A team of CRA competition economists advised parties to the merger of Hammerson and Grand Central Shopping Centre, two adjoining shopping centers in Birmingham. The CMA cleared the merger unconditionally at Phase 1, finding other retailers in Birmingham City Centre would provide sufficient competitive restraint post-merger. CRA economists provided economic assistance to support the merger, including an analysis of the two-sided (tenants and shoppers) nature of the market and the design of a customer survey.
Merger simulation in second-score auctions: A nested logit model
In a recent Economics Letters article, CRA’s Martino De Stefano and Serge Moresi show how to improve the second-score auction model that is often used to...