I study merger incentives in a dynamic model under the presence of gradual entry. I consider a repeated game with merger decisions in every period and characterize the set of equilibria. I establish two properties: (i) a merger for monopoly may not be profitable; (ii) a merger in a nonconcentrated industry can be profitable. I illustrate the merger welfare implications in the Cournot model. Ordering information: This article can be ordered from https://pubs3.rand.org/cgi-bin/rje/pdf.cgi.
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