The Role of Consumers' Behavioral Change in Merger Analysis

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K20888
• Project/Area Number (Other): 18H05687 (2018)
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund (2019); Single-year Grants (2018)
• Review Section: 0107:Economics, business administration, and related fields
• Research Institution: Keio University
• Principal Investigator: Kubo Kensuke 慶應義塾大学, 商学部(三田), 准教授 (40450506)
• Project Period (FY): 2018-08-24 – 2023-03-31
• Keywords: 競争政策 / 合併・買収 / 寡占理論

Outline of Final Research Achievements

Mergers and acquisitions (hereinafter “mergers”) between competing firms can have a significant effect not only on the merging firms themselves but also on their competitors and customers. For this reason, mergers between firms with large market shares are subject to ex ante review by competition authorities, which often involves detailed analysis based on microeconomic models and econometric methods. In this research project, I conducted theoretical analysis with the aim of contributing to the improvement of economic tools used in merger review. In addition, I wrote papers, targeted towards competition policy practitioners, that explain how economic tools are actually used in merger review.

Free Research Field

産業組織論，競争政策

Academic Significance and Societal Importance of the Research Achievements

企業結合審査において，分析対象市場の画定というステップは重要な位置を占める。そのため，「市場画定を正しく行う方法」には実務面から強い関心が寄せられてきたが，これまで十分な経済学研究が行われてこなかった。本研究において実施した理論的分析は，市場画定において「供給の代替性」をどう考慮するかという点について検討した数少ない研究成果の一つである。その意味において，今後の企業結合審査実務に貢献できる可能性はある。また，本研究の過程で執筆した実務者向けの解説論文は，競争政策における経済分析の「正しい活用」を後押しするものと期待される。