Mergers and the Evolution of Industry Concentration: Results from the Dominant-Firm Model
Mergers and the Evolution of Industry Concentration: Results from the Dominant-Firm Model
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兼并与行业集中度的演变：主导企业模型的结果
DOI：
10.2307/1593708
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
T. Holmes
中科院分区：
文献类型：
--
作者：
Gautam Gowrisankaran;T. Holmes
一个可以合并的行业会在多大程度上趋向垄断？我们分析了这个问题，使用一个动态的主导企业模型与理性代理，内生合并，规模生产和固定回报。我们发现，长期的行业集中度取决于初始集中度。一个垄断的行业将保持垄断，一个完全竞争的行业将保持完全竞争。对于中等集中水平，占主导地位的公司可能会收购或出售资本，这取决于其承诺未来行为的能力。产业演化还取决于需求和供给的弹性以及贴现因子。
To what extent will an industry in which mergers are feasible tend toward monopoly? We analyze this question using a dynamic dominant-firm model with rational agents, endogenous mergers, and constant returns to scale production. We find that long-run industry concentration depends upon the initial concentration. A monopolistic industry will remain monopolized and a perfectly competitive industry will remain perfectly competitive. For intermediate concentration levels, the dominant firm may acquire or sell capital, depending on its ability to commit to future behavior. Industry evolution also depends on the elasticities of demand and supply and the discount factor.