BARGAINING FAILURES AND MERGER POLICY
研究了行业内企业谈判内生形成横向并购提案时的审批规则，发现低效并购可能成功，且反垄断机构应承诺比事后最优更严格的审批标准。
We study approval rules in a model where horizontal merger proposals arise endogenously as the outcome of negotiations among the firms in the industry. We make two main points. First, relatively inefficient merger proposals succeed with positive probability. That is, the negotiation process may result in a particular merger agreement despite the existence of an alternative one that would generate higher profits and higher consumer surplus. Second, the antitrust authority should optimally commit to an approval rule that is more stringent for all mergers than the optimal ex post rule.