Merger Strategy and Its Application to Competition Policy

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K17047
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic policy
• Research Institution: Meiji University (2017); Shinshu University (2015-2016)
• Principal Investigator: Ebina Takeshi 明治大学, 商学部, 専任准教授 (00579766)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 合併 / 企業結合 / 競争政策 / 独占禁止法 / 動学モデル / 製品差別化

Outline of Final Research Achievements

I examine optimal merger strategies and merger policies with differentiated goods under a dynamic setting. First, after one merger, other firms are willing to follow with their own merger, resulting in sequential mergers. Our analysis can be applied to many industries, such as bank, steel, and pharmaceutical. Second, given some preexisting mergers, further mergers may actually improve welfare. However, these welfare improving mergers may not be privately profitable, implying that merger-friendly policies are appropriate. Thus, in contrast to results of related literature, it may be better for the policymaker to encourage these welfare-improving mergers to be completed.

Free Research Field

産業組織論