Mergers, Mavericks, and Tacit Collusion
Author
Suggested Citation
Note: fgs27
Download full text from publisher
Other versions of this item:
- Donja Darai & Catherine Roux & Frédéric Schneider, 2019. "Mergers, mavericks, and tacit collusion," Working Papers 201902, Cambridge Judge Business School, University of Cambridge.
References listed on IDEAS
- Roux, Catherine & Thöni, Christian, 2015.
"Collusion among many firms: The disciplinary power of targeted punishment,"
Journal of Economic Behavior & Organization, Elsevier, vol. 116(C), pages 83-93.
- Catherine Roux & Christian Thöni, 2013. "Collusion Among Many Firms: The Disciplinary Power of Targeted Punishment," Cahiers de Recherches Economiques du Département d'économie 13.02, Université de Lausanne, Faculté des HEC, Département d’économie.
- Christie, William G & Harris, Jeffrey H & Schultz, Paul H, 1994. "Why Did NASDAQ Market Makers Stop Avoiding Odd-Eighth Quotes?," Journal of Finance, American Finance Association, vol. 49(5), pages 1841-1860, December.
- David J. Cooper & Kai-Uwe K?hn, 2014.
"Communication, Renegotiation, and the Scope for Collusion,"
American Economic Journal: Microeconomics, American Economic Association, vol. 6(2), pages 247-278, May.
- Kühn, Kai-Uwe & Cooper, David J., 2009. "Communication, Renegotiation, and the Scope for Collusion," CEPR Discussion Papers 7563, C.E.P.R. Discussion Papers.
- Tobias Lindqvist & Johan Stennek, 2005.
"The Insiders’ Dilemma: An Experiment on Merger Formation,"
Experimental Economics, Springer;Economic Science Association, vol. 8(3), pages 267-284, September.
- Lindqvist, Tobias & Stennek, Johan, 2001. "The Insiders' Dilemma: An Experiment on Merger Formation," Research Papers in Economics 2001:8, Stockholm University, Department of Economics.
- Lindqvist, Tobias & Stennek, Johan, 2001. "The Insiders' Dilemma: An Experiment on Merger Formation," Working Paper Series 563, Research Institute of Industrial Economics.
- Stennek, Johan & Lindqvist, Tobias, 2005. "The Insiders' Dilemma: An Experiment on Merger Formation," CEPR Discussion Papers 5016, C.E.P.R. Discussion Papers.
- Christie, William G & Schultz, Paul H, 1994. "Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?," Journal of Finance, American Finance Association, vol. 49(5), pages 1813-1840, December.
- Dufwenberg, Martin & Gneezy, Uri, 2000.
"Price competition and market concentration: an experimental study,"
International Journal of Industrial Organization, Elsevier, vol. 18(1), pages 7-22, January.
- Dufwenberg, M. & Gneezy, U., 1998. "Price Competition and Market COncentration: An Experimental Study," Papers 1998-08, Uppsala - Working Paper Series.
- Dufwenberg, M. & Gneezy, U., 1998. "Price competition and market concentration : An experimental study," Other publications TiSEM deaedded-143d-4998-8a6e-7, Tilburg University, School of Economics and Management.
- Dufwenberg, M. & Gneezy, U., 1998. "Price competition and market concentration : An experimental study," Discussion Paper 1998-27, Tilburg University, Center for Economic Research.
- Dufwenberg, Martin & Gneezy, Uri, 1998. "Price Competition and Market Concentration: An Experimental Study," Working Paper Series 1998:8, Uppsala University, Department of Economics.
- Dufwenberg, Martin & Gneezy, Uri, 1999. "Price Competition and Market Concentration: An experimental Study," Research Papers in Economics 1999:4, Stockholm University, Department of Economics.
- Ola Andersson & Erik Wengström, 2007.
"Do Antitrust Laws Facilitate Collusion? Experimental Evidence on Costly Communication in Duopolies,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(2), pages 321-339, June.
- Andersson, Ola & Wengström, Erik, 2004. "Do Antitrust Laws Facilitate Collusion? Experimental Evidence on Costly Communication in Duopolies," Working Papers 2004:14, Lund University, Department of Economics, revised 13 Sep 2004.
- Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2004.
"Two are few and four are many: number effects in experimental oligopolies,"
Journal of Economic Behavior & Organization, Elsevier, vol. 53(4), pages 435-446, April.
- Huck, Steffen & Normann, Hans-Theo & Oechssler, Jörg, 2001. "Two are Few and Four are Many: Number Effects in Experimental Oligopolies," Bonn Econ Discussion Papers 12/2001, University of Bonn, Bonn Graduate School of Economics (BGSE).
- Harrington, Joseph E. & Hernan Gonzalez, Roberto & Kujal, Praveen, 2016.
"The relative efficacy of price announcements and express communication for collusion: Experimental findings,"
Journal of Economic Behavior & Organization, Elsevier, vol. 128(C), pages 251-264.
- Joseph E. Harrington, Jr & Roberto Hernan-Gonzalez & Praveen Kujal, 2013. "The Relative Efficacy of Price Announcements and Express Communication for Collusion: Experimental Findings," Working Papers 13-30, Chapman University, Economic Science Institute.
- Steffen Huck & Kai A. Konrad & Wieland Müller & Hans-Theo Normann, 2007.
"The Merger Paradox and why Aspiration Levels Let it Fail in the Laboratory,"
Economic Journal, Royal Economic Society, vol. 117(522), pages 1073-1095, July.
- Huck, Steffen & Konrad, Kai A. & Müller, Wieland & Normann, Hans-Theo, 2007. "The merger paradox and why aspiration levels let it fail in the laboratory," Munich Reprints in Economics 22094, University of Munich, Department of Economics.
- Huck, S. & Konrad, K.A. & Müller, W. & Normann, H.T., 2007. "The merger paradox and why aspiration levels let it fail in the laboratory," Other publications TiSEM 696552e2-c177-425b-8b47-f, Tilburg University, School of Economics and Management.
- Jin Li & Charles R. Plott, 2009.
"Tacit Collusion In Auctions And Conditions For Its Facilitation And Prevention: Equilibrium Selection In Laboratory Experimental Markets,"
Economic Inquiry, Western Economic Association International, vol. 47(3), pages 425-448, July.
- Li, Jin & Plott, Charles R., 2005. "Tacit collusion in auctions and conditions for its facilitation and prevention: Equilibrium selection in laboratory experimental markets," Working Papers 1223, California Institute of Technology, Division of the Humanities and Social Sciences.
- Hay, George A & Kelley, Daniel, 1974. "An Empirical Survey of Price Fixing Conspiracies," Journal of Law and Economics, University of Chicago Press, vol. 17(1), pages 13-38, April.
- Sovinsky, Michelle & Helland, Eric, 2019. "Do Research Joint Ventures Serve a Collusive Function?," CEPR Discussion Papers 13533, C.E.P.R. Discussion Papers.
- Fonseca, Miguel A. & Normann, Hans-Theo, 2012.
"Explicit vs. tacit collusion—The impact of communication in oligopoly experiments,"
European Economic Review, Elsevier, vol. 56(8), pages 1759-1772.
- Fonseca, Miguel A. & Normann, Hans-Theo, 2012. "Explicit vs. tacit collusion: The impact of communication in oligopoly experiments," DICE Discussion Papers 65, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Fonseca, Miguel A. & Normann, Hans-Theo, 2014.
"Endogenous cartel formation: Experimental evidence,"
Economics Letters, Elsevier, vol. 125(2), pages 223-225.
- Fonseca, Miguel A. & Normann, Hans-Theo, 2014. "Endogenous cartel formation: Experimental evidence," DICE Discussion Papers 159, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Douglas D. Davis & Bart J. Wilson, 2000. "Firm-specific cost savings and market power," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(3), pages 545-565.
- Ivaldi, Marc & Jullien, Bruno & Rey, Patrick & Seabright, Paul & Tirole, Jean, 2003. "The Economics of Tacit Collusion," IDEI Working Papers 186, Institut d'Économie Industrielle (IDEI), Toulouse.
- Fraas, Arthur G & Greer, Douglas F, 1977. "Market Structure and Price Collusion: An Empirical Analysis," Journal of Industrial Economics, Wiley Blackwell, vol. 26(1), pages 21-44, September.
