We analyze a class of parametric second-price auction models where asymmetry is modeled by allowing bidders to take different numbers of draws from the same distribution. We compute the closed-form distribution of price and construct likelihood and method-of-moments estimators to recover the...

From a panel data sample of 898 hotel mergers, we find that mergers increase occupancy without reducing capacity. In some regressions, price also appears to increase. These effects are small, but statistically and economically significant. And they occur only in markets with the highest capacity...

When the winner of one auction gains a cost advantage in the next, bids reflect not only the value of winning the auction, but also the value of gaining an incumbent advantage in future auctions. If a larger firm's advantage derives from a cost or product advantage, it has a greater chance of...

As a general proposition, antitrust law is hostile to price discrimination. This hostility appears to derive from a comparison of perfect competition (with no price discrimination) to monopoly (with price discrimination). Importantly, economists have known for some time that some forms of price...

Enforcement agencies have a relatively good understanding of how to measure the loss of price competition caused by merger. However, when firms compete in multiple dimensions, merger effects are not well understood. In this paper, we study mergers in industries where firms compete by setting...

In this paper, we derive estimators of, and closed-form (non-integral) expressions for, the distribution of bids in an extreme value, asymmetric, second-price, private-values auction. In equilibrium, prices (winning bids) and shares (winning probabilities) have a simple monotonic...

A vertical merger model represents a complex system built on (i) a network of e.g., upstream manufacturers and downstream retailers (ii) who bargain bilaterally in the presence of externalities (iii) created by competition between downstream retailers (iv) facing a consumer demand surface. We...