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題名 多重市場競爭與價格離散之關聯 : 以美國境內航空市場為例
Does multimarket contact matter for price dispersion in the airline industry?作者 劉亭彣
Liou, Ting-Wun貢獻者 江品慧
Chiang, Piin-Hueih
劉亭彣
Liou, Ting-Wun關鍵詞 美國境內航空市場
多重市場接觸
相互容忍說
價格離散
吉尼係數
U.S. airline industry
Multimarket contact
Mutual forbearance
Price dispersion
Gini coefficient日期 2017 上傳時間 2-Feb-2018 11:37:04 (UTC+8) 摘要 本文以美國境內航空市場為例，探討多重市場接觸與價格離散的關聯，並研究大型航空公司併購案前後多重市場接觸對航空公司競爭策略的影響。本研究發現：(一) 相互容忍說於併購案發生前後皆成立。(二) 相較於考量擴大市場的市佔率，航空公司更應該關注與競爭者間的競爭關係。(三) 併購案發生前後，航空公司的訂價行為都深受競爭對手的競爭策略影響。(四) 併購案發生前，因競爭者多，市場上航空公司平均市佔率的大小是航空公司可採取競爭手段重要因素之一。在最大的1000 個市場中，雖然每家航空公司的市場力量不大，航空公司仍可採取價格競爭，然若是對手間聯合懲罰，則航空公司不敢採取激進手段，且多重市場接觸越多，價格離散程度越大。而在次要競爭的市場中，則因航空公司的平均市占率是最大的1000 個市場的兩倍，因此航空公司並未有明顯競爭行為。但若考量競爭對手間的碰面次數，則多重市場接觸與不同分位價格關係為正，且多重市場接觸越多，價格離散程度越低。併購案發生後，因航空公司間彼此箝制力量大，與競爭對手間的碰面次數越多，越傾向隱性勾結，且高價位的價格上升較低價位價格多，使價格離散程度越大。
In this paper, we discuss whether multimarket contact matters for price dispersion in the U.S. airline industry, and compare the influence of multimarketcontact on airlines’ competition strategies before and after airline mergers and acquisitions. We find that: (a) Before and after the mergers, mutual forbearance exists. (b) In contrast to an airline‘s market share, the relationship between airlines and itself plays a more important role in its pricing strategy.(c) Before andafter the mergers, airline companies’pricing strategies are significantly affected by their competitors’strategies. (d) Before the mergers, because of the intense competition, it is the size of the competitors‘ market share that the company decide whether to take aggressive strategies. In the top 1000 competitive markets,airline companies will take aggressive actions to get more passengers for the punishment from its competitor is an incredible threat, however, if competitors collude together, airline companies will hardly dare to cut price. And theeffect of an increase in multimarket contact on price dispersion is positive and significant. In the second competitive markets, since the average market shareis twice bigger than in the top 1000 markets, airlines prefer not to participate in cut-throat competition. However, if competitors collude, then airline companieswill cooperate together, and the effect of an increase in multimarket contact on price dispersion is negative and significant. After the mergers, increase in contactswith competitors would facilitate mutual forbearance and increase price dispersion and higher-percentile prices will increase more than lower-percentile prices.參考文獻 Baum, Joel AC and Helaine J Korn. 1996. “Competitive dynamics of interfirm rivalry.” Academy of Management journal 39 (2):255–291.Bernheim, B. Douglas and Michael D. Whinston. 1990. “Multimarket Contact and Collusive Behavior.” RAND Journal of Economics 21 (1):1–26.Berry, Steven and Panle Jia. 2010. “Tracing the Woes: An Empirical Analysis of the Airline Industry.” American Economic Journal: Microeconomics 2 (3):1–43.Berry, Steven, James Levinsohn, and Ariel Pakes. 1995. “Automobile Prices in Market Equilibrium.” Econometrica 63 (4):841–890.Berry, Steven T. 1992. “Estimation of a Model of Entry in the Airline Industry.” Econometrica: Journal of the Econometric Society :889–917.Borenstein, Severin. 