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Incentive and welfare implications of cross-holdings in oligopoly
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Incentive and welfare implications of cross-holdings in oligopoly
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Incentive and welfare implications of cross-holdings in oligopoly
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Journal Article
Incentive and welfare implications of cross-holdings in oligopoly
2024
Overview
Competitive implications of cross-holdings have been extensively analyzed in the literature. Incentives for engaging cross-holdings and welfare effects were however rarely studied. Although a similar logic as with the merger paradox holds for Cournot oligopolies with homogeneous products and symmetric technologies, we show that there are profit incentives for firms to engage cross-holdings with asymmetric technologies. Furthermore, we show that social welfare could be enhanced with cross-holdings even though the market becomes more concentrated. We also discuss the robustness of both the submodularity of the Cournot model with respect to the presence of cross-holdings and our results with respect to product differentiation.
Publisher
Springer Berlin Heidelberg,Springer,Springer Nature B.V
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