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| Author: | Genesove, D. Mullin, W. P. |
| Title: | Testing static oligopoly models: Conduct and cost in the sugar industry, 1890-1914 |
| Journal: | RAND Journal of Economics
1998 : SUMMER, VOL. 29:2, p. 355-377 |
| Index terms: | COSTS PRICING SUGAR INDUSTRY OLIGOPOLY MODELS |
| Language: | eng |
| Abstract: | This paper explores the methodology of using demand information to infer market conduct and unobserved cost components under the hypothesis of static oligopoly behavior. Direct measures of marginal cost and conduct serve as benchmarks. The more competitive models yield better cost estimates. The best cost estimates occur when conduct is estimated as a free parameter. It also tracks the decline in market power accompanying the industry's structural changes. The methodology is largely validated, although partial cost information can improve its predictive pover. |
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