Matsubayashi, Nobuo; Hashimoto, Tatsuya - In: Economics Bulletin 30 (2010) 1, pp. 94-102
This paper studies an effect of a horizontal merger where a product consolidation by the merged firm may alter the substitutability in the industry. We show that as the number of firms in the industry increases, this type of merger becomes profitable for merging firms, while unprofitable for...
