Merger policy in innovative industries
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- 作者：Miguel González-Maestre ; Lluís M. Granero
- 关键词：Merger policy ; High ; tech industries ; Endogenous quality ; Oligopoly
- 刊名：Portuguese Economic Journal
- 出版年：2016
- 出版时间：December 2016
- 年：2016
- 卷：15
- 期：3
- 页码：131-147
- 全文大小：<len>
- 刊物主题：Economics, general; Economic Theory/Quantitative Economics/Mathematical Methods; Economic Policy; Microeconomics; Econometrics;
- 出版者：Springer Berlin Heidelberg
- ISSN：1617-9838
- 卷排序：15
文摘
We analyze optimal merger policy in R&D-intensive industries with product innovation aiming to improve the quality of products. Our results suggest that a permissive merger policy is rarely optimal in high-tech industries when the antitrust authority considers a welfare standard that balances the impact of mergers on consumers’ surplus and firms’ profits. In particular, relative to a benchmark where the effects from R&D are absent, we show that the optimal merger policy should not be substantially more permissive in the presence of those effects from R&D.