1985. “Price Discrimination in Free-Entry Markets.” RAND Journal of Economics 16 (3):380–397.Borenstein, Severin and Nancy L Rose. 1994. “Competition and Price Dispersion in the U.S. Airline Industry.”Journal of Political Economy 102 (4):653–683.Button, Kenneth and Somik Lall. 1999. “The economics of being an airport hub city.” Research in Transportation Economics 5 (Supplement C):75 – 105.Chicu, Mark and Nicolas L. Ziebarth. 2013. “Multi-market contact and competition:evidence from the Depression-era portland cement industry.” International Journal of Industrial Organization 31 (5):603–611.Chuang, You-Ta, Kristina B Dahlin, Kelly Thomson, Yung-Cheng Lai, and Chun-Chi Yang. 2015. “Multimarket contact, strategic alliances, and firm performance.”Journal of Management :0149206315615399.Ciliberto, Federico and Carola Schenone. 2012. “Bankruptcy and product-market competition: Evidence from the airline industry.” International Journal of Industrial Organization 30 (6):564 – 577.Ciliberto, Federico and Jonathan W. Williams. 2014. “Does multimarket contact facilitate tacit collusion? Inference on conduct parameters in the airline industry.” The RAND Journal of Economics 45 (4):764–791.Dai, Mian, Qihong Liu, and Konstantinos Serfes. 2014. “Is the effect of competition on price dispersion nonmonotonic? evidence from the us airline industry.”Review of Economics and Statistics 96 (1):161–170.Dana, James D. and Jr. 1998. “Advance-Purchase Discounts and Price Discrimination in Competitive Markets.” Journal of Political Economy 106 (2):395–422.Edwards, Corwin D. 1955. “Conglomerate Bigness as a Source of Power.” In Business Concentration and Price Policy, NBER Chapters. National Bureau of Economic Research, Inc, 331–359.Evans, William N and Ioannis N Kessides. 1993. “Localized Market Power in the U.S. Airline Industry.” The Review of Economics and Statistics 75 (1):66–75.Evans, William N. and Ioannis N. Kessides. 1994. “Living by the Golden Rule :Multimarket Contact in the U. S. Airline Industry.” The Quarterly Journal of Economics 109 (2):341–366.Gayle, Philip G. 2013. “On the Efficiency of Codeshare Contracts between Airlines:Is Double Marginalization Eliminated?” American Economic Journal:Microeconomics 5 (4):244–73.Gerard, Kristopher S. and Adam Hale Shapiro. 2009. “Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry.” Journal of Political Economy 117 (1):1–37.Gimeno, Javier and Carolyn Y. Woo. 1996.“Hypercompetition in a Multimarket Environment: The Role of Strategic Similarity and Multimarket Contact in Competitive De-Escalation.” Organization Science 7 (3):322–341.Goolsbee, Austan and Chad Syverson. 2008. “How Do Incumbents Respond to the Threat of Entry? Evidence from the Major Airlines.” The Quarterly Journal of Economics 123 (4):1611–1633.Hausman, Jerry A. 1978. “Specification tests in econometrics.” Econometrica:Journal of the Econometric Society :1251–1271.Ito, Harumi and Darin Lee. 2007. “Domestic Code Sharing, Alliances, and Airfares in the U.S. Airline Industry.” Journal of Law and Economics 50:355–380.Kasman, Saadet and Adnan Kasman. 2016. “Multimarket contact, market power and financial stability in the Turkish banking industry.” Empirical Economics50 (2):361–382.Mazzeo, Michael. 