Minjae Song

Academic Research

Published/Forthcoming Papers

• Song, M. (2007) "Measuring Consumer Welfare in the CPU Market: An Application of the Pure Characteristics Demand Model," RAND Journal of Economics, Vol. 38, 429-446.

• Kaiser, U. and M. Song (2009) "Do Media Consumers Really Dislike Advertising? An Empirical Assessment of the Role of Advertising in Print Media Markets," International Journal of Industrial Organization, Vol. 27(2), 292-301.

• Song, M. (2010) "The Quality Adjusted Price Index in the Pure Characteristics Demand Model," Journal of Business and Economic Statistics, Vol. 28(1), 190-199 (a longer version is available here.)

• Song, M. (2011) "A Dynamic Analysis of Cooperative Research in the Semiconductor Industry," International Economic Review, Vol. 52(4), 1157-1177.

• Sriram, S., P. Manchanda, M.E. Bravo, J. Chu, L. Ma, M. Song, S. Shriver, and U. Subramanian (2014) “Platforms: A Multiplicity of Research Opportunities,” Marketing Letters, Vol. 26 (2), 141-152.

• Song, M. (2015) "A Hybrid Discrete Choice Model of Differentiated Product Demand with An Application to PCs," International Economic Review, Vol. 56(1), 265-301.

• Song, M., E. Park, B. Yoo, and S. Jeon (2016) "Is The Daily Deal Social Shopping?: An Empirical Analysis of Customer Panel Data," Journal of Interactive Marketing, Vol. 33, 57-76.

• Song, M., S. Nicholson, and C. Lucarelli (2017) "Merger with Inter-Firm Bundling: A Case of Pharmaceutical Cocktails," RAND Journal of Economics, Vol. 48(3), 810-834. Previously circulated as "Bundling Among Rivals: A Case of Pharmaceutical Cocktails."

• Song, M. (2021) "Estimating Platform Market Power in Two-sided Markets with an Application to Magazine Advertising," American Economic Journal: Microeconomics, Vol. 13(2), 35-67.

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Working Papers

• Kennedy, P., D. O'Brien, M. Song, and K. Waehrer (2017) "The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence." 

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Work in Progress

• Assessing the Impact of Payment Card Fee Regulation (with Ozlem Bedre-Defolie and Hannes Ullrich)

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Permanent Working Papers

• Chung, C. and M. Song (2006) "Preference for Cultural Goods: Demand and Welfare in the Korea Films Market."

• Song (2006) "Estimating the Pure Characteristics Demand Model: A Computational Note."

• Song (2006) "Cooperative R&D between Heterogeneous Firms."

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Selected Consulting Experience

• Retained as economic expert by antitrust authority to analyze the effects of a merger between two media
  platforms. Using a two-sided market model, quantified welfare effects on both sides of the market (i.e.,
  consumers and advertisers). The merger investigation was closed.

• On behalf of the merging parties in the merger of two newspaper publishers, analyzed both advertising and subscription aspects of the newspaper business in regard to concerns of the Department of Justice (DOJ) about competitive effects of the merger. The DOJ let the 30-day waiting period expire, thus clearing the transaction.

• On behalf of Sinclair Broadcast Group, Inc., analyzed the likely competitive effects of Sinclair’s acquisition of 21 regional sports networks (RSNs) originally owned by 21st Century Fox. Disney was divesting the RSNs as part of its agreement with the DOJ to acquire certain Fox assets. After an investigation, the DOJ approved Sinclair’s acquisition.

• Supported the expert in analysis of the proposed merger between Tervita and Newalta, which both provide waste management and environmental solution services to the oil and gas industry. On behalf of the Competition Bureau of Canada (CBC), analyzed potential competitive effects of the transaction. After review, the CBC declined to challenge the transaction.

• On behalf of American Express in American Express Anti-Steering Rules Antitrust Litigation with Merchant Plaintiffs, provided support for the expert’s analysis of Amex’s antitrust liabilities.

• On behalf of United Technologies, assisted counsel seeking antitrust regulatory approval for the acquisition of Rockwell Collins. Provided assistance to United Technologies responding to requests from the DOJ and other regulators. Submitted a white paper to Chinese regulators.

• On behalf of DuPont, analyzed likely competitive effects of its proposed merger with Dow Chemical in a wide range of markets, including seeds and transgenic traits, agricultural chemicals, and specialty polymers. Assisted the parties in responding to requests for information and analysis from agencies in multiple jurisdictions, including the United States, Canada, Brazil, China, and EU. Authored several submissions to DOJ and appeared before DOJ numerous times to present analysis.

• On behalf of DuPont, led a team that supported the expert in analyzing innovation issues regarding DuPont’s proposed merger with Dow Chemical company and presenting analysis to DOJ.

• Provided analysis and expert support for the DOJ in analyzing the proposed merger of silicon metal producers FerroAtlantico and Globe Specialty Metals. Silicon metal is a key input for production of aluminum, semiconductors, and solar panels. Analyzed the competitive effects of the proposed transaction, and supported preparation of expert testimony in the event of a merger challenge. After an extended investigation, the Department did not challenge the merger, which was subsequently consummated.

• Worked on behalf of a generic pharmaceutical manufacturer to analyze the competitive effects of it being acquired by another generic pharmaceutical manufacturer. The analysis included an assessment of existing overlap products and potential competition issues.

• Supported the expert in a class action against two major sporting organizations for their actions to monopolize television and Internet broadcast rights to games. Developed an econometric model of the industry to establish and quantify the effect of the monopolization on consumers. Cases settled, with new viewing options and discounts being offered as part of the settlement.

• Worked on behalf of Dr. Oetker to analyze the competitive effects of its proposed acquisition of McCain Foods’ North American frozen pizza business. Supported analysis submitted to the Competition Bureau of Canada investigating the likelihood of unilateral effects. The Bureau cleared the acquisition without the issuance of a supplemental information request.

• Provided a major business consulting firm with an economic analysis on drug pricing strategies in the cancer treatment market