Estimating the Potential Effect of Multi-Market Contact on the Intensity of Competition
Estimating the Potential Effect of Multi-Market Contact on the Intensity of Competition
复制标题
估计多市场接触对竞争强度的潜在影响
DOI：
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
Daniel D. Blanga
中科院分区：
文献类型：
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作者：
Alon Eizenberg;Dalia Shilian;Daniel D. Blanga
经济理论表明，跨市场的相互作用影响竞争的激烈程度，通过汇总激励兼容性约束的市场。基于这一认识，我们建立了一个多市场接触的结构计量经济模型。我们获得这些约束的经验估计，并检查其聚合的价格范围是可持续的均衡的影响。这种方法确定了多市场接触的潜在影响，而不管这种潜在影响是否实际实现，尽管存在多重均衡，也会产生有意义的反事实练习。我们得出的分析结果，多市场接触的潜在影响与“对称定位”的财产。我们进一步建立了这个属性和相关行业的需求结构之间的联系，激励需求估计作为多市场接触分析的关键步骤。我们将我们的模型应用到一个观察到的情况下，在以色列食品行业的多市场接触。我们的估计表明，在所研究的情况下，这种接触对价格和利润的潜在影响很小。以色列莫里斯·福尔克经济研究所有限公司，耶路撒冷，2021年6月·讨论文件第21.02号 * 本文是从一份更大的手稿中切割出来的，该手稿最初以"结构、行为和联系：密切相关市场中的竞争"的名义流传。本文的分析基于尼尔森的数据，完全是作者的分析，而不是尼尔森的分析。这些观点和分析也不一定反映以色列消费者保护和公平贸易管理局的观点和分析。Peleg Samuels和Barak Shimoni提供了出色的研究协助。我们非常感谢Simon安德森、Jorge Al ́ e Chilet、Federico Ciliberto、Ying Fan、Chaim Fersthman、Gautam Gowrisankaran、Nathan米勒、Chris Sullivan、Otto Toivanen和Jonathan威廉姆斯提供的有益意见。我们也感谢IDC-TAU经济研讨会的与会者（2017年7月），INRA贸易，产业组织和食品工业研讨会（巴黎，2019年5月），工业组织夏季会议（蒙特利尔，2019年6月），ESEM（曼彻斯特，2019年8月），ASSA圣地亚哥（2020年1月），以及特拉维夫大学的研讨会参与者（2019年3月），弗吉尼亚大学（2020年5月），耶路撒冷希伯来大学（2020年6月），CornellUWisconsin（2020年10月）和赫尔辛基GSE（2020年10月）提供有用的意见。所有的错误都是我们自己的。这项研究得到了福尔克经济研究所的支持。†电子邮件：alon. eizenberg@www.example.com电子邮件：www.example.com §电子邮件：daniel. blanga@www.example.com
Economic theory suggests that cross-market interactions affect the intensity of competition by aggregating Incentive Compatibility Constraints over markets. Building on this insight, we develop a structural econometric model of multimarket contact. We obtain empirical estimates of these constraints, and examine the effect of their aggregation on the range of prices that are sustainable in equilibrium. This approach identifies the potential effect of multimarket contact independently of whether this potential is actually realized, giving rise to meaningful counterfactual exercises despite the presence of multiple equilibria. We derive analytical results that associate the potential impact of multimarket contact with a “symmetric positioning" property. We further establish the connection between this property and the structure of demand in the relevant industries, motivating demand estimation as a key step in the analysis of multimarket contact. We apply our model to an observed case of multimarket contact in the Israeli food sector. Our estimates indicate that, in the studied case, the potential effect of this contact on prices and profits is small. The Maurice Falk Institute for Economic Research in Israel Ltd. Jerusalem, June 2021 • Discussion Paper No. 21.02 * This paper was carved out of a larger manuscript originally circulated as “Structure, Conduct and Contact: Competition in Closely Related Markets.” The analysis in this paper is based on Nielsen data and is entirely that of the authors and not of Nielsen. The views and analysis also do not necessarily reflect those of the Israel Consumer Protection and Fair Trade Authority. Peleg Samuels and Barak Shimoni provided excellent research assistance. We are grateful to Simon Anderson, Jorge Al ́e Chilet, Federico Ciliberto, Ying Fan, Chaim Fersthman, Gautam Gowrisankaran, Nathan Miller, Chris Sullivan, Otto Toivanen, and Jonathan Williams for helpful comments. We are also grateful to conference participants at the IDC-TAU Economic Workshop (July 2017), the INRA Workshop on Trade, Industrial Organization and the Food Industry (Paris, May 2019), the Summer Conference on Industrial Organization (Montreal, June 2019), ESEM (Manchester, August 2019), ASSA San Diego (January 2020), and to workshop participants at Tel Aviv University (March 2019), the University of Virginia (May 2020), the Hebrew University of Jerusalem (June 2020), CornellUWisconsin (October 2020) and Helsinki GSE (October 2020) for helpful comments. All errors are our own. This research is supported by the Falk Institute for Economic Research. †email: alon.eizenberg@mail.huji.ac.il ‡ email: Dalias@fta.gov.il § email: daniel.blanga@mail.huji.ac.il