2003. “Competition and Service Quality in the U.S. Airline Industry.” Review of Industrial Organization 22 (4):275–296.Nicolae, Mariana, Mazhar Arıkan, Vinayak Deshpande, and Mark Ferguson.2016. “Do bags fly free? An empirical analysis of the operational implications of airline baggage fees.” Management Science .Prince, Jeffrey T and Daniel H Simon. 2009. “Multimarket contact and service quality: Evidence from on-time performance in the US airline industry.”Academy of Management Journal 52 (2):336–354.Yuen, Andrew Chi Lok, Zheng Lei, Clement Kong Wing Chow, and Michael Ka Yiu Fung. 2017. “Could market power explain hub premiums?” Journal of Air Transport Management 64 (Part A):55 – 59. Selected papers from the19th ATRS World Conference, Singapore, 2015.Zou, Li, Chunyan Yu, and Martin Dresner. 2012. “Multimarket contact, alliance membership, and prices in international airline markets.” Transportation ResearchPart E: Logistics and Transportation Review 48 (2):555–565. 描述 碩士
國立政治大學
經濟學系
104258015資料來源 http://thesis.lib.nccu.edu.tw/record/#G1042580151 資料類型 thesis dc.contributor.advisor 江品慧 zh_TW dc.contributor.advisor Chiang, Piin-Hueih en_US dc.contributor.author (Authors) 劉亭彣 zh_TW dc.contributor.author (Authors) Liou, Ting-Wun en_US dc.creator (作者) 劉亭彣 zh_TW dc.creator (作者) Liou, Ting-Wun en_US dc.date (日期) 2017 en_US dc.date.accessioned 2-Feb-2018 11:37:04 (UTC+8) - dc.date.available 2-Feb-2018 11:37:04 (UTC+8) - dc.date.issued (上傳時間) 2-Feb-2018 11:37:04 (UTC+8) - dc.identifier (Other Identifiers) G1042580151 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115756 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 104258015 zh_TW dc.description.abstract (摘要) 本文以美國境內航空市場為例，探討多重市場接觸與價格離散的關聯，並研究大型航空公司併購案前後多重市場接觸對航空公司競爭策略的影響。本研究發現：(一) 相互容忍說於併購案發生前後皆成立。(二) 相較於考量擴大市場的市佔率，航空公司更應該關注與競爭者間的競爭關係。(三) 併購案發生前後，航空公司的訂價行為都深受競爭對手的競爭策略影響。(四) 併購案發生前，因競爭者多，市場上航空公司平均市佔率的大小是航空公司可採取競爭手段重要因素之一。在最大的1000 個市場中，雖然每家航空公司的市場力量不大，航空公司仍可採取價格競爭，然若是對手間聯合懲罰，則航空公司不敢採取激進手段，且多重市場接觸越多，價格離散程度越大。而在次要競爭的市場中，則因航空公司的平均市占率是最大的1000 個市場的兩倍，因此航空公司並未有明顯競爭行為。但若考量競爭對手間的碰面次數，則多重市場接觸與不同分位價格關係為正，且多重市場接觸越多，價格離散程度越低。併購案發生後，因航空公司間彼此箝制力量大，與競爭對手間的碰面次數越多，越傾向隱性勾結，且高價位的價格上升較低價位價格多，使價格離散程度越大。 zh_TW dc.description.abstract (摘要) In this paper, we discuss whether multimarket contact matters for price dispersion in the U.S. airline industry, and compare the influence of multimarketcontact on airlines’ competition strategies before and after airline mergers and acquisitions. We find that: (a) Before and after the mergers, mutual forbearance exists. (b) In contrast to an airline‘s market share, the relationship between airlines and itself plays a more important role in its pricing strategy.(c) Before andafter the mergers, airline companies’pricing strategies are significantly affected by their competitors’strategies. (d) Before the mergers, because of the intense competition, it is the size of the competitors‘ market share that the company decide whether to take aggressive strategies. In the top 1000 competitive markets,airline companies will take aggressive actions to get more passengers for the punishment from its competitor is an incredible threat, however, if competitors collude together, airline companies will hardly dare to cut price. And theeffect of an increase in multimarket contact on price dispersion is positive and significant. In the second