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Short-Run Equilibrium and Market Power in the Spanish Food, Drink and Tobacco Industries

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  • Millan, Joaquin A

Abstract

This paper studies the cost structure and market power of 18 Spanish food industries, at roughly the three-digit level, for the period 1978-1992. Tests of capital equilibrium and approaches to estimation of the Lerner index are developed. Long-run equilibrium is rejected for almost all industries. It is argued that, in general, economies of scale and market power are not jointly identifiable in the structural analysis, with similar problems as in non-structural approaches. Moreover, when long-run equilibrium and constant returns to scale are assumed, the econometric estimates of the Lerner index are similar to those obtained with the traditional profit-to-sales ratio, irrespective of whether capital is a quasi-fixed or a variable input. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Millan, Joaquin A, 1999. "Short-Run Equilibrium and Market Power in the Spanish Food, Drink and Tobacco Industries," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 26(2), pages 229-243, June.
    • Handle: RePEc:oup:erevae:v:26:y:1999:i:2:p:229-43
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    Cited by:

    1. Glauben Thomas & Loy Jens-Peter, 2002. "Pricing-to-Market versus Residual Demand Elasticity Analysis of Imperfect Competition in Food Exports: Evidence from Germany," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 1(1), pages 1-21, October.
    2. Rezitis, Anthony N. & Kalantizi, Maria A., 2012. "Investigating market structure of the Greek food and beverages manufacturing industry: A Hall-Roeger approach," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 13(1), pages 1-17.
    3. Oleksandr Perekhozhuk, 2013. "Modern Concepts for Pricing Analysis in Imperfect Competition Production Factor Market," Oblik i finansi, Institute of Accounting and Finance, issue 4, pages 99-106, December.
    4. Perekhozhuk, Oleksandr, 2007. "Marktstruktur und Preisbildung auf dem ukrainischen Markt für Rohmilch," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 41, number 92322.
    5. Franz Sinabell, 2005. "Marktspannen und Erzeugeranteil an den Ausgaben für Nahrungsmittel," WIFO Studies, WIFO, number 25398, February.
    6. Soregaroli, Claudio & Sckokai, Paolo & Moro, Daniele, 2011. "Agricultural policy modelling under imperfect competition," Journal of Policy Modeling, Elsevier, vol. 33(2), pages 195-212, March.
    7. Daphne M.I. Verreth & Grigorios Emvalomatis & Frank Bunte & Ron Kemp & Alfons G.J.M. Oude Lansink, 2015. "Price Transmission, International Trade, and Asymmetric Relationships in the Dutch Agri‐Food Chain," Agribusiness, John Wiley & Sons, Ltd., vol. 31(4), pages 521-542, October.
    8. Rezitis Anthony & Kalantzi Maria, 2012. "Measuring Market Power and Welfare Losses in the Greek Food and Beverages Manufacturing Industry," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 10(1), pages 1-33, April.

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