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Mergers with Differentiated Products: The Case of the Ready-to-Eat Cereal Industry
A.Nevo
RAND Journal of Economics.
Сентябрь
2000.
Vol. 31.
No. 3.
P. 395-421.
Traditional merger analysis is difficult to implement when evaluating mergers in
industries with differentiated products. I discuss an alternative, which consists
of demand estimation and the use of a model of postmerger conduct to simulate the
competitive effects of a merger. I estimate a brand-level demand system for ready-to-eat
cereal using supermarket scanner data and use the estimates to (1) recover marginal
costs, (2) simulate postmerger price equilibria, and (3) compute welfare effects,
under a variety of assumptions. The methodology is applied to five mergers, two of
which occurred and for which I compare predicted to actual outcomes.
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