In this article, we extend the literature on merger simulation models by incorporating its potential synergy gains into structural econometric analysis. We present a three-step integrated approach. We estimate a structural demand and supply model, as in Bonnet and Dubois (2010). This model allows us to recover the marginal cost of each differentiated product. Then we estimate potential efficiency gains using the Data Envelopment Analysis approach of Bogetoft and Wang (2005), and some assumptions about exogenous cost shifters. In the last step, we simulate the new price equilibrium post merger taking into account synergy gains, and derive price and welfare effects. We use a homescan dataset of dairy dessert purchases in France, and show that for two of the three mergers considered, synergy gains could offset the upward pressure on prices post. Some mergers could then be considered as not harmful for consumers.

中文翻译：

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合并的实证分析：效率收益和对消费者价格的影响

在本文中，我们通过将合并的潜在协同收益纳入结构计量经济分析中，扩展了关于合并模拟模型的文献。我们提出了一个三步集成方法。我们估计了一个结构性的供需模型，如Bonnet和Dubois（2010）所示。该模型使我们能够收回每种差异化产品的边际成本。然后，我们使用Bogetoft和Wang（2005）的数据包络分析方法以及有关外生成本转移器的一些假设来估计潜在的效率收益。在最后一步中，我们在考虑合并收益的情况下模拟合并后的新价格均衡，并得出价格和福利效应。我们使用在法国购买的乳制品甜点的homescan数据集，并显示出，对于所考虑的三个合并中的两个，协同增效可以抵消后期价格上涨的压力。