日時：7月10日（木）17:20-18:50
報告者： 小林 流基  (慶應義塾大学) 
場所：2号館11階経済学部会議室B
幹事：長谷部 拓也
言語：日本語

タイトル：Market Power, Efficiency, and Upstream Effects: Disentangling Multiple Merger Effects on Retail Gasoline Price
要旨：his study examines the market power and efficiency effects of a merger on retail prices in an industry characterized by vertical relationships. As a case study, we analyze the largescale merger between vertically integrated petroleum firms in Japan. Leveraging geographical variation across local markets, we employ a difference-in-differences approach. The results suggest that the market power effect increased retail gasoline prices, while the efficiency effect did not lead to a significant price reduction. Moreover, the market power effect was more pronounced in markets with independent retailers, where the merging firm had both the incentive and the ability to adopt a raising rivals’ costs strategy. These findings suggest that vertical industry structures can exacerbate anti-competitive effects in downstream markets.