A Note on Profitable Mergers in a Hierarchical Stackelberg Model

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In this paper, we attempt to examine whether or not mergers are profitable in a hierarchical Stackelberg model under quantity competition. Under general demand function, a significant result cannot be obtained with regard to whether or not mergers are profitable. Instead, we show that mergers are always profitable, regardless of any curvature of demand under a specified demand structure. This result supports the intuition that mergers are always profitable in a hierarchical Stackelberg model.

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