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An Equilibrium Approach to International Merger Policy

Author

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  • Luis M. B. Cabral
Abstract
I treat international merger policy as a repeated veto game. I derive optimal equilibria and consider a series of comparative statistics and extensions.
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Suggested Citation

  • Luis M. B. Cabral, 2003. "An Equilibrium Approach to International Merger Policy," Working Papers 03-25, New York University, Leonard N. Stern School of Business, Department of Economics.
    • Handle: RePEc:ste:nystbu:03-25
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    File URL: http://pages.stern.nyu.edu/~lcabral/publications/IJIO%202005.pdf
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    References listed on IDEAS

    as
    1. Martin Richardson, 2017. "Trade and Competition Policies: Concordia Discors?," World Scientific Book Chapters, in: Dimensions of Trade Policy, chapter 11, pages 221-242, World Scientific Publishing Co. Pte. Ltd..
    2. Luis M. B. Cabral, 2001. "Optimal Brand Umbrella Size," Working Papers 01-06, New York University, Leonard N. Stern School of Business, Department of Economics.
    3. Toxvaerd, Flavio, 2008. "Strategic merger waves: A theory of musical chairs," Journal of Economic Theory, Elsevier, vol. 140(1), pages 1-26, May.
    4. Green, Edward J & Porter, Robert H, 1984. "Noncooperative Collusion under Imperfect Price Information," Econometrica, Econometric Society, vol. 52(1), pages 87-100, January.
    5. Horn, Henrik & Levinsohn, James, 2001. "Merger Policies and Trade Liberalisation," Economic Journal, Royal Economic Society, vol. 111(470), pages 244-276, April.
    6. Joseph F. Francois & Henrik Horn, 1998. "Competition Policy in an Open Economy," Tinbergen Institute Discussion Papers 98-092/2, Tinbergen Institute.
    7. Neven, Damien J. & Roller, Lars-Hendrik, 2000. "The allocation of jurisdiction in international antitrust," European Economic Review, Elsevier, vol. 44(4-6), pages 845-855, May.
    8. Damien NEVEN & Paul SEABRIGHT, 1995. "Trade Liberalisation and the Co-ordination of Competition Policy," Cahiers de Recherches Economiques du Département d'économie 9503, Université de Lausanne, Faculté des HEC, Département d’économie.
    9. Bagwell, Kyle & Staiger, Robert W, 1990. "A Theory of Managed Trade," American Economic Review, American Economic Association, vol. 80(4), pages 779-795, September.
    10. Barros, Pedro P. & Cabral, Luis, 1994. "Merger policy in open economies," European Economic Review, Elsevier, vol. 38(5), pages 1041-1055, May.
    11. Damien J. Neven & Lars-Hendrik R–ller, 2003. "On the Scope of Conflict in International Merger Control," Journal of Industry, Competition and Trade, Springer, vol. 3(4), pages 235-249, December.
    12. Cabral, Luis M. B., 2003. "International merger policy coordination," Japan and the World Economy, Elsevier, vol. 15(1), pages 21-30, January.
    13. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
    14. Massimo Motta & Fabrizio Onida, 1997. "Trade Policy and Competition Policy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 56(1-2), pages 67-97, June.
    15. Keith Head & John Ries, 1997. "International Mergers and Welfare under Decentralized Competition Policy," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 1104-1123, November.
    16. Spagnolo, Giancarlo, 1999. "On Interdependent Supergames: Multimarket Contact, Concavity, and Collusion," Journal of Economic Theory, Elsevier, vol. 89(1), pages 127-139, November.
    17. Spagnolo, Giancarlo, 2001. "Issue Linkage, Credible Delegation, and Policy Cooperation," CEPR Discussion Papers 2778, C.E.P.R. Discussion Papers.
    18. Telser, L G, 1980. "A Theory of Self-enforcing Agreements," The Journal of Business, University of Chicago Press, vol. 53(1), pages 27-44, January.
    19. B. Douglas Bernheim & Michael D. Whinston, 1990. "Multimarket Contact and Collusive Behavior," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 1-26, Spring.
    20. Mark Rysman, 2000. "Competition Policy as Strategic Trade," Papers 0100, Boston University - Industry Studies Programme.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Holger Breinlich & Volker Nocke & Nicolas Schutz, 2020. "Merger Policy in a Quantitative Model of International Trade," The Economic Journal, Royal Economic Society, vol. 130(626), pages 393-421.
    2. Cabral, Luis & Ozbay, Erkut Y. & Schotter, Andrew, 2014. "Intrinsic and instrumental reciprocity: An experimental study," Games and Economic Behavior, Elsevier, vol. 87(C), pages 100-121.
    3. Breinlich, Holger & Nocke, Volker & Schutz, Nicolas, 2017. "International aspects of merger policy: A survey," International Journal of Industrial Organization, Elsevier, vol. 50(C), pages 415-429.
    4. Cosimo Beverelli & Kornel Mahlstein, 2011. "Outsourcing and Competition Policy," Journal of Industry, Competition and Trade, Springer, vol. 11(2), pages 131-147, June.
    5. Samuelson, Larry & Stacchetti, Ennio, 2017. "Even up: Maintaining relationships," Journal of Economic Theory, Elsevier, vol. 169(C), pages 170-217.
    6. Luís Cabral, 2017. "Competition policy in the global era," New Zealand Economic Papers, Taylor & Francis Journals, vol. 51(2), pages 100-108, May.
    7. Bertrand, Olivier & Ivaldi, Marc, 2006. "European Competition Policy in International Markets," IDEI Working Papers 419, Institut d'Économie Industrielle (IDEI), Toulouse.
    8. Budzinski, Oliver, 2012. "International antitrust institutions," Ilmenau Economics Discussion Papers 72, Ilmenau University of Technology, Institute of Economics.
    9. Budzinski, Oliver, 2020. "The economics of international competition policy: New challenges in the light of digitization?," Ilmenau Economics Discussion Papers 135, Ilmenau University of Technology, Institute of Economics.

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    More about this item

    JEL classification:

    • F00 - International Economics - - General - - - General
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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