Can mergers increase output? Evidence from the lodging industry

• 成果类型: Article
• 署名作者: Kalnins, Arturs; Froeb, Luke; Tschantz, Steven
• 署名单位: Cornell University; Vanderbilt University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• 发表日期: 2017
• 页码: 178-202
• 关键词: demand uncertainty; COMPETITION; capacity

摘要

We find that hotel mergers increase occupancy. In some specifications, price also rises. Because these effects occur only in markets with high capacity utilization and high uncertainty, we reject simple models of price or quantity competition in favor of models of revenue management, where firms price to fill available capacity in the face of uncertain demand.