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Price or Quantity Competition? Oligopolistic Structures in International Commodity Markets

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  • Carter, Colin A
  • MacLaren, Donald

Abstract

International 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 Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 5 (1997)
Issue (Month): 3 (August)
Pages: 373-85

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Handle: RePEc:bla:reviec:v:5:y:1997:i:3:p:373-85

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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Cited by:
  1. Reimer, Jeffrey J. & Stiegert, Kyle W., 2006. "Evidence on Imperfect Competition and Strategic Trade Theory," Staff Paper Series, University of Wisconsin, Agricultural and Applied Economics 498, University of Wisconsin, Agricultural and Applied Economics.
  2. Song, Baohui & Marchant, Mary A. & Xu, Shuang, 2006. "Who Dominates Market Power for U.S.-China Soybean Trade?," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida, Southern Agricultural Economics Association 35407, Southern Agricultural Economics Association.
  3. 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, Wiley Blackwell, vol. 54(1), pages 89-109.
  4. Steinmetz, Alexander, 2010. "Price and inventory dynamics in an oligopoly industry: A framework for commodity markets," W.E.P. - Würzburg Economic Papers 82, University of Würzburg, Chair for Monetary Policy and International Economics.
  5. 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, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 19687, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Song, Baohui & Veeramani, Venkat N. & Marchant, Mary A. & Xu, Shuang, 2004. "Estimation Of Market Power In The U.S. Soybean Export Markets," 2004 Annual meeting, August 1-4, Denver, CO, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20311, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  7. McCorriston, Steve & MacLaren, Donald, 2005. "Single-desk state trading exporters," European Journal of Political Economy, Elsevier, Elsevier, vol. 21(2), pages 503-524, June.
  8. Carter, Colin A. & MacLaren, Donald & Yilmaz, Alper, 1999. "How Competitive Is The World Wheat Market?," Working Papers, University of California, Davis, Department of Agricultural and Resource Economics 11973, University of California, Davis, Department of Agricultural and Resource Economics.

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