"Empirical Assessment of Merger and its Remedies: the Yawata-Fuji Case (1970)" " (in Japanese)
AbstractThis paper estimates a dynamic oligopoly model to assess the economic consequences of a horizontal merger that took place in 1970 to create the second largest global producer of steel. The paper solves a Markov perfect Nash equilibrium for the model and simulates the welfare effects of the horizontal merger. Estimates reveal that the merger enhanced the production efficiency of the merging party by a magnitude of 4.1 %, while the exercise of market power was restrained primarily by the presence of fringe competitors. Our simulation result also indicates that structural remedies endorsed by the competition authority failed to promote competition.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE J-Series with number CIRJE-J-214.
Length: 53 pages
Date of creation: Aug 2009
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-26 (All new papers)
- NEP-COM-2009-09-26 (Industrial Competition)
- NEP-HIS-2009-09-26 (Business, Economic & Financial History)
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