new parameter describing the highest degree of differentiation. We analyze how the degree of product differentiation affects the emergence of sequential mergers and find that when the value of this new parameter decreases, sequential mergers are more likely to emerge. Furthermore, we also provide welfare and numerical analyses to discuss the product differentiation ranges that would or would not lead to sequential mergers or no mergers in equilibrium. Consequently, policymakers can use this new parameter as a rule-of-thumb parameter in predicting the future merger structure.