José Méndez Naya

Privatización y Fusiones en Oligopolios Mixtos

Partiendo de un modelo de oligopolio mixto en el que las empresas compiten a la Cournot, el objetivo de este trabajo es el de complementar la literatura existente sobre las fusiones horizontales de empresas. En concreto, se matiza la paradoja de las fusiones al probar que ciertas fusiones pueden ser beneficiosas para las empresas fusionadas, aunque no incluyan a la mayor parte de las empresas del mercado. Por otro lado, se demuestra que para que una fusion sea beneficiosa desde el punto de vista del bienestar es necesario que el grado de privatizacion de la empresa publica sea relativamente bajo.

Fusiones nacionales e internacionales en oligopólios mixtos

Partiendo de un modelo en el que hay empresa publica y dos empresas privadas, una nacional y otra extranjera, se analizan tanto la sostenibilidad de las fusiones como sus efectos relativos sobre el bienestar. Se prueba que la fusion de la empresa publica con cualquiera de las empresas privadas sera preferida, desde el punto de vista del bienestar agregado, a la fusion de las dos empresas privadas siempre que el grado de privatizacion sea relativamente bajo y la proporcion de propiedad que les corresponde a los inversores extranjeros sea relativamente alta.

Mixed Oligopoly and Foreign Direct Investment

By using a mixed duopoly model, this paper analyses the effects of domestic firm ownership status on foreign direct investment decisions. It is shown that, although public ownership can be understood as a protectionist device, foreign direct investment can only be an equilibrium strategy if the level of privatization of the domestic economy is high enough. Furthermore it is proved that foreign direct investment is harmful from a home welfare point of view.

Mergers, Privatization and Environmental Considerations

ABSTRACT The purpose of this paper is to analyze both merger sustainability and optimal privatization decisions, in an international mixed oligopoly model when it is explicitly assumed that firms’ production pollutes the environment. Contrary to traditional theory it is shown that both a merger between private firms and between one private and one public firm could be sustainable. Furthermore, the effects of environmental considerations on mixed firms’ optimal degree of privatization are analyzed.The purpose of this paper is to analyze both merger sustainability and optimal privatization decisions, in an international mixed oligopoly model when it is explicitly assumed that firms’ production pollutes the environment. Contrary to traditional theory it is shown that both a merger between private firms and between one private and one public firm could be sustainable. Furthermore, the effects of environmental considerations on mixed firms’ optimal degree of privatization are analyzed.

Firms horizontal mergers and product differentiation strategies

Taking as a reference a simple oligopoly model with differentiated products, in which there are three firms, the purpose of this paper is to complement the existing literature on mergers by proving that the traditional merger paradox can be avoided by assuming that, after the merger, the merging firms increase the existing bilateral product differentiation. In this context, it is proved that a merger could be welfare enhancing by increasing both consumers surplus and merging and non merging firms profits.