Spoiling synergy

Roland Bel*, Vladimir Smirnov, Andrew Wait

*Corresponding author for this work

Research output: Contribution to journalArticle

1 Citation (Scopus)


Assets may be complementary - producing more return together-but substitute at the margin - generating lower marginal return when assets are together, leading agents to underinvest. When the effort effect dominates the synergy effect, merging complementary assets may not be efficient.
Original languageEnglish
Pages (from-to)80-83
Number of pages4
JournalEconomics Letters
Publication statusPublished - 1 Jun 2016
Externally publishedYes


  • Complementarity
  • Mergers
  • Synergy

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