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SUMMARY:Mergers\, Innovation\, and Entry-Exit Dynamics: Consolidation of t
 he Hard Disk Drive Industry\, 1996-2016
DTSTART:20190628T103000
DTEND:20190628T120000
DTSTAMP:20260509T055240Z
UID:c0c18d87001ba2c9955f7dd5e786099da3de616afe7dbeec94274741
CATEGORIES:Conferences - Seminars
DESCRIPTION:Mitsuru IGAMI\, Yale Department of Economics\nHow far should a
 n industry be allowed to consolidate when competition and innovation are e
 ndogenous? We develop a stochastically alternating-move game of dynamic ol
 igopoly\, and estimate it using data from the hard disk drive industry\, i
 n which a dozen global players consolidated into only three in the last 20
  years. We find plateau-shaped equilibrium relationships between competiti
 on and innovation\, with systematic heterogeneity across time and producti
 vity. Our counterfactual simulations suggest the current rule-of-thumb pol
 icy\, which stops mergers when three or fewer firms exist\, strikes approx
 imately the right balance between pro-competitive effects and value-destru
 ction side effects in this dynamic welfare tradeoff.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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