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摘要
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The
author analyses the effects of a downstream merger in a differentiated
oligopoly when there is bargaining between downstream firms and upstream
agents (firms or unions). Bargaining outcomes can be observable or
unobservable by rivals. When competition is in quantities, upstream agents
are independent and bargaining is over a uniform input price, a merger
between downstream firms may raise consumer surplus and overall welfare.
However, when competition is in prices or the upstream agents are not
independent or bargaining is over a two-part tariff or bargaining covers both
the input price and the level of output, the standard welfare results are
restored: a downstream merger always reduces consumer surplus and overall
welfare.
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