Data-Driven Mergers
研究了在数据关联市场中企业并购的影响，发现数据能否交易以及数据用途（提升质量或提取消费者剩余）决定了并购对消费者福利的效应。
We study mergers between firms operating in data-connected markets: the data generated as a byproduct of the activity in market A can be used by firms operating in market B. The effects of such a merger depend on whether data trade among independent firms is possible and whether data use benefits consumers or leads to more surplus extraction. When data increases product B’s quality, the merger benefits consumers in both markets if data cannot be traded absent the merger and harms them otherwise. When data are used to extract consumer surplus in market B, the merger increases consumer surplus in market A and reduces it in market B. This paper was accepted by Joshua Gans, business strategy. Funding: This work was supported by Agence Nationale de la Recherche [Grant ANR-17-EURE-0010] (Investissements d’Avenir program) to A. de Cornière; Oxford Internet Institute’s Research Programme on AI, Government, and Policy, funded by the Dieter Schwarz Stiftung gGmbH to G. Taylor; and TSE Digital Center.