@article{Wilson:231700,
      recid = {231700},
      author = {Wilson, Wesley W. and Bitzan, John},
      title = {Industry Costs and Consolidation: Efficiency Gains and  Mergers in the Railroad Industry},
      address = {2003-06},
      number = {1196-2016-94675},
      series = {MPC Report},
      pages = {56},
      year = {2003},
      abstract = {Partial deregulation of the railroad industry  substantially eased regulatory impediments to  consolidation.
Since partial deregulation, there has been a  massive consolidation of firms in the railroad industry,  which
has been premised on efficiency gams, network  rationalization, and service quality. In this paper, we  focus
on efficiency gains. We develop and estimate a model  of costs that allows for the estimation of merger
specific  cost savings as well as industry cost savings. The results  suggest that early mergers gave very small
effects, but  recent "mega" mergers have given very large effects. Our  central result is that consolidation in
the railroad  industry from 1983-1997 accounts for about a 17 percent  reduction in industry costs.},
      url = {http://ageconsearch.umn.edu/record/231700},
      doi = {https://doi.org/10.22004/ag.econ.231700},
}