Merger Policy in R&D Intensive Industries

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Title: Merger Policy in R&D Intensive Industries
Authors: Pastor-Gosálbez, María Teresa | Fauli-Oller, Ramon
Research Group/s: Microeconomía Aplicada (GIMA)
Center, Department or Service: Universidad de Alicante. Departamento de Fundamentos del Análisis Económico
Keywords: Mergers | R&D
Knowledge Area: Fundamentos del Análisis Económico
Issue Date: 2016
Publisher: Universidad de Zaragoza. Departamento de Estructura Económica y Economía Pública
Citation: Revista de Economía Aplicada. 2016, 24(72): 47-56
Abstract: We analyze merger policy in an industry where firms participate in a non-tournament R&D competition. We conclude that merger policy should be, in general, less restrictive in high technology markets (pharmaceuticals and telecoms), because mergers reduce the wasteful duplication of R&D expenditures. However, merger policy should become more strict in (very) asymmetric market structures. In this case, competition provides incentives for R&D, but, at the same time, duplication is avoided.
Sponsor: Fauli-Oller gratefully acknowledges financial support from the Spanish Ministerio de Economía y Competitividad and FEDER funds ECO2015-65820-P (MINECO/FEDER), from Generalitat Valenciana grant PROMETEO/2013/037 and the IVIE. Part of this research was written when Fauli-Oller was visiting the Institut d’Anàlisi Econòmica, CSIC.
ISSN: 1133-455X
Language: eng
Type: info:eu-repo/semantics/article
Rights: © Revista de Economía Aplicada
Peer Review: si
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Appears in Collections:INV - GIMA - Artículos de Revistas

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