Mergers under entry
研究存在渐进进入的动态市场中企业的并购激励，发现垄断性并购可能不盈利，而非集中行业的并购可能盈利，并用古诺模型分析福利影响。
I study merger incentives in a dynamic model under the presence of gradual entry. I consider a repeated game with merger decisions in every period and characterize the set of equilibria. I establish two properties: (i) a merger for monopoly may not be profitable; (ii) a merger in a nonconcentrated industry can be profitable. I illustrate the merger welfare implications in the Cournot model.