The innovation theory of harm in merger control: Some clarifications
从政策角度探讨并购控制中的创新损害理论，澄清关键建模假设，并指出未来研究方向。研究发现，在没有协同效应或溢出效应的情况下，并购会损害消费者利益。
Recent literature has analyzed the unilateral effects of mergers on investment and innovation. This note explores the Innovation Theory of Harm from a policy perspective, clarifying possible conceptual misunderstandings and identifying directions for future research. • The Innovation Theory of Harm has drawn strong interest in policy and literature. • I clarify key modeling assumptions behind the Innovation Theory of Harm. • I revisit earlier findings through the lens of these assumptions. • Without synergies or spillovers, mergers hurt consumers in innovation–product rivalry models.