ENTRY DETERRENCE BY NON‐HORIZONTAL MERGER*
研究了非横向合并（跨产品或纵向）如何通过加剧价格竞争来威慑新企业进入，即使不考虑进入因素时合并无利可图，在均衡中仍可能发生。
We study when and how pure non‐horizontal mergers, whether cross‐product or vertical, can deter new entry. Organizational mergers implicitly commit firms to more aggressive price competition. Because heightened competition deters entry, mergers can occur in equilibrium even when, absent entry considerations, they do not. We show that, in order to prevent a flood of entrants, mergers arise even when a marginal merger costs incumbent firms more than does a marginal entrant.