This paper presents alternative models of oligopoly behaviorfor the Argentine gasoline market and applies parametric estimations to analyze the effect that the Repsol-YPFmerger had on that market. Using monthly data for the different provinces of Argentina during 1998–2000,we make an evaluation of that effect. After performing a series of nested and non-nested hypothesis tests, weconclude 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 estimatedin more than $36 million per month.
Review of Industrial Organization – Springer Journals
Published: Oct 13, 2004
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