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Long-Run Effects of Mergers: The Case of U.S. Western Railroads

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  • Clifford Winston
  • Vikram Maheshri
  • Scott M. Dennis

Abstract

We provide a retrospective assessment of the effects of the two recent major railroad mergers in the western United States (Burlington Northern–Atchison-Topeka-Santa Fe and Union Pacific–Southern Pacific) on the price of rail transport of export grain. Estimation accounts for selectivity bias that arises because rail prices are observed only for routes with traffic. Despite concerns that both mergers could harm consumers by reducing carrier competition, we find that, in the long run, the mergers have had negligible effects on grain transportation prices and consumer welfare.

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File URL: http://www.jstor.org/stable/pdfplus/10.1086/655164
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File URL: http://www.jstor.org/stable/full/10.1086/655164
Download Restriction: Access to the online full text or PDF requires a subscription.

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Bibliographic Info

Article provided by University of Chicago Press in its journal The Journal of Law and Economics.

Volume (Year): 54 (2011)
Issue (Month): 2 ()
Pages: 275 - 304

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Handle: RePEc:ucp:jlawec:doi:10.1086/655164

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Web page: http://www.journals.uchicago.edu/JLE/

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Cited by:
  1. Coublucq, Daniel, 2013. "Demand estimation with selection bias: A dynamic game approach with an application to the US railroad industry," DICE Discussion Papers 94, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  2. Orley C. Ashenfelter & Daniel S. Hosken & Matthew C. Weinberg, 2011. "The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag-Whirlpool," NBER Working Papers 17476, National Bureau of Economic Research, Inc.
  3. Coublucq, Daniel, 2013. "Econometric analysis of productivity with measurement error: Empirical application to the US Railroad industry," DICE Discussion Papers 95, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  4. Brito, Duarte & Pereira, Pedro & Ramalho, Joaquim J.S., 2013. "Mergers, coordinated effects and efficiency in the Portuguese non-life insurance industry," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 554-568.
  5. Clifford Winston, 2013. "On the Performance of the U.S. Transportation System: Caution Ahead," Journal of Economic Literature, American Economic Association, vol. 51(3), pages 773-824, September.
  6. Orley C. Ashenfelter & Daniel Hosken & Matthew C. Weinberg, 2014. "Did Robert Bork Understate the Competitive Impact of Mergers? Evidence from Consummated Mergers," NBER Working Papers 19939, National Bureau of Economic Research, Inc.
  7. Koski, Heli & Pajarinen, Mika, 2013. "Empirical Evaluation of the Effectiveness of Competition Policy," ETLA Working Papers 15, The Research Institute of the Finnish Economy.

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