competitive markets, since the average market shareis twice bigger than in the top 1000 markets, airlines prefer not to participate in cut-throat competition. However, if competitors collude, then airline companieswill cooperate together, and the effect of an increase in multimarket contact on price dispersion is negative and significant. After the mergers, increase in contactswith competitors would facilitate mutual forbearance and increase price dispersion and higher-percentile prices will increase more than lower-percentile prices. en_US dc.description.tableofcontents 表目錄 vi圖目錄 vii第一章 介紹與文獻回顧 11.1 介紹 11.2 文獻回顧 21.2.1 美國航空市場歷年文獻回顧 21.2.2 多重市場接觸相關文獻 31.2.3 價格離散相關文獻 5第二章 產業背景 7第三章 資料敘述 123.1 資料來源 123.2 變數介紹 133.3 敘述統計 22第四章 模型介紹 284.1 追蹤資料模型(Panel Model) 284.2 實證模型 29第五章 實證結果 305.1 Replication of Ciliberto and Williams (2014) 305.2 多重市場接觸和吉尼係數之關係 305.3 Robustness 分析 325.4 比較兩期多重市場接觸和價格的關係 325.5 比較兩期在不同類型市場情況下多重市場接觸與價格的關係 34第六章 結論 38參考文獻 40Appendix 44A.1 多重市場接觸之計算方式 44A.2 結果之表格 46 zh_TW dc.format.extent 733724 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1042580151 en_US dc.subject (關鍵詞) 美國境內航空市場 zh_TW dc.subject (關鍵詞) 多重市場接觸 zh_TW dc.subject (關鍵詞) 相互容忍說 zh_TW dc.subject (關鍵詞) 價格離散 zh_TW dc.subject (關鍵詞) 吉尼係數 zh_TW dc.subject (關鍵詞) U.S. airline industry en_US dc.subject (關鍵詞) Multimarket contact en_US dc.subject (關鍵詞) Mutual forbearance en_US dc.subject (關鍵詞) Price dispersion en_US dc.subject (關鍵詞) Gini coefficient en_US dc.title (題名) 多重市場競爭與價格離散之關聯 : 以美國境內航空市場為例 zh_TW dc.title (題名) Does multimarket contact matter for price dispersion in the airline industry? en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Baum, Joel AC and Helaine J Korn. 1996. “Competitive dynamics of interfirm rivalry.” Academy of Management journal 39 (2):255–291.Bernheim, B. Douglas and Michael D. Whinston. 1990. “Multimarket Contact and Collusive Behavior.” RAND Journal of Economics 21 (1):1–26.Berry, Steven and Panle Jia. 2010. “Tracing the Woes: An Empirical Analysis of the Airline Industry.” American Economic Journal: Microeconomics 2 (3):1–43.Berry, Steven, James Levinsohn, and Ariel Pakes. 1995. “Automobile Prices in Market Equilibrium.” Econometrica 63 (4):841–890.Berry, Steven T. 1992. “Estimation of a Model of Entry in the Airline Industry.” Econometrica: Journal of the Econometric Society :889–917.Borenstein, Severin. 1985. “Price Discrimination in Free-Entry Markets.” RAND Journal of Economics 16 (3):380–397.Borenstein, Severin and Nancy L Rose. 1994. “Competition and Price Dispersion in the U.S. Airline Industry.”Journal of Political Economy 102 (4):653–683.Button, Kenneth and Somik Lall. 1999. “The economics of being an airport hub city.” Research in Transportation Economics 5 (Supplement C):75 – 105.Chicu, Mark and Nicolas L. Ziebarth. 2013. “Multi-market contact and competition:evidence from the Depression-era portland cement industry.” International Journal of Industrial Organization 31 (5):603–611.Chuang, You-Ta, Kristina B Dahlin, Kelly Thomson, Yung-Cheng Lai, and Chun-Chi Yang. 2015. “Multimarket contact, strategic alliances, and firm performance.”Journal of Management :0149206315615399.Ciliberto, Federico and Carola Schenone. 2012. “Bankruptcy and product-market competition: Evidence from the airline industry.” International Journal of Industrial Organization 30 (6):564 – 577.Ciliberto, Federico and Jonathan W. Williams. 