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@article{1836658,
author = {Kvasnička, Michal},
article_location = {HEIDELBERG},
article_number = {3},
doi = {http://dx.doi.org/10.1007/s00181-021-02055-x},
keywords = {Gasoline market · Local competition · Merger simulation · Spatial model},
language = {eng},
issn = {0377-7332},
journal = {Empirical Economics},
title = {Can we ignore spatial dependence when evaluating mergers?},
url = {https://link.springer.com/content/pdf/10.1007/s00181-021-02055-x.pdf},
volume = {62},
year = {2022}
}
TY - JOUR
ID - 1836658
AU - Kvasnička, Michal
PY - 2022
TI - Can we ignore spatial dependence when evaluating mergers?
JF - Empirical Economics
VL - 62
IS - 3
SP - 1323-1344
EP - 1323-1344
PB - Springer-Verlag GmbH Germany
SN - 03777332
KW - Gasoline market · Local competition · Merger simulation · Spatial model
UR - https://link.springer.com/content/pdf/10.1007/s00181-021-02055-x.pdf
N2 - This study explores whether antitrust authorities can use models that ignore spatial dependence in gasoline prices when assessing merger proposals. I estimate two nonspatial and one spatial model and compare merger simulation results based on these models. The identification strategy uses the abrupt change in ownership caused by takeovers of three chains, which generates virtually exogenous shocks in the local markets. The pure non-spatial fixed-effects panel model significantly underestimates the price changes and sometimes even mispredicts their direction. The fixed-effects panel model with added spatially weighted changes of the purchased stations’ price level performs better but can still understate the price changes. It also overstates the number of stations that notably change their prices. The SAR model should thus be preferred.
ER -
KVASNIČKA, Michal. Can we ignore spatial dependence when evaluating mergers? \textit{Empirical Economics}. HEIDELBERG: Springer-Verlag GmbH Germany, 2022, roč.~62, č.~3, s.~1323-1344. ISSN~0377-7332. Dostupné z: https://dx.doi.org/10.1007/s00181-021-02055-x.
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