Price or Quantity Competition? Oligopolistic Structures in International Commodity Markets
AbstractInternational commodity markets may be characterized by price or quantity competition and by product differentiation. As an illustration, this paper presents a set of models of the Japanese market for imported beef. The models are evaluated using a non-nested econometric test. The one which best fits the data is a Stackelberg model with price leadership by Australia. This result provides evidence on the explicit nature of the game being played by exporters, unlike the applied conjectural variations approach which provides only an index of how competitive the market is. Copyright 1997 by Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of International Economics.
Volume (Year): 5 (1997)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576
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- Steinmetz, Alexander, 2010. "Price and inventory dynamics in an oligopoly industry: A framework for commodity markets," W.E.P. - WÃ¼rzburg Economic Papers 82, University of Würzburg, Chair for Monetary Policy and International Economics.
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- Reimer, Jeffrey J. & Stiegert, Kyle W., 2006. "Evidence on Imperfect Competition and Strategic Trade Theory," Staff Paper Series 498, University of Wisconsin, Agricultural and Applied Economics.
- Chen, Chi-Chung & McCarl, Bruce A. & Chang, Ching-Cheng & Hsu, Shih-Hsun, 2002. "Spatial Equilibrium Modeling With Imperfectly Competitive Markets: An Application To Rice Trade," 2002 Annual meeting, July 28-31, Long Beach, CA 19687, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- McCorriston, Steve & MacLaren, Donald, 2005. "Single-desk state trading exporters," European Journal of Political Economy, Elsevier, vol. 21(2), pages 503-524, June.
- Ian Sheldon & Richard Sperling, 2003. "Estimating the Extent of Imperfect Competition in the Food Industry: What Have We Learned?," Journal of Agricultural Economics, Wiley Blackwell, vol. 54(1), pages 89-109.
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