Estimation of cost efficiencies from mergers: application to US radio
利用动态寡头模型，通过揭示偏好方法估计并购带来的固定成本节约，并应用于1996年美国广播业放松管制后的并购，发现每年节省12亿美元成本。
This article estimates fixed‐cost efficiencies from mergers using a dynamic oligopoly model in which mergers and repositioning of products are endogenous. The inference is based on revealed preference approach selecting cost synergies that rationalize observed merger decisions. The estimates can be used to assess the total welfare impact of retrospective and counterfactual mergers. The framework is applied to estimate cost efficiencies after the 1996 deregulation of U.S. radio industry. Within the period of 1996 to 2006 the cost savings resulting from mergers amount to $1.2 billion per year (equally split across economies of scale and within‐format cost synergies).