Code Sharing and Merger: Continental, Delta and Northwest
Code Sharing and Merger: Continental, Delta and Northwest
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DOI：
10.3868/s060-004-015-0030-5
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发表时间：
2015-12
影响因子：
0.8
通讯作者：
Caixia Shen
中科院分区：
文献类型：
--
作者：
Caixia Shen
当达美航空在2003年加入大陆航空和西北航空之间的代码共享时，这三家传统航空公司形成了美国国内唯一的三方代码共享伙伴关系。2008年，达美航空和西北航空宣布合并。六个月后，司法部批准了合并。本文分析了三方代码共享的效果和这两个以前的代码共享伙伴之间的合并的效果。我发现代码共享的竞争效应和反竞争效应，即，非枢纽市场的平均市场价格下降，枢纽到枢纽市场的价格上升。与此同时，客运量大幅增加。此外，竞争对手的反应是将价格朝着与代码共享合作伙伴相同的方向移动。我发现合并后Herfindahl-Hirschman指数（HHI）增加，流量减少。具体而言，在合并航空公司是双寡头垄断或与第三家航空公司合并的市场中，HHI增加了1,000多点。合并前的代码共享市场由于代码共享合同的消失而经历了HHI的增加。低成本航空公司的进入减轻了合并的影响。
When Delta joined the code share between Continental and Northwest in 2003, these three legacy carriers formed the only three-way U.S. domestic code sharing partnership. In 2008, Delta and Northwest announced their intention to merge. The merger was granted by the Department of Justice six months later. This paper analyzes the effects of the three-way code share and the effects of the merger between these two previous code sharing partners. I find both competitive effects and anti-competitive effects of code sharing, i.e., mean market price decrease in non-hub markets and price increase in hub-to-hub markets. Meanwhile, passenger volume increases significantly. Moreover, rivals' responses are to move price in the same direction as code sharing partners. I find an increase in Herfindahl-Hirschman Index (HHI) and a reduction in traffic after the merger. Specifically, HHI increases for over 1,000 points in markets where merging airlines were either duopolistic or with a third carrier. Pre-merger code sharing markets experience an increase in HHI due to the disappearance of the code sharing contract. Low cost carrier entry mitigates merger effects.