English
Ciência-IUL
Publicações
Descrição Detalhada da Publicação
Mergers, coordinated effects and efficiency in the Portuguese non-life insurance industry
Título Revista
International Journal of Industrial Organization
Ano (publicação definitiva)
2013
Língua
Inglês
País
Países Baixos (Holanda)
Mais Informação
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Abstract/Resumo
We evaluate the impact on market power and efficiency of a series of mergers on three Portuguese non-life insurance markets. We specify and estimate, with a panel of firm-level data, a structural model which includes: preferences, technology, and a market equilibrium condition. Firms' demand curves are not very elastic. Firms' technologies exhibit scale and scope economies and high cost efficiency scores. We find that, for the period following the mergers, there is no evidence of: (i) an increase in market power through coordinated behavior, or (ii) changes in cost efficiency levels. In addition, social welfare increased.
Agradecimentos/Acknowledgements
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Palavras-chave
Mergers,Market power,Efficiency,Non-life insurance
Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais
