A Treatment Effect Method for Merger Analysis with an Application to Parking Prices in Paris
提出一种构建对照组的方法用于回顾性并购评估，通过距离和暴露程度两个参数，在巴黎停车市场估计并购的价格效应，并展示间接暴露网点纳入对照组的影响。
We propose a method of building control groups for retrospective merger evaluation. The procedure involves two parameters: a distance or radius, and an ‘order of exposure’ reflecting the notion that a merger can affect an outlet in a more or less direct way. We implement the method of estimating the price effect of a merger in the Paris parking market and illustrate the consequences of including indirectly exposed outlets in the control group. The methodology applies to any industry with spatial competition and allows one to check the sensitivity of the results to the choice of the control group.