This article explores the trade-offs between market concentration and multi-market participation in evaluating proposed mergers. For complementary demands, the price-decreasing effect of multi-market participation provides a countervailing influence on the price-increasing effect of higher...

We examine a setting in which a vertically integrated provider (VIP) initially has a duty to deal with an independent rival at unregulated upstream and downstream prices. The duty to deal is subsequently terminated which enables the VIP to acquire the independent rival (or the expertise...