Mergers, Foreign Competition, and Jobs: Evidence from the U.S. Appliance Industry
American Economic Review · 2023 · [{"name": "Felix Montag", "affiliation": ["Dartmouth College", "University of Chicago"]}]
中文摘要
政策选择往往会在劳动者与消费者之间形成权衡。本文考察外国竞争如何改变并购对消费者福利和国内就业的影响。我构建了一个包含消费者需求、内生产品组合和就业决策的模型，并将其应用于家电行业中惠而浦（Whirlpool）收购美泰克（Maytag）的案例，将观察到的并购与由外国买方收购的反事实情形进行比较。尽管惠而浦的收购使消费者福利每年减少2.71亿美元，但它保留了797个国内工作岗位。因此，这些工作岗位每年的价值必须超过344,000美元，国内就业收益才能抵消消费者损害。
Abstract
Policy choices often create trade-offs between workers and consumers. I examine how foreign competition alters the consumer welfare and domestic employment effects of mergers. I construct a model incorporating consumer demand, endogenous product portfolios, and employment decisions. Applying the model to Whirlpool’s acquisition of Maytag in the appliance industry, I compare the observed merger to a counterfactual acquisition by a foreign buyer. Although Whirlpool’s acquisition decreased consumer welfare by $271 million annually, it preserved 797 domestic jobs. These jobs must therefore be valued at more than $344, 000 per year for the domestic employment benefits to offset the consumer harm. (JEL E24, F23, G34, J30, L13, L68, R23)