Many European countries have sought to increase the efficiency of national railroad companies through a range of reforms: separating infrastructure and operations, creating independent regulatory institutions and providing access to the network to third parties. To estimate the effects of...

Since the publication by Williamson (1968) of his seminal paper on antitrust there has been a growing recognition by regulators of the need to assess tradeoffs between merger-related efficiency gains and merger-induced increases in market power. This paper addresses that need by presenting a...