Effectiveness of Merger Remedies: Evidence from the Retail Gasoline Industry
研究了汽油零售商合并中剥离加油站作为补救措施的效果，发现剥离在低密度区域且一公里范围内能有效抑制合并带来的价格上升，同时合并方在未受高集中度影响的地区价格下降，表明存在效率提升。
This article assesses the effectiveness of outlet divestitures as remedies in a merger between two large gasoline retailers. Results show that divestitures are effective in disciplining the increase in margins generated by the merger, but only for competing gas stations located within a one kilometer radius and only in municipalities with a low density of stations impacted by the merger. Interestingly, this density indicator is a good predictor of both the anticompetitive effect of the merger and the effectiveness of divestitures. Finally, prices of one merging party decreased in locations unaffected by higher concentration, evidencing the presence of efficiency gains.