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Market Structure, Marketing Method, and Price Instability

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  • Slade, Margaret E

Abstract

Data for metals sold on commodity exchanges and at prices set by producers are used to test the relationship between the organization of markets and the behavior of prices. On the production side, the question is whether prices are more stable in concentrated industries. And on the sales side, the question is whether markets where buyers are consumers have more stable prices than those with consumers and speculators. The recent increase in metal-price stability is explained by changes in the market-structure and organization variables. Foremost is increased reliance on commodity exchanges. Declines in concentration are of less importance. Copyright 1991, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 106 (1991)
Issue (Month): 4 (November)
Pages: 1309-40

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Handle: RePEc:tpr:qjecon:v:106:y:1991:i:4:p:1309-40

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Regnier, Eva, 2007. "Oil and energy price volatility," Energy Economics, Elsevier, vol. 29(3), pages 405-427, May.
  2. Sen, Anindya, 2003. "Higher prices at Canadian gas pumps: international crude oil prices or local market concentration? An empirical investigation," Energy Economics, Elsevier, vol. 25(3), pages 269-288, May.
  3. Pei, Fanyu & Tilton, John E., 1999. "Consumer preferences, technological change, and the short-run income elasticity of metal demand," Resources Policy, Elsevier, vol. 25(2), pages 87-109, June.
  4. Stuermer, Martin, 2013. "150 Years of Boom and Bust: What Drives Mineral Commodity Prices?," MPRA Paper 51859, University Library of Munich, Germany.
  5. Slade, Margaret E., 1992. "Environmental costs of natural resource commodities : magnitude and incidence," Policy Research Working Paper Series 991, The World Bank.
  6. Guillotreau, Patrice & Jiménez-Toribio, Ramón, 2011. "The price effect of expanding fish auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 79(3), pages 211-225, August.
  7. Asplund, Marcus & Eriksson, Rickard & Friberg, Richard, 1997. "Price adjustments by a gasoline retail chain," Working Paper Series in Economics and Finance 194, Stockholm School of Economics.
  8. Slade, Margaret E., 2001. "Valuing Managerial Flexibility: An Application of Real-Option Theory to Mining Investments," Journal of Environmental Economics and Management, Elsevier, vol. 41(2), pages 193-233, March.
  9. McMillan, David G. & Speight, Alan E. H., 2001. "Non-ferrous metals price volatility: a component analysis," Resources Policy, Elsevier, vol. 27(3), pages 199-207, September.
  10. Bakhshi, Hasan, 2002. "Inflation and relative price variability," Economics Letters, Elsevier, vol. 76(1), pages 27-33, June.
  11. Plourde, André & Watkins, G. C., 1998. "Crude oil prices between 1985 and 1994: how volatile in relation to other commodities?," Resource and Energy Economics, Elsevier, vol. 20(3), pages 245-262, September.
  12. Figuerola-Ferretti, Isabel & Gilbert, Christopher L., 2001. "Price variability and marketing method in non-ferrous metals: : Slade's analysis revisited," Resources Policy, Elsevier, vol. 27(3), pages 169-177, September.
  13. Altamirano, N., 2001. "Copper marketing with forward and futures contracts: state-owned and private Chilean firms during the 1990s," Resources Policy, Elsevier, vol. 27(4), pages 261-272, December.
  14. Pinelopi Koujianou Goldberg & Rebecca Hellerstein, 2009. "How rigid are producer prices?," Staff Reports 407, Federal Reserve Bank of New York.
  15. Thille, Henry, 2006. "Inventories, market structure, and price volatility," Journal of Economic Dynamics and Control, Elsevier, vol. 30(7), pages 1081-1104, July.
  16. Radetzki, Marian, 2013. "The relentless progress of commodity exchanges in the establishment of primary commodity prices," Resources Policy, Elsevier, vol. 38(3), pages 266-277.
  17. Lindquist, Kjersti-Gro, 2001. "The response by the Norwegian aluminium industry to changing market structure," International Journal of Industrial Organization, Elsevier, vol. 19(1-2), pages 79-98, January.
  18. Gilbert, Christopher L., 1995. "International commodity control : retrospect and prospect," Policy Research Working Paper Series 1545, The World Bank.
  19. Miyano, Takaya & Tatsumi, Kenichi, 2012. "Determining anomalous dynamic patterns in price indexes of the London Metal Exchange by data synchronization," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(22), pages 5500-5511.

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