In a market where products are somewhat different from each other, when two companies merge with a focus on cutting costs, it may actually lead to fewer choices for consumers. This reduction in options can result in higher prices, regardless of any money saved by the merging companies. The researchers found that the usual methods used to predict the effects of mergers on prices and consumer well-being might not work well in markets where products are seen as somewhat different from one another. Even if new competitors enter the market after the merger, the prices could still go up.