BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:CREST
X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20260329T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20261025T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20260120T140000
DTEND;TZID=Europe/Helsinki:20260120T151500
DTSTAMP:20260709T225146
CREATED:20251229T140040Z
LAST-MODIFIED:20260102T075311Z
UID:18678-1768917600-1768922100@crest.science
SUMMARY:Màxim SANDIUMENGE-I-BOY (Toulouse School of Economics) "Consumer Dynamics and Vertical Relations: Coordination and Foreclosure in a U.S. Consumer-Goods Industry”"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15- 13h30\nDate : 20 th  January 2026 \nSalle 3001 \nMàxim SANDIUMENGE-I-BOY (Toulouse School of Economics) “Consumer Dynamics and Vertical Relations: Coordination and Foreclosure in a U.S. Consumer-Goods Industry” \nAbstract: Vertical mergers along the supply chain can generate efficiency gains by improving coordination\, and anti-competitive harms by disadvantaging rivals. However\, they are typically analyzed in a static setting due to their complexity\, limiting our ability to assess recent policy concerns about their dynamic consequences. This paper evaluates how demand-induced dynamics reshape the effects of vertical mergers and uses deep reinforcement learning to overcome the associated computational challenges. To do so\, I develop a dynamic model in which downstream firms have multiple suppliers and face dynamic demand\, and I train neural networks to approximate the Markov perfect equilibrium. I estimate the model using data from a U.S. consumer-goods industry\, where habit formation in demand induces strong dynamics. The findings reveal that dynamic considerations magnify the consequences of any competitive disadvantage. This prompts firms to moderate their margins\, but also strengthens their incentives to disadvantage non-integrated suppliers. Together\, these forces produce a perverse outcome: as demand dynamics strengthen\, efficiency gains from integration shrink by up to 35% compared to the static case\, and integrated firms reduce prices of integrated products up to 30% less\, while foreclosing non-integrated products more severely. Overall\, intertemporal linkages dampen the pro-competitive effects of vertical mergers and amplify their anti-competitive risks.  \nOrganizer : Marie-Laure ALLAIN \n  \n  \n
URL:https://crest.science/event/maxim-sandiumenge-i-boy-toulouse-school-of-economics-t-b-a/
CATEGORIES:Macroeconomics,Seminars
ATTACH;FMTTYPE=:
END:VEVENT
END:VCALENDAR