Market Power and Multimarket Contact: Some Evidence from the Spanish Hotel Industry
研究了多市场接触如何影响企业行为，利用西班牙酒店业数据发现多市场接触会增强市场势力，且忽略该变量会低估集中度对价格的影响。
This paper analyses the effect of multimarket contact on firms’ behaviour. According to Bernheim and Whinston [1990], firms that meet in several markets for an infinite number of periods may find it profitable to redistribute market power among markets where they are operating. We present evidence supporting this prediction by using data from the Spanish hotel industry. Moreover, we also find that the omission of variables measuring multimarket contact creates a downward bias on the effect of concentration on prices. This result questions previous conclusions about the role of competition in industries where multimarket behaviour is expected.