Long-Run Effects of Mergers: The Case of U.S. Western Railroads
研究了美国西部两次大型铁路并购对谷物运输价格的长期影响，发现尽管存在竞争减少的担忧，但并购对价格和消费者福利的影响微乎其微。
We provide a retrospective assessment of the effects of the two recent major railroad mergers in the western United States (Burlington Northern–Atchison-Topeka-Santa Fe and Union Pacific–Southern Pacific) on the price of rail transport of export grain. Estimation accounts for selectivity bias that arises because rail prices are observed only for routes with traffic. Despite concerns that both mergers could harm consumers by reducing carrier competition, we find that, in the long run, the mergers have had negligible effects on grain transportation prices and consumer welfare.