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Further Tests of Static Oligopoly Models: Whiskey, 1882-1898

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Author Info

  • Karen Clay

    ()
    (Carnegie Mellon University, Pittsburgh, Pennsylvania, USA.)

  • Werner Troesken

Abstract

Using data from the turn-of-the-century whiskey industry, we conduct tests of the NEIO methodology similar to those conducted by Genesove and Mullin [1998]. Like Genesove and Mullin, we find that the NEIO methodology appears to perform reasonably well for low levels of market power. Conduct is somewhat overestimated, with estimates ranging from 0.17 to 0.35 as compared to direct estimates of 0.09. Cost parameters are generally underestimated. Estimates of conduct and remaining cost parameters improve significantly, however, with additional information on cost. Estimates improve further if conduct is allowed to have two regimes, which are identified based on historical evidence. Copyright Blackwell Publishing Ltd. 2003.

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Bibliographic Info

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

Volume (Year): 51 (2003)
Issue (Month): 2 (06)
Pages: 151-166

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Handle: RePEc:bla:jindec:v:51:y:2003:i:2:p:151-166

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Cited by:
  1. Robert Ritz, 2013. "On welfare losses due to imperfect competition," Cambridge Working Papers in Economics 1334, Faculty of Economics, University of Cambridge.
  2. Fridolfsson, Sven-Olof & Tangerås, Thomas P., 2009. "Market power in the Nordic electricity wholesale market: A survey of the empirical evidence," Energy Policy, Elsevier, vol. 37(9), pages 3681-3692, September.
  3. Dae-Wook Kim & Christopher R. Knittel, 2004. "Biases in Static Oligopoly Models? Evidence from the California Electricity Market," NBER Working Papers 10895, National Bureau of Economic Research, Inc.
  4. Jeon, Sang-Gon, 2008. "Estimation of Political Oligopoly Power of Domestic Producers in the Korean Raw-Milk Market," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 31(5), November.
  5. Bruce A. Blonigen & Benjamin H. Liebman & Wesley W. Wilson, 2007. "Trade Policy and Market Power: The Case of the US Steel Industry," NBER Working Papers 13671, National Bureau of Economic Research, Inc.
  6. Xavier Fageda, 2006. "Measuring Conduct and Cost Parameters in the Spanish Airline Market," Review of Industrial Organization, Springer, vol. 28(4), pages 379-399, June.
  7. Rodrigo M. Zeidan & Marcelo Resende, 2005. "Measuring Market Conduct in the Brazilian Cement Industry: a Dynamic Econometric Investigation," Economics Working Papers ECO2005/13, European University Institute.
  8. Thille, H. & Grant, H., 2004. "How Standard Oil Came to Canada: The Monopolization of Canadian Petroleum Refining, 1989-1998," Working Papers 2004-4, University of Guelph, Department of Economics and Finance.
  9. Xavier Fageda Sanjuan, 2004. "Measuring Conduct and Cost Parameters in the Spanish Air Transport Market," Working Papers in Economics 125, Universitat de Barcelona. Espai de Recerca en Economia.
  10. Orea, L. & Steinbuks, J., 2012. "Estimating market power in homogenous product markets using a composed error model: application to the California electricity market," Cambridge Working Papers in Economics 1220, Faculty of Economics, University of Cambridge.
  11. Ritz, R.A., 2012. "On welfare losses due to imperfect competition," Cambridge Working Papers in Economics 1234, Faculty of Economics, University of Cambridge.
  12. Ganslandt, Mattias & Norbäck, Pehr-Johan, 2004. "Do Mergers Result in Collusion?," Working Paper Series 621, Research Institute of Industrial Economics.
  13. Hideki Murakami, 2012. "Dynamic Effect of Low-Cost Entry on the Conduct Parameter: An Early-Stage Analysis of Southwest Airlines and America West Airlines," Discussion Papers 2012-25, Kobe University, Graduate School of Business Administration.

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