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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
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Identifier to cite or link to this item: https://doi.org/10.15057/27944
Identifier to cite or link to this item: https://hdl.handle.net/10086/27944
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Title
CAPACITY CONSTRAINT, MERGER PARADOX AND WELFARE-IMPROVING PRO-MERGER POLICY
Creator
Creator Name
DONG, BAOMIN
DONG, BAOMIN
Affiliation
Affiliation Name
Henan University
Creator Name
GUO, GUIXIA
GUO, GUIXIA
Affiliation
Affiliation Name
University of International Business and Economics
Creator Name
QIAN, XIAOLIN
QIAN, XIAOLIN
Affiliation
Affiliation Name
University of Macau
Creator Name
WANG, FRANK YONG
WANG, FRANK YONG
Affiliation
Affiliation Name
University of International Business and Economics
Key Word
capacity constraint
merger paradox
overcapacity
JEL
C72
D24
L41
Abstract
In this paper, we show that the "Merger Paradox" (Salant, Switzer and Reynolds, 1983) is mitigated when capacity constraint is considered. This is because outside firms who do not participate in a merger cannot expand their output beyond their existing capacity, and therefore, Stigler type of free riding is alleviated. When overcapacity is socially costly, it is also shown that a pro-merger fiscal policy may discourage ex ante capacity investment and hence alleviate overcapacity, if capacity building is not too costly. Furthermore, it can be shown that the optimal pro-merger subsidy is always welfare improving when it discourages capacity building.
Publisher
Hitotsubashi University
Issued Date
2016-06
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/27944
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
57
Issue Number
1
Page Start
1
Page End
26
Appears in Collections
Vol. 57, no. 1 (Jun. 2016)
URL
https://hdl.handle.net/10086/27944
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