EFFICIENCY GAINS AND STRUCTURAL REMEDIES IN MERGER CONTROL*
研究了在古诺竞争下，追求效率提升的合并需经反垄断机构批准，可能要求部分资产剥离；发现只有当资产剥离给现有竞争者时才能提高消费者剩余，且动态审查中不存在过度纠正问题。
This paper studies the role of structural remedies in merger control in a Cournot setting where (endogenous) mergers are motivated by prospective efficiency gains and must be submitted to an Antitrust Authority (AA) which might require partial divestiture for approval. From a merger policy perspective, this paper's main contribution is two‐fold. First, it shows that if mergers do not involve all firms in the industry, then merger remedies help the AA to increase consumer surplus only if assets are divested to competitors already in the market. Second, it presents a model which clarifies that there can only exist social costs to ‘over‐fixing’ the anticompetitive effects of a merger if merger review policy treats mergers as one‐time events. When a more dynamic view is taken of sequential merger review, then there can never be an ‘over‐fixing’ problem. In this case, however, remedies are shown to be needed to make myopic merger review optimal.