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The Effect of the Repsol-YPF Merger on the Argentine Gasoline Market

GERMÁN COLOMA
Review of Industrial Organization
Vol. 21, No. 4 (December 2002), pp. 399-418
Published by: Springer
Stable URL: http://www.jstor.org/stable/41799134
Page Count: 20
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The Effect of the Repsol-YPF Merger on the Argentine Gasoline Market
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Abstract

This paper presents alternative models of oligopoly behavior for the Argentine gasoline market and applies parametric estimations to analyze the effect that the Repsol-YPF merger had on that market. Using monthly data for the different provinces of Argentina during 1998-2000, we make an evaluation of that effect. After performing a series of nested and non-nested hypothesis tests, we conclude that we cannot reject the hypothesis that the market was a Cournot oligopoly before the merger, and after that it became one with a price leader (Repsol-YPF). This implies an efficiency loss estimated in more than $36 million per month.

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