A Preliminary Analysis of the Competitive Effects of the Repsol- YPF Merger on the Argentine Gasoline Market
نویسنده
چکیده
This paper presents alternative models of behavior of the Argentine gasoline market and applies parametric estimations to analyze the effect that the Repsol-YPF merger had on that market. Using monthly data for the different provinces of Argentina during 1999, we make an evaluation of that effect. We conclude that we cannot reject the hypothesis that the market was a Cournot oligopoly before the merger and, after that, it became one with a price leader (Repsol-YPF). This implies an efficiency loss of nearly $60 million per month. However, these conclusions are clearly preliminary, because they are valid for a very short period of time and they could reflect an out-of-equilibrium behavior of the new firm based on wrong beliefs. JEL Classification Numbers: C33, L13, L71.
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