- Stephen W. Salant & Sheldon Switzer & Robert J. Reynolds, 1983. "Losses From Horizontal Merger: The Effects of an Exogenous Change in Industry Structure on Cournot-Nash Equilibrium," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(2), pages 185-199.
- Compte, Olivier & Jenny, Frederic & Rey, Patrick, 2002. "Capacity constraints, mergers and collusion," European Economic Review, Elsevier, vol. 46(1), pages 1-29, January.
- Davies, Stephen & Olczak, Matthew & Coles, Heather, 2011. "Tacit collusion, firm asymmetries and numbers: Evidence from EC merger cases," International Journal of Industrial Organization, Elsevier, vol. 29(2), pages 221-231, March.
- Simon J. Evenett & Margaret C. Levenstein & Valerie Y. Suslow, 2001.
"International Cartel Enforcement: Lessons from the 1990s,"
The World Economy, Wiley Blackwell, vol. 24(9), pages 1221-1245, September.
- Simon J. Evenett & Margaret C. Levenstein & Valerie Y. Suslow, 2001. "International Cartel Enforcement: Lessons from the 1990s," UMASS Amherst Economics Working Papers 2001-01, University of Massachusetts Amherst, Department of Economics.
- Evenett, Simon J. & Levenstein, Margaret C. & Suslow, Valerie Y., 2001. "International cartel enforcement : lessons from the 1990s," Policy Research Working Paper Series 2680, The World Bank.
- Selten, Reinhard & Stoecker, Rolf, 1986. "End behavior in sequences of finite Prisoner's Dilemma supergames A learning theory approach," Journal of Economic Behavior & Organization, Elsevier, vol. 7(1), pages 47-70, March.
- MiguelA. Fonseca & Hans-Theo Normann, 2008.
"Mergers, Asymmetries and Collusion: Experimental Evidence,"
Economic Journal, Royal Economic Society, vol. 118(527), pages 387-400, March.
- Miguel A. Fonseca & Hans‐Theo Normann, 2008. "Mergers, Asymmetries and Collusion: Experimental Evidence," Economic Journal, Royal Economic Society, vol. 118(527), pages 387-400, March.
- Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law and Economics, University of Chicago Press, vol. 13(2), pages 365-419, October.
- Niklas Horstmann & Jan Krämer & Daniel Schnurr, 2018. "Number Effects and Tacit Collusion in Experimental Oligopolies," Journal of Industrial Economics, Wiley Blackwell, vol. 66(3), pages 650-700, September.
- Hans-Theo Normann & Brian Wallace, 2012.
"The impact of the termination rule on cooperation in a prisoner’s dilemma experiment,"
International Journal of Game Theory, Springer;Game Theory Society, vol. 41(3), pages 707-718, August.
- Normann, Hans-Theo & Wallace, Brian, 2011. "The impact of the termination rule on cooperation in a prisoner's dilemma experiment," DICE Discussion Papers 19, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Bittlingmayer, George, 1985. "Did Antitrust Policy Cause the Great Merger Wave?," Journal of Law and Economics, University of Chicago Press, vol. 28(1), pages 77-118, April.
- Christoph Engel & Axel Ockenfels, 2013. "Maverick – Making Sense of a Conjecture of Antitrust Policy in the Lab," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2013_14, Max Planck Institute for Research on Collective Goods, revised Jan 2014.
- Lamoreaux,Naomi R., 1988. "The Great Merger Movement in American Business, 1895–1904," Cambridge Books, Cambridge University Press, number 9780521357654, September.
- William G. Christie & Paul H. Schultz, 1995. "Policy Watch: Did Nasdaq Market Makers Implicitly Collude?," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 199-208, Summer.
- Helder Vasconcelos, 2005. "Tacit Collusion, Cost Asymmetries, and Mergers," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 39-62, Spring.
- Kwoka, John Jr., 1989. "The private profitability of horizontal mergers with non-Cournot and Maverick behavior," International Journal of Industrial Organization, Elsevier, vol. 7(3), pages 403-411.
