. Furthermore, a merger can lead to an equilibrium in which only the high-demand market is served. This is more likely (i) the lower … consumers' transportation costs and (ii) the higher the concentration of the industry. Therefore, merger incentives are much …

larger price increases than mergerrelated exits. Within the merger category, our analysis reveals significant price increases … on all affected routes immediately after the exit events. In the medium and long-run, however, realized merger …

We investigate the competitive effects of the merger between Delta Air Lines and Northwest Airlines (2009) in the … increases of about 11 percent on overlapping routes and about 10 percent on routes which experienced a merger-induced switch of … the operating carrier. Over a longer period, however, our analysis reveals that both merger efficiencies and post-merger …