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National versus international mergers in unionised oligopoly

Lommerud, Kjell Erik; Straume, Odd Rune; Sørgard, Lars
Working paper
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URI
http://hdl.handle.net/11250/162806
Date
2004-06
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  • Discussion papers (SAM) [586]
Abstract
We analyse how the presence of trade unions affects the pattern

of mergers in an international oligopoly and the welfare implications

thereof. We find that wages for the merger participants

are always lower when they merge internationally, rather

than nationally. Using a model of endogenous merger formation,

we find that the firms will merge internationally in equilibrium.

There are more international mergers than socially preferred, unless

products are close substitutes. A ‘national champion’ policy

of promoting domestic mergers rather than international ones is nevertheless never optimal.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2004:17

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