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I am a PhD candidate at the Toulouse School of Economics.
My main research interests are Industrial Organization, Competition Policy, and Algorithmic Pricing.
In my work, I use structural models and Reinforcement Learning methods to study dynamic aspects of competition.
I will be on the 2025–2026 academic job market.
You can contact me at maxim.sandiumengeiboy [at] tse-fr [dot] edu.
Working Papers
Working Papers
Vertical Separation in Dynamic Markets: Quantifying Coordination Failures in the U.S. Soda Industry (Job Market Paper)
Abstract
This paper shows that intertemporal linkages in demand influence the inefficiencies from vertical separation in two opposing ways. First, a given above-cost input price distorts downstream firms’ dynamic incentives to invest in consumer retention, leading to suboptimal investment and exacerbating the coordination problem. Anticipating this, upstream firms moderate their exercise of market power, partially offsetting the inefficiencies. To quantify these forces, I estimate a dynamic structural model of price competition with state-dependent demand, using recent reinforcement learning methods and data from the U.S. carbonated beverage industry. Preliminary counterfactual analyses suggest that while double marginalization reduces lifetime profits by approximately 19% in a static setting, this loss can increase to 25% when intertemporal linkages in demand are incorporated.
Vertical Foreclosure: A Dynamic Perspective
Vertical Foreclosure: A Dynamic Perspective
Work in Progress
Work in Progress
Product Adoption and State Dependence (with Nicolás Martínez)
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