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I present a merger model where a merged entity is assumed to acquire the market leadership from a linear, symmetric, simultaneous, homogeneous good, quantity-setting oligopoly and where efficiency gains are ruled out. If firms cannot merge to monopoly, mergers occur in waves, and for each number of pre-merger firms, I endogenize: (i) the number of mergers in a wave; (ii) the number of firms involved in each merger; and (iii) the order in which the mergers take place. If monopolization is allowed, in the majority of cases, all firms prefer to merge into a single entity. This suggests the strategic nature of merger waves as a response to the prohibition of monopolization. Finally, in sharp contrast with the existing results on horizontal mergers under simultaneous quantity competition without efficiency gains, and in line with empirical findings, profitability is ensured even if mergers involve a small number of firms.

The Italian Neutron Experimental Station (INES) located at the ISIS pulsed neutron source (Didcot, United Kingdom) provides a thermal neutron beam mainly used for diffraction analysis. A neutron transmission imaging system was also developed for beam monitoring and for aligning the sample under investigation. Although the time-of-flight neutron diffraction is a consolidated technique, the neutron imaging setup is not yet completely characterized and optimized. In this paper the performance for neutron radiography and tomography at INES of two scintillator screens read out by two different commercial CCD cameras is compared in terms of linearity, signal-to-noise ratio, effective dynamic range and spatial resolution. In addition, the results of neutron radiographies and a tomography of metal alloy test structures are presented to better characterize the INES imaging capabilities of metal artifacts in the cultural heritage field. (c) 2013 Elsevier B.V. All rights reserved.

The neu_ART project aims at developing state of the art transmission imaging and computed tomography techniques, applied to art objects, by using neutrons as well as more conventional X-rays. In this paper a facility for digital X-ray radiography of large area paintings on canvas or wooden panels and for the X-ray tomography of large size wooden artifacts, recently installed in a protected area, is presented. The results of a K-edge radiography facility that will soon be installed in the same area are also shown.