Does Concentration Matter? Measurement of Petroleum Merger Price Effects

Daniel Hosken, Louis Silvia and Christopher Taylor

American Economic Review, 2011, vol. 101, issue 3, 45-50

Abstract: We have estimated the price effects of two changes in market structure resulting from two changes in the ownership of gasoline refineries in the San Francisco Bay area: Tosco's purchase of Unocal's Rodeo refinery in April 1997 and UDS's purchase of Tosco's Avon refinery in August 2000. These events provide a relatively unique opportunity to test a price concentration relationship. If market concentration is related to price, then we should observe prices increase and then decrease by a similar amount following these transactions. We do not find evidence of a consistent price concentration relationship.

Date: 2011
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