The Welfare Consequences of Mergers with Endogenous Product Choice
研究了并购后企业调整产品组合的动机，模拟发现产品调整会额外影响利润和消费者福利，尤其当合并方产品相似时，成本协同还可能促进新产品引入。
Merger simulations focus on the price changes that result once previously independent competitors set prices jointly and other market participants respond. We consider the incentives for firms to adjust the set of offered products after a merger. Using a model of product choice and pricing, we conduct simulations of equilibrium market outcomes of a merger in a variety of scenarios. Product offering adjustments result in additional effects on profitability and consumer welfare not realized by price responses only, particularly when the merging parties offer relatively similar products pre‐merger. Cost synergies may furthermore entail the pro‐competitive introduction of additional products.