エビナ　タケシ   EBINA TAKESHI   海老名　剛    所属   明治大学  商学部    職種   専任教授
言語種別	英語
発行・発表の年月	2019/12
形態種別	学術雑誌
査読	査読あり
標題	"Sequential Mergers and Competition Policy under Partial Privatization", Australian Economic Papers
執筆形態	共著(筆頭者)
掲載誌名	Australian Economic Papers
掲載区分	国外
出版社・発行元	Wiley
巻・号・頁	58(4),pp.375-397
著者・共著者	Takeshi Ebina and Daisuke Shimizu
概要	We examine optimal merger and privatisation policies in a partially privatised oligopoly with differentiated goods. We first show that under the subgame perfect Nash equilibrium, sequential mergers either emerge completely or do not emerge at all. Given this outcome, we derive the following policy implications. First, the level of social welfare can be U‐shaped with respect to the number of merged firm pairs. That is, given that there are some mergers that have already taken place, further mergers may actually lead to welfare improvement. However, these welfare‐improving mergers may not be privately profitable, implying that merger‐friendly policies are appropriate. Second, policymakers can halt privatisation in order to diminish the private incentive for further sequential (welfare‐deteriorating) mergers and improve welfare. Third, full nationalisation is never optimal unless the goods are homogeneous or independent.
researchmap用URL	https://researchmap.jp/ebinatakeshi2010/