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Module 4:
Economics of Mergers (12 a.h.1)

Prof. Yossi SPIEGEL              

Outline of Course Contents 

The aim of this module is to introduce the theoretical ideas that underpin the economic analysis of merger appraisal and to explain how they can be applied in practice. Examples are drawn from actual cases and academic research. Students will have plenty of opportunity to discuss and challenge material in each of the topics.

I. Introduction

   1.    Private effects of mergers

   2.    Welfare and merger control (including ‘substantive tests’ and welfare standards)

II. Horizontal mergers

   1.    Unilateral effects – homogeneous products

   2.    Unilateral effects – differentiated products

   3.    Coordinated effects (tacit collusion)

   4.    Buyer power

   5.    Appraisal of competitive effects – structural indicators (including market shares and concentration)

   6.    Appraisal of competitive effects – upward pricing pressure (UPP)

III. Non-horizontal mergers

     1.    Vertical effects

     2.    Conglomerate effects (portfolio effects)

IV. Policy implementation

     1.    Merger remedies

     2.    Policy evaluation

Sample Reading

Lyons, B. (2009) Cases in European Competition Policy: the Economic Analysis, Cambridge University Press

• Motta, M. (2004) Competition Policy: Theory and Practice, Cambridge University Press

• Whinston, M. (2007) ‘Antitrust policy towards horizontal mergers’ in M. Armstrong and R. Porter (eds) Handbook
  of Industrial Organization, Vol.3 ch.36, North Holland

Module 1 Module 2 Module 3 Module 4 Module 5 Module 6 Module 7 Module 8
1 a.h. = academic hour (50 minutes).

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