Can mergers increase output? Evidence from the lodging industry
研究发现酒店合并提高了入住率，在某些情况下价格也上涨，但仅发生在高产能利用和高不确定性的市场，支持收益管理模型而非简单价格或数量竞争模型。
We find that hotel mergers increase occupancy. In some specifications, price also rises. Because these effects occur only in markets with high capacity utilization and high uncertainty, we reject simple models of price or quantity competition in favor of models of “revenue management,” where firms price to fill available capacity in the face of uncertain demand.