Profitability of Horizontal Mergers with Price Interdependencies

We investigate how a downstream merger affects input prices and equilibrium profits when there are price interdependencies among firms. To do so, we develop a very simple model where different inputs, provided by monopolist suppliers, may be combined to produce differentiated products sold by oligopolist downstream units. We show that when the number of final products that may be produced is small, being an outsider is always better than participating in a downstream merger. When instead the number of final products is sufficiently large, some outsiders gain more than the participants but others lose. Thus if firms are uncertain about their rivals' willingness to merge, they might still have incentives to merge to eliminate the risk of being harmed by a merger between their competitors. We also show that if the products are not too differentiated no subsequent merger by the less benefitted/harmed firms will take place.downstream mergers; fixed-proportions technologies, preemption

Nonparametric Estimation of the Fractional Derivative of a Distribution Function

We propose an estimator for the fractional derivative of a distribution function. Our estimator, based on finite differences of the empirical distribution function generalizes the estimator proposed by Maltz for the nonnegative real case. The asymptotic bias, variance and the consistency of the estimator are studied. Finally, the optimal choice for the ''smoothing parameter'' proves that even in the fractional case, the Stone's rate of convergence is achieved.fractional derivative; nonparametric estimation; distribution function; generalized differences

Conditional and Unconditional Multiple Equilibria with Strategic Complementarities

We take a general model of externalities matching the Cooper & John framework with identical agents. If each agent's payoff depends on a parameter interpreted as the favourableness of the environment, we explore how the number of Nash equilibria varies with this parameter, especially in the cases in which the reaction curves are either concave or convex. In many examples the environmental conditions are themselves endogenous because either market or regulatory forces interact with agents' Nash equilibrium actions. This gives the idea of a simultaneous equilibrium in the environment and players' symmetric actions. We analyse how this generalised equilibrium behaves as a function of some additional parameters conditioning the environmental response to players actions. We show that generally there is a fold bifurcation in these equilibria. We illustrate the principles with two examples from industrial economics (cost spillovers between firms and demand spillovers under imperfect competition).cost spillovers, Nash and Market equilibrium, coordination failure.

Horizontal and Vertial Integration in the Presence of Research Spillovers

We investigate how different types of merger affect input prices, research levels and equilibrium profits in vertical market structures when there is research activity in the upstream market that spills over to the downstream retailers. To do so, we develop a very simple model where three downstream Cournot oligopolists are served by monopolist plant-specific input suppliers. We consider a situation in which both vertical and horizontal integration are feasible and we investigate which equilibrium structures are likely to emerge following an initial merger between two units.integration; researh spillovers; sequential mergers

Nonparametric Estimation of the Fractional Derivative of a Distribution Function

We propose an estimator for the fractional derivative of a distribution function. Our estimator, based on finite differences of the empirical distribution function generalizes the estimator proposed by Maltz for the nonnegative real case. The asymptotic bias, variance and the consistency of the estimator are studied. Finally, the optimal choice for the ''smoothing parameter'' proves that even in the fractional case, the Stone's rate of convergence is achieved

Una propuesta metodológica para el relevamiento y jerarquización de senderos en espacios naturales y su aplicación al área del Glaciar Martial, Ushuaia, Argentina

A methodology for the inventory and assessment of trails in natural areas is presented, taking into account its abiotic, biotic and anthropic components as well as other items. This methodology contributes with an exhaustive knowledge of resources, conditions, panoramic viewpoints, etc., from the tourist point of view in order to offer tools for its planning use. The Martial Glacier area in Ushuaia, Argentina, is studied to show how the methodology is used.Se presenta una metodología para el relevamiento y la jerarquización de senderos en espacios naturales a partir de sus componentes abióticos, bióticos y antrópicos como así tam­bién de otros ítems que contemplan diversos aspectos. Asimismo, se propone una evaluación de los mismos mediante el uso de indicadores. Esta metodología posibilita un conocimiento exhaustivo de sus recursos, estado, puntos panorámicos, etc. desde el punto de vista turístico para contribuir a la planificación sobre su uso. Se contempla el área del Glaciar Martial en Ushuaia, Argentina, como aplicación de la metodología