- Robert Breunig & Flavio Menezes, 2008. "Empirical Approaches For Identifying Maverick Firms: An Application To Mortgage Providers In Australia," Journal of Competition Law and Economics, Oxford University Press, vol. 4(3), pages 811-836.
- Rachel T. A. Croson & Armando Gomes & Kathleen L. McGinn & Markus Nöth, 2004. "Mergers and Acquisitions: An Experimental Analysis of Synergies, Externalities and Dynamics," Review of Finance, European Finance Association, vol. 8(4), pages 481-514.
- Douglas D. Davis & Charles A. Holt, 1994. "Market Power and Mergers in Laboratory Markets with Posted Prices," RAND Journal of Economics, The RAND Corporation, vol. 25(3), pages 467-487, Autumn.
- Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer;Economic Science Association, vol. 10(2), pages 171-178, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Jan Schmitz, 2019. "When Two Become One: How Group Mergers Affect Solidarity," Games, MDPI, vol. 10(3), pages 1-42, July.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Andreas Freitag & Catherine Roux & Christian Thöni, 2021.
"Communication And Market Sharing: An Experiment On The Exchange Of Soft And Hard Information,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(1), pages 175-198, February.
- Freitag, Andreas & Roux, Catherine & Thöni, Christian, 2019. "Communication and Market Sharing: An Experiment on the Exchange of Soft and Hard Information," Working papers 2019/23, Faculty of Business and Economics - University of Basel.
- Gomez-Martinez, Francisco, 2016.
"Partial Cartels and Mergers with Heterogeneous Firms: Experimental Evidence,"
MPRA Paper
81132, University Library of Munich, Germany, revised 01 Jul 2017.
- Francisco Gomez-Martinez, 2017. "Partial Cartels and Mergers with Heterogenous Firms: Experimental Evidence," 2017 Papers pgo786, Job Market Papers.
- Roux, Catherine & Thöni, Christian, 2015.
"Collusion among many firms: The disciplinary power of targeted punishment,"
Journal of Economic Behavior & Organization, Elsevier, vol. 116(C), pages 83-93.
- Catherine Roux & Christian Thöni, 2013. "Collusion Among Many Firms: The Disciplinary Power of Targeted Punishment," Cahiers de Recherches Economiques du Département d'économie 13.02, Université de Lausanne, Faculté des HEC, Département d’économie.
- Gomez-Martinez, Francisco, 2017. "Partial Cartels and Mergers with Heterogenous Firms: Experimental Evidence," EconStor Preprints 169380, ZBW - Leibniz Information Centre for Economics.
- Garrod, Luke & Olczak, Matthew, 2018. "Explicit vs tacit collusion: The effects of firm numbers and asymmetries," International Journal of Industrial Organization, Elsevier, vol. 56(C), pages 1-25.
- Jan Potters & Sigrid Suetens, 2013. "Oligopoly Experiments In The Current Millennium," Journal of Economic Surveys, Wiley Blackwell, vol. 27(3), pages 439-460, July.
- Fonseca, Miguel A. & Normann, Hans-Theo, 2012.
"Explicit vs. tacit collusion—The impact of communication in oligopoly experiments,"
European Economic Review, Elsevier, vol. 56(8), pages 1759-1772.
- Fonseca, Miguel A. & Normann, Hans-Theo, 2012. "Explicit vs. tacit collusion: The impact of communication in oligopoly experiments," DICE Discussion Papers 65, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Fischer, Christian & Normann, Hans-Theo, 2019.
"Collusion and bargaining in asymmetric Cournot duopoly—An experiment,"
European Economic Review, Elsevier, vol. 111(C), pages 360-379.
- Fischer, Christian & Normann, Hans-Theo, 2018. "Collusion and bargaining in asymmetric Cournot duopoly: An experiment," DICE Discussion Papers 283, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), revised 2018.
- repec:cte:werepe:25251 is not listed on IDEAS
- Chowdhury, Subhasish M. & Crede, Carsten J., 2020.
"Post-cartel tacit collusion: Determinants, consequences, and prevention,"
International Journal of Industrial Organization, Elsevier, vol. 70(C).
