NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Mergers When Prices are Negotiated: Evidence from the Hospital Industry

Gautam Gowrisankaran, Aviv Nevo, Robert Town

NBER Working Paper No. 18875
Issued in March 2013

---- Acknowledgements -----

We thank Cory Capps, Allan Collard-Wexler, Greg Crawford, Leemore Dafny, David Dranove, Chris Garmon, Kate Ho, Robin Lee, Matt Lewis, Mike Riordan, Alan Sorensen, Ali Yurukoglu, especially Keith Brand, and numerous seminar participants for helpful comments. We thank the Federal Trade Commission for providing us with access to the data. Gowrisankaran acknowledges funding from the Center for Management Innovations in Health Care at the University of Arizona. The views expressed here are the authors alone and do not necessarily reflect the views of the Federal Trade Commission, any Commissioner, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Gautam Gowrisankaran -----

• I received funding for this research from the Center for Management Innovations in Healthcare, Eller College of Management, University of Arizona.

• I served as paid economic experts for the Federal Trade Commission (FTC) on the antitrust investigation described in this paper. However, the analysis in this paper was developed after the investigation was completed. None of us received monetary compensation from the Federal Trade Commission for this research.

• I served as a paid economic expert for FTI Compass Lexecon, Inc. and the U.S. Department of Justice on other hospital matters.

• The FTC provided us the data used in this analysis at no charge. Various employees of the FTC provided us with assistance in interpreting, understanding, and cleaning the data at no charge, although the conclusions are solely our own.

• The Office of the General Counsel of the FTC reviewed the paper prior to submission to ensure that our paper preserved the confidentiality of the managed care organizations that provided data used in our study.

• I declare that I have no additional relevant or material financial interests that relate to the research described in this paper.

Gautam Gowrisankaran

---- Disclosure of Financial Relationships for Aviv Nevo -----

The data used in this research was provided through a non-disclosure agreement with the FTC.

The Office of the General Counsel of the FTC reviewed the paper prior to submission to ensure

that our paper preserved the confidentiality of the payors used in our study. I declare that I have

no additional relevant or material financial interests that relate to the research described in this

paper.

---- Disclosure of Financial Relationships for Robert Town -----

I served as a paid economic expert for the Federal Trade Commission (FTC) on the antitrust investigation described in this paper. However, the analysis in this paper was developed after the investigation was completed. Neither my co-authors nor I received monetary compensation from the Federal Trade Commission for this research. I have served as a paid economic expert for the FTC and the U.S. Department of Justice on other hospital matters.

The FTC provided us the data used in this analysis at no charge. Various employees of the FTC provided us with assistance in interpreting, understanding, and cleaning the data at no charge, although the conclusions in this paper are solely our own.

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