【主讲】叶光亮，中国人民大学汉青高等研究院副教授

【主题】空间价格歧视中的时序进入与合并

【时间】 2011-12-1（周四）14：30-16:00

【地点】 清华经管学院 伟伦楼409

【语言】 英文

【主办】 清华大学经济管理学院经济系

【Speaker】 Guangliang Ye, Associate Professor, Hanqing Advanced Institute of Economics and Finance of Renmin University of China

【Topic】 Sequential Entry and Merger in Spatial Price Discrimination

【Time】 14:30-16:00, 2011-12-1, Thursday

【Venue】 Weilun 409, Tsinghua SEM

【Language】English

【Organizer】Department of Economics

Abstract

This paper introduces sequential entry into a model of spatial price discrimination that examines location choices made in anticipation of a potential merger. We modify earlier otherwise similar simultaneous entry models that demonstrate any profitable merger of two firms reduces social welfare. In our case of two entry periods, we show that profitable mergers frequently improve welfare. Indeed, profitable mergers always increase welfare when the merging partners enter together in the first stage. We show that our pattern of results reflects the tradeoff between the profit associated with merger and with the timing advantage. Critically, allowing staged entry dramatically alters and often reverses the conclusion previously drawn on the basis of simultaneous entry.

Keywords: spatial price discrimination, sequential entry, merger paradox