Trucks without Bailouts: Equilibrium Product Characteristics for Commercial Vehicles
研究了美国商用车辆市场中产品进入和退出如何调节并购或破产的影响，发现2009年汽车业救助中，若采取收购或清算方案，产品调整可抵消最多四分之三的涨价和减产。
The entry and exit of products, rather than firms, serve as the main equilibrating force in many markets, so accurately predicting changes from a merger or bankruptcy should incorporate this behavior. This paper estimates a structural model of the US commercial vehicle market and demonstrates the importance of allowing for endogenous product offerings in the context of the $85 billion automotive industry bailout in 2009. Under alternate policies that facilitate an acquisition or liquidation of GM and Chrysler, product entry and exit moderate markup increases and output decreases by up to three-quarters.