Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/wiley/estimation-of-cost-efficiencies-from-mergers-application-to-us-radio-c8Mq2udWTV
References (46)
-
C. Ai, Xiaohong Chen (2007)
Estimation of possibly misspecified semiparametric conditional moment restriction models with different conditioning variablesJournal of Econometrics, 141
-
Sarah Leeper (2000)
The Game of Radiopoly: An Antitrust Perspective of Consolidation in the Radio IndustryFederal Communications Law Journal, 52
-
Andrew Sweeting (2010)
The effects of mergers on product positioning: evidence from the music radio industryThe RAND Journal of Economics, 41
-
J. Heckman (1979)
Sample selection bias as a specification errorApplied Econometrics, 31
-
Stephen Ryan (2012)
The Costs of Environmental Regulation in a Concentrated Industry -
A. Pakes, M. Ostrovsky, Steven Berry (2004)
Simple Estimators for the Parameters of Discrete Dynamic Games (with Entry/Exit Examples)Harvard Economics Department Working Paper Series
-
Whitney Newey (1994)
The asymptotic variance of semiparametric estimatorsEconometrica, 62
-
Minjung Park (2013)
Understanding Merger Incentives and Outcomes in the US Mutual Fund IndustryJournal of Banking and Finance, 37
-
Andrew Sweeting (2011)
Dynamic Product Positioning in Differentiated Product Markets: The Effect of Fees for Musical Performance Rights on the Commercial Radio IndustryERN: Imperfect Competition (Topic)
-
Howard Smith, Catherine O'Gorman (2008)
Efficiency Gain from Ownership Deregulation: Estimates for the Radio IndustryIO: Regulation
-
Patrick Bajari, C. Benkard, Jonathan Levin (2004)
Estimating Dynamic Models of Imperfect CompetitionIO: Empirical Studies of Firms & Markets
-
B. Drushel (1998)
The Telecommunications Act of 1996 and Radio Market StructureJournal of Media Economics, 11
-
Andrew Sweeting (2008)
The Strategic Timing Incentives of Commercial Radio Stations: An Empirical Analysis Using Multiple EquilibriaNBER Working Paper Series
-
C. Benkard, A. Bodoh-Creed, John Lazarev (2010)
Simulating the Dynamic Effects of Horizontal Mergers: U.S. Airlines -
J. Stahl (2009)
Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington , D . C . A Dynamic Analysis of Consolidation in the Broadcast Television Industry -
Oktay Akkus, J. Cookson, Ali Hortaçsu (2015)
The Determinants of Bank Mergers: A Revealed Preference AnalysisMonetary Economics eJournal
-
Peter Arcidiacono, Robert Miller (2011)
Conditional Choice Probability Estimation of Dynamic Discrete Choice Models With Unobserved HeterogeneityEconometrica, 79
-
Steven Berry, J. Levinsohn, A. Pakes (1995)
Automobile Prices in Market EquilibriumEconometrica, 63
-
Jean-Pierre Dubé, Jeremy Fox, Che-Lin Su (2012)
Improving the Numerical Performance of Static and Dynamic Aggregate Discrete Choice Random Coefficients Demand Estimation by Jean-pierre Dubé, -
Daniel Ackerberg, Xiaohong Chen, J. Hahn (2011)
A Practical Asymptotic Variance Estimator for Two-Step Semiparametric EstimatorsReview of Economics and Statistics, 94
-
V. Hotz, Robert Miller, Seth Sanders, Jeffrey Smith (1994)
A Simulation Estimator for Dynamic Models of Discrete ChoiceThe Review of Economic Studies, 61
-
Anastasia Bednarski (2003)
From Diversity to Duplication: Mega-Mergers and the Failure of the Marketplace Model under the Telecommunications Act of 1996Federal Communications Law Journal, 55
-
Stephen Ryan, Catherine Tucker (2011)
Heterogeneity and the dynamics of technology adoptionQuantitative Marketing and Economics, 10
-
J. Pinkse, M. Slade (2004)
