Local Market Structure and Consumer Prices: Evidence from a Retail Merger*
研究德国超市与软折扣店并购对消费者价格的影响，发现并购后内部和外部企业均提价，尤其在集中度上升地区，但未集中地区因成本节约而降价。
This paper analyzes the effects of a merger between a German supermarket chain and a soft discounter on consumer prices. We exploit geographic price variation within retail chains and brands and use a difference‐in‐differences estimator to compare regional markets with changes in market structure to unaffected markets. Our results indicate that both insiders and outsiders raised average prices after the merger, particularly in regions with high expected changes in retail concentration. In contrast, we estimate price declines in regions that did not experience a rise in concentration but were potentially affected by cost savings within the merged entity.