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Esfahani, Hamideh
(2011)
Profitability of Horizontal Mergers in the Presence of Price Stickiness.
Bologna:
Dipartimento di Scienze economiche DSE,
p. 16.
DOI 10.6092/unibo/amsacta/4493.
In: Quaderni - Working Paper DSE
(747).
ISSN 2282-6483.
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Abstract
In this paper, we investigate the profitability of horizontal mergers of firms with price adjustments. We take a differential game approach and both the open-loop as well as the closed-loop equlibria are considered. We show that the merger incentive is determined by how fast the price adapts to the equilibrium level.
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