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A Treatment Effect Method for Merger Analysis with an Application to Parking Prices in P aris

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  • Philippe Choné
  • Laurent Linnemer
Abstract
Most retrospective merger studies resort to the treatment effect approach, comparingthe price dynamics in a treatment group and in a control group. We propose asystematic method to construct the groups, which applies to any industry with spatialcompetition. The method is consistent with the fact that mergers alter oligopolisticequilibria in complex ways, and thus that seemingly distant entities may be affectedthrough indirect channels. An illustration based on a merger in the Parisian parkingmarket is provided.
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Suggested Citation

  • Philippe Choné & Laurent Linnemer, 2012. "A Treatment Effect Method for Merger Analysis with an Application to Parking Prices in P aris," Journal of Industrial Economics, Wiley Blackwell, vol. 60(4), pages 631-656, December.
    • Handle: RePEc:bla:jindec:v:60:y:2012:i:4:p:631-656
    DOI: 10.1111/joie.2012.60.issue-4
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    1. Christopher T. Taylor & Daniel S. Hosken, 2007. "The Economic Effects Of The Marathon‐Ashland Joint Venture: The Importance Of Industry Supply Shocks And Vertical Market Structure," Journal of Industrial Economics, Wiley Blackwell, vol. 55(3), pages 419-451, September.
    2. Leemore Dafny, 2009. "Estimation and Identification of Merger Effects: An Application to Hospital Mergers," Journal of Law and Economics, University of Chicago Press, vol. 52(3), pages 523-550, August.
    3. Ali Hortaçsu & Chad Syverson, 2007. "Cementing Relationships: Vertical Integration, Foreclosure, Productivity, and Prices," Journal of Political Economy, University of Chicago Press, vol. 115(2), pages 250-301.
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    5. Borenstein, Severin, 1990. "Airline Mergers, Airport Dominance, and Market Power," American Economic Review, American Economic Association, vol. 80(2), pages 400-404, May.
    6. Justine S. Hastings, 2004. "Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California," American Economic Review, American Economic Association, vol. 94(1), pages 317-328, March.
    7. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-In-Differences Estimates?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 249-275.
    8. Froeb, Luke & Tschantz, Steven & Crooke, Philip, 2003. "Bertrand competition with capacity constraints: mergers among parking lots," Journal of Econometrics, Elsevier, vol. 113(1), pages 49-67, March.
    9. Fabio Panetta & Dario Focarelli, 2003. "Are Mergers Beneficial to Consumers? Evidence from the Italian Market for Bank Deposits," CEIS Research Paper 10, Tor Vergata University, CEIS.
    10. Peters, Craig, 2006. "Evaluating the Performance of Merger Simulation: Evidence from the U.S. Airline Industry," Journal of Law and Economics, University of Chicago Press, vol. 49(2), pages 627-649, October.
    11. Christopher T. Taylor & Nicholas M. Kreisle & Paul R. Zimmerman, 2010. "Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California: Comment," American Economic Review, American Economic Association, vol. 100(3), pages 1269-1276, June.
    12. Kim, E Han & Singal, Vijay, 1993. "Mergers and Market Power: Evidence from the Airline Industry," American Economic Review, American Economic Association, vol. 83(3), pages 549-569, June.
    13. Justine S. Hastings & Richard J. Gilbert, 2005. "Market Power, Vertical Integration And The Wholesale Price Of Gasoline," Journal of Industrial Economics, Wiley Blackwell, vol. 53(4), pages 469-492, December.
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    15. John Simpson & Christopher Taylor, 2008. "Do Gasoline Mergers Affect Consumer Prices? The Marathon Ashland Petroleum and Ultramar Diamond Shamrock Transaction," Journal of Law and Economics, University of Chicago Press, vol. 51(1), pages 135-152, February.
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    Cited by:

