MERGERS WITH SUPPLY FUNCTIONS
研究了企业在供应函数竞争下并购的均衡效应，发现任何并购都会导致所有企业减少供应，非参与企业的供应减少使并购有利可图，但对称行业中的并购会降低福利。
I analyze the equilibrium effects of a merger in an industry when firms compete by submitting supply functions. Under the assumptions that the industry capital stock is fixed and production costs are quadratic and decreasing in capital, I find that any merger results in all firms reducing supply. The decrease in supply by non‐participating firms makes any merger profitable. A merger from a symmetric industry lowers welfare.