The First-Order Approach to Merger Analysis
利用并购前均衡的局部信息，推导了并购导致的价格和福利变化的近似值，扩展了定价压力方法以允许非伯特兰行为，并通过并购传导矩阵将定价压力转化为价格变化的定量估计。
Using information local to the premerger equilibrium, we derive approximations of the expected changes in prices and welfare generated by a merger. We extend the pricing pressure approach of recent work to allow for non-Bertrand conduct, adjusting the diversion ratio and incorporating the change in anticipated accommodation. To convert pricing pressures into quantitative estimates of price changes, we multiply them by the merger pass-through matrix, which (under conditions we specify) is approximated by the premerger rate at which cost increases are passed through to prices. Weighting the price changes by quantities gives the change in consumer surplus.