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Price Leadership and Welfare Losses in U.S. Manufacturing

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  • Gisser, Micha
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    Abstract

    A model of price leadership is used to estimate the welfare losses dueto monopoly in U.S. Manufacturing. Given that the leaders behave independently, an hypothesis confirmed empirically, the deadweight lossis estimated at 0.114 percent of GNP based on a sample of 445 four-digit industries. This estimate lends strong support to Arnold C.Harberger's finding of thirty years ago. Copyright 1986 by American Economic Association.

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 76 (1986)
    Issue (Month): 4 (September)
    Pages: 756-67

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    Handle: RePEc:aea:aecrev:v:76:y:1986:i:4:p:756-67

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    Cited by:
    1. Bergtold, Jason S. & Akobundu, Eberechukwu & Peterson, Everett B., 2003. "The Fast Method: Estimating Unconditional Demand Elasticities For Processed Food In The Presence Of Fixed Effects," 2003 Annual meeting, July 27-30, Montreal, Canada 21893, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Michel Simioni & Vincent Réquilllart & Pascal Lavergne, 1998. "Pertes de bien-être et pouvoir de marché dans l'agro-alimentaire français," Économie et Prévision, Programme National Persée, vol. 135(4), pages 77-86.
    3. Young, David P. T., 1997. "Dominant firms, price leadership and the measurement of monopoly welfare losses," International Journal of Industrial Organization, Elsevier, vol. 15(5), pages 533-533, August.
    4. D. P. T. Young, 2000. "Firms' Market Power, Endogenous Preferences and the Focus of Competition Policy," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 73-87.

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