Does Concentration Matter? Measurement of Petroleum Merger Price Effects

We have estimated the price effects of two changes in market structure resulting from two changes in the ownership of gasoline refineries in the San Francisco Bay area: Tosco's purchase of Unocal's Rodeo refinery in April 1997 and UDS's purchase of Tosco's Avon refinery in August...

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Veröffentlicht in:	The American economic review 2011-05, Vol.101 (3), p.45-50
Hauptverfasser:	Hosken, Daniel, Silvia, Louis, Taylor, Christopher
Format:	Artikel
Sprache:	eng
Schlagworte:	Acquisitions & mergers Analysis Antitrust Carbohydrates Competition Crude oil Economics Energy prices EVALUATING EMPIRICAL TOOLS FOR HORIZONTAL MERGER ANALYSIS Gasoline Gasoline prices Gulfs Industrial concentration International trade Market prices Market structure Oil industry Oil price Ownership Petrol Petroleum Petroleum refineries Pipelines Prices Retail prices Rodeos Standard error Studies U.S.A Wholesale prices Wholesale trade
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Zusammenfassung:	We have estimated the price effects of two changes in market structure resulting from two changes in the ownership of gasoline refineries in the San Francisco Bay area: Tosco's purchase of Unocal's Rodeo refinery in April 1997 and UDS's purchase of Tosco's Avon refinery in August 2000. These events provide a relatively unique opportunity to test a price concentration relationship. If market concentration is related to price, then we should observe prices increase and then decrease by a similar amount following these transactions. We do not find evidence of a consistent price concentration relationship. [PUBLICATION ABSTRACT]
ISSN:	0002-8282 1944-7981
DOI:	10.1257/aer.101.3.45