- Subhasish M. Chowdhury & Carsten J. Crede, 2015. "Post-Cartel Tacit Collusion: Determinants, Consequences, and Prevention," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2015-01v2, Centre for Competition Policy, University of East Anglia, Norwich, UK..
- Miguel A. Fonseca & Yan Li & Hans‐Theo Normann, 2018.
"Why factors facilitating collusion may not predict cartel occurrence — experimental evidence,"
Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 255-275, July.
- Fonseca, Miguel A. & Li, Yan & Normann, Hans-Theo, 2018. "Why factors facilitating collusion may not predict cartel occurrence: Experimental evidence," DICE Discussion Papers 289, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Bodnar, Olivia & Fremerey, Melinda & Normann, Hans-Theo & Schad, Jannika Leonie, 2021. "The effects of private damage claims on cartel activity: Experimental evidence," DICE Discussion Papers 315, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), revised 2021.
- Fourberg, Niklas, 2018. "Let's lock them in: Collusion under consumer switching costs," DICE Discussion Papers 296, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Argenton, Cédric & Müller, Wieland, 2012. "Collusion in experimental Bertrand duopolies with convex costs: The role of cost asymmetry," International Journal of Industrial Organization, Elsevier, vol. 30(6), pages 508-517.
- Harrington, Joseph E. & Hernan Gonzalez, Roberto & Kujal, Praveen, 2016.
"The relative efficacy of price announcements and express communication for collusion: Experimental findings,"
Journal of Economic Behavior & Organization, Elsevier, vol. 128(C), pages 251-264.
- Joseph E. Harrington, Jr & Roberto Hernan-Gonzalez & Praveen Kujal, 2013. "The Relative Efficacy of Price Announcements and Express Communication for Collusion: Experimental Findings," Working Papers 13-30, Chapman University, Economic Science Institute.
- Axel Sonntag & Daniel John Zizzo, 2015.
"Institutional authority and collusion,"
Southern Economic Journal, John Wiley & Sons, vol. 82(1), pages 13-37, July.
- Axel Sonntag & Daniel John Zizzo, 2014. "Institutional Authority and Collusion," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 14-02, School of Economics, University of East Anglia, Norwich, UK..
- Nobuyuki Hanaki & Aidas Masiliunas, 2021. "Market Concentration and Incentives to Collude in Cournot Oligopoly Experiments," ISER Discussion Paper 1131, Institute of Social and Economic Research, Osaka University.
- Fourberg, Niklas, 2017. "Let's lock them in: Collusion under Consumer Switching Costs," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168097, Verein für Socialpolitik / German Economic Association.
- Dijkstra, Peter T. & Haan, Marco A. & Mulder, Machiel, 2017. "Industry structure and collusion with uniform yardstick competition: Theory and experiments," International Journal of Industrial Organization, Elsevier, vol. 50(C), pages 1-33.
- Luke Garrod & Matthew Olczak, 2016.
"Collusion, Firm Numbers and Asymmetries Revisited,"
Working Paper series, University of East Anglia, Centre for Competition Policy (CCP)
2016-11, Centre for Competition Policy, University of East Anglia, Norwich, UK..
- Garrod, Luke & Olczak, Matthew, 2016. "Collusion, Firm Numbers and Asymmetries Revisited," MPRA Paper 74352, University Library of Munich, Germany.
- Stephen Davies & Matthew Olczak & Heather Coles, 2007. "Tacit collusion, firm asymmetries and numbers: evidence from EC merger cases," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2007-07, Centre for Competition Policy, University of East Anglia, Norwich, UK..
More about this item
Keywords
Tacit collusion; Mavericks; Bertrand oligopoly; Experiments;All these keywords.
JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
- K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
- L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
- L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BEC-2019-09-23 (Business Economics)
- NEP-COM-2019-09-23 (Industrial Competition)
- NEP-EXP-2019-09-23 (Experimental Economics)
- NEP-IND-2019-09-23 (Industrial Organization)
- NEP-LAW-2019-09-23 (Law and Economics)
- NEP-ORE-2019-09-23 (Operations Research)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cam:camdae:1984. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jake Dyer (email available below). General contact details of provider: https://www.econ.cam.ac.uk/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.