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How Merger Synergies Can Harm Consumers : A Defense of the Efficiencies Offense
Wollmann, Thomas G. - National Bureau of Economic Research - 2024
traditional merger analysis. Neither subsequent entry nor follow-on mergers necessarily mitigate the problem … determined. Our main results characterize mergers whose synergies reduce consumer welfare by inducing rivals to exit. The … conditions under which such mergers arise are broad, regardless of whether we consider quantity competition among homogeneous …
Persistent link: https://www.econbiz.de/10014576659
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Estimating Discrete Games with Many Firms and Many Decisions : An Application to Merger and Product Variety
Fan, Ying; Yang, Chenyu - National Bureau of Economic Research - 2022
method to study merger effects on firm entry and product variety in the retail craft beer market in California. We simulate … an acquisition of multiple craft breweries by a large brewery and find that the acquisition would induce firm entry and … product entry by non-merging firms. However, these changes are insufficient to offset the negative welfare effects resulting …
Persistent link: https://www.econbiz.de/10013334365
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Dynamic Price Competition : Theory and Evidence from Airline Markets
Hortaçsu, Ali; Oery, Aniko; Williams, Kevin R. - National Bureau of Economic Research - 2022
We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish …
Persistent link: https://www.econbiz.de/10013362001
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Feedback and Contagion through Distressed Competition
Chen, Hui; Dou, Winston Wei; Guo, Hongye; Ji, Yan - National Bureau of Economic Research - 2023
Firms tend to compete more aggressively in financial distress; the intensified competition in turn reduces profit margins, pushing themselves further into distress and adversely affecting other firms. To study such feedback and contagion effects, we incorporate strategic competition into a...
Persistent link: https://www.econbiz.de/10013537735
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Bargaining and Dynamic Competition
Deng, Shanglyu; Jia, Dun; Leccese, Mario; Sweeting, Andrew - National Bureau of Economic Research - 2024
Industries with significant scale economies or learning-by-doing may come to be dominated by a single firm. Economists have studied how likely this is to happen, and whether it is efficient, using models where buyers are price or quantity takers, even though these industries are often also...
Persistent link: https://www.econbiz.de/10014528398
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The Modern Wholesaler : Global Sourcing, Domestic Distribution, and Scale Economies
Ganapati, Sharat - National Bureau of Economic Research - 2024
Nearly half of all transactions in the $5 trillion market for manufactured goods in the United States were intermediated by wholesalers in 2012, up from 32 percent in 1992. Seventy percent of this increase is due to the growth of "superstar" firms - the largest one percent of wholesalers....
Persistent link: https://www.econbiz.de/10014468236
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Competitive Model Selection in Algorithmic Targeting
Iyer, Ganesh; Ke, T. Tony - National Bureau of Economic Research - 2023
This paper studies how market competition influences the algorithmic design choices of firms in the context of targeting. Firms face the general trade-off between bias and variance when choosing the design of a supervised learning algorithm in terms of model complexity or the number of...
Persistent link: https://www.econbiz.de/10014247922
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Are Supply Networks Efficiently Resilient?
Capponi, Agostino; Du, Chuan; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024
We show that supply networks are inefficiently, and insufficiently, resilient. Upstream firms can expand their production capacity to hedge against supply and demand shocks. But the social benefits of such investments are not internalized due to market power and market incompleteness. Upstream...
Persistent link: https://www.econbiz.de/10014512075
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Merger Effects and Antitrust Enforcement : Evidence from US Retail
Bhattacharya, Vivek; Illanes, Gastón; Stillerman, David - National Bureau of Economic Research - 2023
We document the effects of a comprehensive set of US retail mergers. On average, prices increase by 1.5% and quantities … decrease by 2.3%, with significant heterogeneity in outcomes across mergers. Price changes correlate with the screens codified … in the Horizontal Merger Guidelines. Through a model of enforcement, we find that agencies challenge mergers they expect …
Persistent link: https://www.econbiz.de/10014250141
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Foreign Competition and Innovation
Helpman, Elhanan - National Bureau of Economic Research - 2023
Empirical studies have found that enhanced foreign competition can encourage or discourage innovation. To address this relationship, I examine a market structure in which a small number of large multi-product oligopolists compete with a large number of small single-product firms in the same...
Persistent link: https://www.econbiz.de/10014436971