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Price Competition and Market Structure: The Impact of Cartel Policy on Concentration in the UK

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  • Symeonidis, George

Abstract

This paper examines the impact of firms' conduct on market structure. It studies the evolution of concentration in UK manufacturing following the abolition of cartels using a theoretical framework based on Sutton's theory of market structure and a panel data set of four-digit industries over 1958-77. The econometric results suggest that the intensity of price competition has a positive effect on concentration in exogenous sunk cost industries as well as in advertising-intensive and R&D-intensive industries. The concentration-market size relationship, while negative in exogenous sunk cost industries, breaks down in industries with high advertising or R&D intensity. Copyright 2000 by Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

Volume (Year): 48 (2000)
Issue (Month): 1 (March)
Pages: 1-26

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Handle: RePEc:bla:jindec:v:48:y:2000:i:1:p:1-26

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References

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  1. James G. MacKinnon & Halbert White, 1983. "Some Heteroskedasticity Consistent Covariance Matrix Estimators with Improved Finite Sample Properties," Working Papers 537, Queen's University, Department of Economics.
  2. Sleuwaegen, Leo & Yamawaki, Hideki, 1988. "The formation of the European Common Market and changes in market structure and performance," European Economic Review, Elsevier, vol. 32(7), pages 1451-1475, September.
  3. Davies, Stephen, 1980. "Minimum Efficient Size and Seller Concentration: An Empirical Problem," Journal of Industrial Economics, Wiley Blackwell, vol. 28(3), pages 287-301, March.
  4. Waldman, Donald M., 1982. "A stationary point for the stochastic frontier likelihood," Journal of Econometrics, Elsevier, vol. 18(2), pages 275-279, February.
  5. Bittlingmayer, George, 1985. "Did Antitrust Policy Cause the Great Merger Wave?," Journal of Law and Economics, University of Chicago Press, vol. 28(1), pages 77-118, April.
  6. Wright, Neil R, 1978. "Product Differentiation, Concentration, and Changes in Concentration," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 628-31, November.
  7. Vickers, John, 1989. "The nature of costs and the number of firms at cournot equilibrium," International Journal of Industrial Organization, Elsevier, vol. 7(4), pages 503-509, December.
  8. Symeonidis, George, 2000. "Price Competition, Non-price Competition and the Market Structure: Theory and Evidence from the UK," Economica, London School of Economics and Political Science, vol. 67(267), pages 437-56, August.
  9. Symeonidis, George, 1999. "In Which Industries Is Collusion More Likely?," CEPR Discussion Papers 2301, C.E.P.R. Discussion Papers.
  10. George Symeonidis, 2000. "Price and Nonprice Competition with Endogenous Market Structure," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 9(1), pages 53-83, 03.
  11. Curry, B & George, K D, 1983. "Industrial Concentration: A Survey," Journal of Industrial Economics, Wiley Blackwell, vol. 31(3), pages 203-55, March.
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Citations

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Cited by:
  1. Nigel Driffield, 2001. "Inward investment, industry concentration and the speed of adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 137(2), pages 193-214, June.
  2. Tabacco, Giovanni Alberto, 2013. "A new way to assess banking competition," Economics Letters, Elsevier, vol. 121(2), pages 167-169.
  3. Harvie, Charles & Lee, Boon-Chye, 2003. "Public Policy and Small and Medium Enterprise Development," Economics Working Papers wp03-18, School of Economics, University of Wollongong, NSW, Australia.
  4. Symeonidis, George, 2001. "Price Competition, Innovation and Profitability: Theory and UK Evidence," CEPR Discussion Papers 2816, C.E.P.R. Discussion Papers.
  5. GIANNETTI, Caterina, 2007. "Intensity of competition and market structure in the Italian banking industry," CORE Discussion Papers 2007041, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Hüschelrath, Kai & Veith, Tobias, 2011. "The impact of cartelization on pricing dynamics: Evidence from the German cement industry," ZEW Discussion Papers 11-067, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  7. Stephen Martin & Paola Valbonesi, 2006. "The State Aid Game," "Marco Fanno" Working Papers 0024, Dipartimento di Scienze Economiche "Marco Fanno".
  8. Symeonidis, George, 1999. "In Which Industries Is Collusion More Likely?," CEPR Discussion Papers 2301, C.E.P.R. Discussion Papers.
  9. Pekka Ilmakunnas, 2008. "Lower Bounds of Concentration in a Small Open Economy," Review of Industrial Organization, Springer, vol. 32(1), pages 19-33, February.
  10. Rey, Patrick, 2002. "Towards a Theory of Competition Policy," IDEI Working Papers 121, Institut d'Économie Industrielle (IDEI), Toulouse.
  11. Jan Guldager J�rgensen & Philipp J.H. Schr–der, 2003. "Reductions in Real versus Tariff Barriers: The Impact on Industry Concentration," Journal of Industry, Competition and Trade, Springer, vol. 3(4), pages 251-268, December.
  12. Buehler Stefan & Kaiser Christian & Jaeger Franz, 2005. "Competition Policy and Exit Rates: Evidence from Switzerland," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-30, November.
  13. de Roos, Nicolas, 2004. "A model of collusion timing," International Journal of Industrial Organization, Elsevier, vol. 22(3), pages 351-387, March.
  14. Dan Corry & Anna Valero & John Van Reenen, 2011. "UK economic performance since 1997: growth, productivity and jobs," LSE Research Online Documents on Economics 47521, London School of Economics and Political Science, LSE Library.
  15. Catherine Matraves, 2002. "European Integration and Market Structure in the Soft Drinks Industry," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(3), pages 295-310.
  16. Burghardt, Dirk, 2013. "The Impact of Trade Policy on Industry Concentration in Switzerland," Economics Working Paper Series 1317, University of St. Gallen, School of Economics and Political Science.
  17. George Symeonidis, 2007. "The Effect of Competition on Wages and Productivity: Evidence from the UK," Economics Discussion Papers 626, University of Essex, Department of Economics.
  18. Michael Raith, 2003. "Competition, Risk, and Managerial Incentives," American Economic Review, American Economic Association, vol. 93(4), pages 1425-1436, September.

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