3. Theoretical analysis of the rationality of mergers

3.1 Classic explanations

Classical microeconomic analysis has addressed the problem using the notion of "joint profits". Operating an activity alone presupposes that you are efficient in all the necessary processes. But in general, you can't excel in all areas: you're good at some things, not so good at others. It is therefore in a company's interest to collaborate with others, taking on the activities in which it is very good, and entrusting other tasks to partners who are more efficient in certain areas. It can, for example, reserve design for itself, and outsource production.

This brings us back to the problem of the division of labor, traditionally applied at company level, between the various departments, transposed to the network level. The search for...