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- Received:October 06, 2024
- Accepted:November 15, 2025
- Published Online:April 01, 2026
Copyright © 2026 The Author(s)
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The authors thank the Department Editor (Dmitri Kuksov), the Associate Editor, and anonymous reviewers for many valuable comments and suggestions. The authors thank Elias Carroni, Yi-Ling Cheng, Chongwoo Choe, Jay Pil Choi, Gwen-Jirō Clochard, Vincenzo Denicolò, Massimo de Francesco, Dingwei Gu, Bruno Jullien, Jianpei Li, Zhuoran Lu, Alireza J. Naghavi, Arina Nikandrova, Hiroyuki Odagiri, Flavio Pino, Marcel Preuss, Susumu Sato, Ke Shi, Naoki Wakamori, Chutian Wang, Zibin Xu, Zhendong Yin, Linqi Zhang, Wen Zhou, and the seminar participants at Competition Policy Research Center (CPRC) at the Japan Fair Trade Commission (JFTC), Fudan University, Hitotsubashi University, ShanghaiTech University, Shinshu University, University of Bologna, WHU, SHUFE, SJTU, CUFE, CityUHK, 2023 MaCCI Annual Conference, CEA 2023, AMES 2023, EARIE 2023, JEI 2023, and APIOC 2023 for their valuable discussions and comments. Although N. Matsushima serves as a member of the CPRC at the JFTC, the views expressed in this paper belong to the authors and should not be attributed to the JFTC. The usual disclaimer applies.
