题  目：Merger, Product Repositioning and Firm Entry: the Retail Craft Beer Market in California 

报告人：范瑛  副教授  密歇根大学经济学系 

主持人：叶兵   副教授   浙江大学经济学院 

时  间：2020年9月25日（星期五） 上午9:00-10:30

腾讯会议   （会议ID：297 447 110）

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摘要：We study the effects of merger on firm entry, product repositioning and prices in the retail craft beer market in California. To deal with selection on unobserved fixed cost shocks, we develop a new method to estimate multiple-discrete choice models. The method is based on bounds of conditional choice probabilities and does not require solving the game. Using the estimated model, we simulate a counterfactual merger where a large brewery acquires multiple craft breweries. In most markets, we find that new firms enter, non-merging incumbents add products, and merging firms drop products. However, the net effects of product variety from firm entry and product repositioning differ considerably across markets. Larger markets are more likely to see an increase in product variety, which moderates the loss of consumer surplus from the merger’s price effects. In a majority of smaller markets, product variety decreases, exacerbating the welfare loss from the price effects.

简历：范瑛，美国密歇根大学经济学系副教授；博士毕业于美国耶鲁大学；担任Journal of Industrial Economics杂志主编；主要从事产业组织理论、应用微观经济学方面的研究；在AER、JPE、AEJ Microeconomics、RAND、IJIO、《经济研究》《经济学季刊》等国内外杂志上发表论文多篇。 

CRPE秘书处
2020-9-18