How Merger Synergies Can Harm Consumers: A Defense of the Efficiencies Offense

This paper uses an aggregative games framework to predict consumer welfare when market structure is endogenously determined. Specifically, we characterize mergers whose synergies reduce consumer welfare by inducing rivals to exit. Our results apply to quantity competition among homogeneous products

本文采用聚合博弈框架（aggregative games framework），在市场结构内生决定的情境下预测消费者福利。具体而言，本研究刻画了一类并购行为：其协同效应会通过诱使竞争对手退出市场，反而降低消费者福利。本研究结论适用于同质化产品间的产量竞争场景。