    1. Luca Aguzzoni & Benno Buehler & Luca Martile & Ron Kemp & Anton Schwarz, 2018. "Ex-post Analysis of Mobile Telecom Mergers: The Case of Austria and The Netherlands," De Economist, Springer, vol. 166(1), pages 63-87, March.
    2. Gugler, Klaus & Szücs, Florian, 2016. "Merger externalities in oligopolistic markets," International Journal of Industrial Organization, Elsevier, vol. 47(C), pages 230-254.
    3. Luca Aguzzoni & Elena Argentesi & Lorenzo Ciari & Tomaso Duso & Massimo Tognoni, 2016. "Ex post Merger Evaluation in the U.K. Retail Market for Books," Journal of Industrial Economics, Wiley Blackwell, vol. 64(1), pages 170-200, March.
    4. Marie-Laure Allain & Claire Chambolle & Stéphane Turolla & Sofia B. Villas-Boas, 2013. "The Impact of Retail Mergers on Food Prices : Evidence from France," Working Papers 2013-18, Center for Research in Economics and Statistics.
    5. Orley Ashenfelter & Daniel Hosken & Matthew Weinberg, 2014. "Did Robert Bork Understate the Competitive Impact of Mergers? Evidence from Consummated Mergers," Journal of Law and Economics, University of Chicago Press, vol. 57(S3), pages 67-100.
    6. Marie-Laure Allain & Claire Chambolle & Stéphane Turolla & Sofia B. Villas-Boas, 2017. "Retail Mergers and Food Prices: Evidence from France," Journal of Industrial Economics, Wiley Blackwell, vol. 65(3), pages 469-509, September.
    7. Csorba, Gergely & Pápai, Zoltán, 2013. "Does one more or one less mobile opertor affect prices? A comprehensive ex-post evaluation of entries and mergers in European mobile telecommunication markets," 24th European Regional ITS Conference, Florence 2013 88503, International Telecommunications Society (ITS).
    8. Albalate, Daniel & Gragera, Albert, 2017. "The determinants of garage prices and their interaction with curbside regulation," Transportation Research Part A: Policy and Practice, Elsevier, vol. 101(C), pages 86-97.
    9. Inci, Eren & Lindsey, Robin, 2015. "Garage and curbside parking competition with search congestion," Regional Science and Urban Economics, Elsevier, vol. 54(C), pages 49-59.
    10. De Nijs, Romain, 2012. "The price discrimination effect of a large merger of parking garages," Economics Letters, Elsevier, vol. 117(3), pages 928-931.
    11. Elena Argentesi & Albert Banal-Estanol & Jo Seldeslachts & Meagan Andrews, 2017. "A Retrospective Evaluation of the GDF/Suez Merger: Effects on Gas Hub Prices," Discussion Papers of DIW Berlin 1664, DIW Berlin, German Institute for Economic Research.
    12. Fabusuyi, Tayo & Hampshire, Robert C., 2018. "Rethinking performance based parking pricing: A case study of SFpark," Transportation Research Part A: Policy and Practice, Elsevier, vol. 115(C), pages 90-101.
    13. Franco Mariuzzo & Peter L. Ormosi, 2017. "Post-merger price dynamics matter, so why do merger retrospectives ignore them?," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2016-05, Centre for Competition Policy, University of East Anglia, Norwich, UK..
    14. Gergely Csorba & Gabor Koltay & David Farkas, 2011. "Separating the ex post effects of mergers: an analysis of structural changes on the Hungarian retail gasoline market," CERS-IE WORKING PAPERS 1118, Institute of Economics, Centre for Economic and Regional Studies.
    15. Elena Argentesi & Albert Banal-Estanol & Jo Seldeslachts, 2021. "A Retrospective Evaluation of the GDF/Suez Merger: Effects on the Belgian Gas Hub," The Energy Journal, , vol. 42(6), pages 199-228, November.
    16. Inci, Eren, 2015. "A review of the economics of parking," Economics of Transportation, Elsevier, vol. 4(1), pages 50-63.

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    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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