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Price-cost markups in UK industry

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  • Paul Turner

Abstract

This article tests for the presence of monopolistic price markups across UK industrial sectors by testing for a non-zero covariance between the Solow residual and various instruments. This restriction derives from profit maximising conditions for a representative imperfectly competitive firm under the assumption of constant returns to scale. We find evidence of significant markups in the Manufacturing and Services sectors which together account for more than 90% of total employment within the UK.

Suggested Citation

  • Paul Turner, 2018. "Price-cost markups in UK industry," Applied Economics Letters, Taylor & Francis Journals, vol. 25(21), pages 1557-1561, December.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:21:p:1557-1561
    DOI: 10.1080/13504851.2018.1430328
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