| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4906 |
| DP4906 Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel | |
| Alex Cukierman | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This Paper studies the private incentives and the social effects of horizontal mergers among risk-averse firms. In our model, merging firms are allowed to choose how to split their joint profits, with implications for risk sharing and strategic behaviour in the product market. If firms compete in quantities, consolidation makes firms more aggressive due to improved risk sharing. Mergers involving few firms are then profitable with a relatively small level of risk aversion. With strong enough risk aversion, mergers result in lower prices and higher social welfare. If firms instead compete in prices, consumers do not benefit from mergers with demand uncertainty, but can easily benefit in markets with cost uncertainty. |
| 主题 | Industrial Organization |
| 关键词 | Oligopoly Market imperfection Mergers and acquisitions Monopolization and horizontal anticompetitive practices |
| URL | https://cepr.org/publications/dp4906 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533809 |
| 推荐引用方式 GB/T 7714 | Alex Cukierman. DP4906 Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel. 2005. |
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