2014. “Does multimarket contact facilitate tacit collusion? Inference on conduct parameters in the airline industry.” The RAND Journal of Economics 45 (4):764–791.Dai, Mian, Qihong Liu, and Konstantinos Serfes. 2014. “Is the effect of competition on price dispersion nonmonotonic? evidence from the us airline industry.”Review of Economics and Statistics 96 (1):161–170.Dana, James D. and Jr. 1998. “Advance-Purchase Discounts and Price Discrimination in Competitive Markets.” Journal of Political Economy 106 (2):395–422.Edwards, Corwin D. 1955. “Conglomerate Bigness as a Source of Power.” In Business Concentration and Price Policy, NBER Chapters. National Bureau of Economic Research, Inc, 331–359.Evans, William N and Ioannis N Kessides. 1993. “Localized Market Power in the U.S. Airline Industry.” The Review of Economics and Statistics 75 (1):66–75.Evans, William N. and Ioannis N. Kessides. 1994. “Living by the Golden Rule :Multimarket Contact in the U. S. Airline Industry.” The Quarterly Journal of Economics 109 (2):341–366.Gayle, Philip G. 2013. “On the Efficiency of Codeshare Contracts between Airlines:Is Double Marginalization Eliminated?” American Economic Journal:Microeconomics 5 (4):244–73.Gerard, Kristopher S. and Adam Hale Shapiro. 2009. “Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry.” Journal of Political Economy 117 (1):1–37.Gimeno, Javier and Carolyn Y. Woo. 1996.“Hypercompetition in a Multimarket Environment: The Role of Strategic Similarity and Multimarket Contact in Competitive De-Escalation.” Organization Science 7 (3):322–341.Goolsbee, Austan and Chad Syverson. 2008. “How Do Incumbents Respond to the Threat of Entry? Evidence from the Major Airlines.” The Quarterly Journal of Economics 123 (4):1611–1633.Hausman, Jerry A. 1978. “Specification tests in econometrics.” Econometrica:Journal of the Econometric Society :1251–1271.Ito, Harumi and Darin Lee. 2007. “Domestic Code Sharing, Alliances, and Airfares in the U.S. Airline Industry.” Journal of Law and Economics 50:355–380.Kasman, Saadet and Adnan Kasman. 2016. “Multimarket contact, market power and financial stability in the Turkish banking industry.” Empirical Economics50 (2):361–382.Mazzeo, Michael. 2003. “Competition and Service Quality in the U.S. Airline Industry.” Review of Industrial Organization 22 (4):275–296.Nicolae, Mariana, Mazhar Arıkan, Vinayak Deshpande, and Mark Ferguson.2016. “Do bags fly free? An empirical analysis of the operational implications of airline baggage fees.” Management Science .Prince, Jeffrey T and Daniel H Simon. 2009. “Multimarket contact and service quality: Evidence from on-time performance in the US airline industry.”Academy of Management Journal 52 (2):336–354.Yuen, Andrew Chi Lok, Zheng Lei, Clement Kong Wing Chow, and Michael Ka Yiu Fung. 2017. “Could market power explain hub premiums?” Journal of Air Transport Management 64 (Part A):55 – 59. Selected papers from the19th ATRS World Conference, Singapore, 2015.Zou, Li, Chunyan Yu, and Martin Dresner. 2012. “Multimarket contact, alliance membership, and prices in international airline markets.” Transportation ResearchPart E: Logistics and Transportation Review 48 (2):555–565. zh_TW
