The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag-Whirlpool-Reference-Cited by-同舟云学术

The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag-Whirlpool

Published:2013-02-01 Issue:1 Volume:5 Page:239-261
ISSN:1945-7731
Container-title:American Economic Journal: Economic Policy
language:en
Short-container-title:American Economic Journal: Economic Policy

Author:

Ashenfelter Orley C¹,Hosken Daniel S²,Weinberg Matthew C³

Affiliation:

1. Princeton University, Industrial Relations Section, Princeton, NJ 08544 and the National Bureau of Economic Research.

2. US Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580.

3. Drexel University, Department of Economics, 3600 Market Street, Philadelphia, PA 19104.

Abstract

Many experts speculate that US antitrust policy towards horizontal mergers has been too lenient. We estimate the price effects of Whirlpool's acquisition of Maytag to provide new evidence on this debate. We compare price changes in appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price increases for dishwashers and relatively large price increases for clothes dryers, but no price effects for refrigerators or clothes washers. The combined firm's market share fell across all four affected categories, and the number of distinct appliance products offered for sale fell. (JEL G34, K21, L11, L41, L68)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/pol.5.1.239

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