Mergers, brand competition, and the price of a pintEuropean Economic Review, 48
-
J. Rosse (1970)
ESTIMATING COST FUNCTION PARAMETERS WITHOUT USING COST DATA: ILLUSTRATED METHODOLOGYEconometrica, 38
-
Victor Aguirregabiria, P. Mira (2007)
Sequential Estimation of Dynamic Discrete GamesIO: Empirical Studies of Firms & Markets
-
Steven Berry, J. Waldfogel (2001)
Do Mergers Increase Product Variety? Evidence from Radio BroadcastingQuarterly Journal of Economics, 116
-
Gennaro Bernile, Evgeny Lyandres, A. Zhdanov (2012)
A Theory of Strategic MergersMiami: Finance (Topic)
-
Sang-Seung Yi (1997)
Stable Coalition Structures with ExternalitiesInternational Trade
-
M. Ivaldi, F. Verboven (2005)
Quantifying the effects from horizontal mergers in European competition policyInternational Journal of Industrial Organization, 23
-
Martin Pesendorfer (2005)
Mergers under entryThe RAND Journal of Economics, 36
-
Gautam Gowrisankaran (1999)
A Dynamic Model of Endogenous Horizonal MergersThe RAND Journal of Economics, 30
-
Steven Berry, J. Waldfogel (1996)
Free Entry and Social Inefficiency in Radio BroadcastingIndustrial Organization & Regulation eJournal
-
Aguirregabiria (2007)
Sequential Estimation of Dynamic Discrete GamesEconometrica, 75
-
S. Salant, Sheldon Switzer, R. Reynolds (1983)
Losses From Horizontal Merger: The Effects of an Exogenous Change in Industry Structure on Cournot-Nash EquilibriumQuarterly Journal of Economics, 98
-
Aviv Nevo (2000)
Mergers with differentiated products: the case of the ready-to-eat cereal industryThe RAND Journal of Economics, 31
-
T. Severini, J. Staniswalis (1994)
Quasi-Likelihood Estimation in Semiparametric ModelsJournal of the American Statistical Association, 89
-
Esther Gal‐Or, Anthony Dukes (2006)
On the Profitability of Media MergersThe Journal of Business, 79
-
V. Rodrigues (2001)
Endogenous mergers and market structureInternational Journal of Industrial Organization, 19
-
Thomas Krattenmaker (1996)
The Telecommunications Act of 1996Connecticut Law Review
-
Amit Gandhi, Luke Froeb, S. Tschantz, G. Werden (2005)
Post-Merger Product RepositioningOrganizations & Markets eJournal
-
A. Rubinstein (1982)
Perfect Equilibrium in a Bargaining ModelEconometrica, 50
-
U. Doraszelski, M. Satterthwaite (2010)
Computable Markov‐perfect industry dynamicsThe RAND Journal of Economics, 41
-
Arie Beresteanu, Paul Ellickson (2005)
The dynamics of retail oligopoly -
Marc Rysman (2002)
Competition between Networks: A Study of the Market for Yellow PagesAntitrust: Antitrust Law & Policy
-
R. Ericson, A. Pakes (1995)
Markov-Perfect Industry Dynamics: A Framework for Empirical WorkThe Review of Economic Studies, 62
- Publisher
- Wiley
- Copyright
- © 2014 The RAND Corporation
- ISSN
- 0741-6261
- eISSN
- 1756-2171
- DOI
- 10.1111/1756-2171.12072
- Publisher site
- See Article on Publisher Site
Abstract
This article estimates fixed‐cost efficiencies from mergers using a dynamic oligopoly model in which mergers and repositioning of products are endogenous. The inference is based on revealed preference approach selecting cost synergies that rationalize observed merger decisions. The estimates can be used to assess the total welfare impact of retrospective and counterfactual mergers. The framework is applied to estimate cost efficiencies after the 1996 deregulation of U.S. radio industry. Within the period of 1996 to 2006 the cost savings resulting from mergers amount to $1.2 billion per year (equally split across economies of scale and within‐format cost synergies).
Journal
The Rand Journal of Economics – Wiley
Published: Jan 1, 2014