Some path-breaking work on mergers takes efficiency gains for granted, or assumes that firms have perfect knowledge when taking merger decisions. In practice, firms and competition authorities cannot know exact future efficiency gains, prior to merger consummation. This paper analyzes horizontal...

This paper analyses the profitability of horizontal mergers in a Stackelberg model and their impact on welfare when there is uncertainty about the marginal costs of the newly merged firms. The authors consider that the merging firms decide their production strategy knowing the actual value of...

Digital markets now fundamentally intertwine with our social and economic lives. International enforcement actions, the US and EU Google cases in particular, demonstrate how from a behavioural economic perspective digital platforms may be beginning to implicate antitrust’s two most fundamental...