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Railroads and Competition: The Santa Fe/Southern Pacific Merger Proposal

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  • Pittman, Russell W

Abstract

The "Merger Guidelines" of the U.S. Department of Justice provide the framework for a detailed analysis of the competitive implications of the proposed merger of the Santa Fe and Southern Pacific railroads. Although the gross welfare loss from the merger is found to be large--in the range of $40-230 million per year--the transfers from shippers to the railroads are much larger. Thus, an overall welfare calculus requires not only an accurate estimate of the efficiencies resulting from the merger, but also a judgment as to the welfare relevance of wealth transfers. Copyright 1990 by Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

Volume (Year): 39 (1990)
Issue (Month): 1 (September)
Pages: 25-46

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Handle: RePEc:bla:jindec:v:39:y:1990:i:1:p:25-46

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821

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Cited by:
  1. Ivaldi, Marc & Mccullough, Gerard, 2010. "Welfare Tradeoffs in U.S. Rail Mergers," TSE Working Papers 10-196, Toulouse School of Economics (TSE).
  2. Affuso, Luisa & Newbery, David M G, 2000. "Investment, Reprocurement and Franchise Contract Length in the British Railway Industry," CEPR Discussion Papers 2619, C.E.P.R. Discussion Papers.
  3. Russell Pittman, 2009. "Railway Mergers and Railway Alliances: Competition Issues and Lessons for Other Network Industries," EAG Discussions Papers 200902, Department of Justice, Antitrust Division.
  4. Russell Pittman, 2009. "Competition Issues in Restructuring Ports and Railways, Including Brief Consideration of these Sectors in India," EAG Discussions Papers 200906, Department of Justice, Antitrust Division.
  5. Russell Pittman, 2001. "Vertical Restructuring of the Infrastructure Sectors of Transition Economies," Industrial Organization 0111002, EconWPA.
  6. Schmidt, Stephen, 2001. "Market structure and market outcomes in deregulated rail freight markets," International Journal of Industrial Organization, Elsevier, vol. 19(1-2), pages 99-131, January.
  7. John Bitzan & Wesley Wilson, 2007. "Industry costs and consolidation: efficiency gains and mergers in the U.S. railroad industry," Review of Industrial Organization, Springer, vol. 30(2), pages 81-105, March.
  8. Russell Pittman, 2007. "Consumer Surplus as the Appropriate Standard for Antitrust Enforcement," EAG Discussions Papers 200709, Department of Justice, Antitrust Division.
  9. Robert W. Crandall & Clifford Winston, 2003. "Does Antitrust Policy Improve Consumer Welfare? Assessing the Evidence," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 3-26, Fall.
  10. Russell Pittman, 2002. "Chinese Railway Reform and Competition: Vertical or Horizontal Restructuring?," Development and Comp Systems 0204004, EconWPA.
  11. Pittman, Russell, 2011. "Risk-averse restructuring of freight railways in China," Utilities Policy, Elsevier, vol. 19(3), pages 152-160.
  12. Russell Pittman, 2003. "Vertical Restructuring (or Not) of the Infrastructure Sectors of Transition Economies," Journal of Industry, Competition and Trade, Springer, vol. 3(1), pages 5-26, March.

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