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Inventory Constraints in a Dynamic Model of Imperfect Competition: An Application to Beef Packing

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  • Hunnicutt Lynn

    (Department of Economics, Utah State University, Logan, Utah, USA)

  • Aadland David

    (Department of Economics, Utah State University, Logan, Utah, USA)

Abstract

This paper incorporates inventory dynamics into a standard conjectural variations analysis of market power. Using a model which incorporates closed-loop equilibrium strategies, we show that measures of market power that ignore inventory dynamics are biased. We then apply the model to the beef-packing industry using annual data on cattle stocks, slaughter and prices from 1933-1999. Our estimates suggest that static measures overestimate the amount of market power exerted by beef-packing firms.

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File URL: http://www.degruyter.com/view/j/jafio.2002.1.1/jafio.2002.1.1.1023/jafio.2002.1.1.1023.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal Journal of Agricultural & Food Industrial Organization.

Volume (Year): 1 (2003)
Issue (Month): 1 (March)
Pages: 1-24

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Handle: RePEc:bpj:bjafio:v:1:y:2003:i:1:n:12

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Web page: http://www.degruyter.com

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Cited by:
  1. Ani L. Katchova & Ian M. Sheldon & Mario J. Miranda, 2005. "A dynamic model of oligopoly and oligopsony in the U.S. potato-processing industry," Agribusiness, John Wiley & Sons, Ltd., vol. 21(3), pages 409-428.
  2. Sckokai, Paolo & Soregaroli, Claudio & Moro, Daniele, 2012. "Estimating Market Power By Retailers In A Dynamic Framework: The Case Of The Italian Pdo Cheese Market," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 126703, International Association of Agricultural Economists.

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