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Merger Control in Differentiated Product Industries

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  • Franco Mariuzzo

    (Trinity College Dublin)

  • Patrick Paul Walsh

    (Trinity College Dublin)

  • Ciara Whelan

    (University College of Dublin)

Abstract

Thresholds defined on the level and change in the HHI (Herfindahl- Hirschmann Index) applied to market shares seem to be the main instrument to select notified mergers for investigation in both the EU and US. We question the use of such a selection rule in differentiated products industries. We propose the use of a structural approach to apply HHI thresholds based on profit shares rather than market shares. We illustrate our point using product data for Retail Carbonated Soft Drinks (Price, Market Share and Characteristics). We estimate company (product) mark-ups consistent with a structural model of equilibrium, using demand primitives from a Nested Logit model and a Random Coefficient model. We provide an example where the HHI thresholds based on profit shares identify potentially damaging mergers not captured by applying thresholds to output shares, or conversely, identify mergers of no concern that would be selected on the basis of output shares.

Suggested Citation

  • Franco Mariuzzo & Patrick Paul Walsh & Ciara Whelan, 2005. "Merger Control in Differentiated Product Industries," Working Papers 200508, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:200508
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    More about this item

    Keywords

    Market Shares; Market Power; Differentiated Products Industries; Merger Screening;
    All these keywords.

    JEL classification:

    • K2 - Law and Economics - - Regulation and Business Law
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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