Efficiencies brewed: pricing and consolidation in the US beer industry

• 成果类型: Article
• 署名作者: Ashenfelter, Orley C.; Hosken, Daniel S.; Weinberg, Matthew C.
• 署名单位: Princeton University; National Bureau of Economic Research; Drexel University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/1756-2171.12092
• 发表日期: 2015
• 页码: 328-361
• 关键词: MARKET POWER; vertical integration; horizontal mergers; gasoline; COMPETITION; prices

摘要

Merger efficiencies provide the primary justification for why mergers of competitors may benefit consumers. Surprisingly, there is little evidence that efficiencies can offset incentives to raise prices following mergers. We estimate the effects of increased concentration and efficiencies on pricing by using panel scanner data and geographic variation in how the merger of the brewers Miller and Coors was expected to increase concentration and reduce costs. All else equal, the average predicted increase in concentration led to price increases of 2%, but at the mean this was offset by a nearly equal and opposite efficiency effect.