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The Impact of the National Industrial Recovery Act on Cartel Formation and Maintenance Costs

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  • Alexander, Barbara

Abstract

Antitrust regime shifts represented by the 1933 adoption and 1935 annulment of the National Industrial Recovery Act are postulated to have effects analogous to temporary achievement of Bradburd and Over's 'integrative concentration level' (Bradburd and Over, 1982); a level at which cartel formation and maintenance costs are outweighed by collusive spoils. 'Regime switching' analysis of Census of Manufactures data reveals a 'critical concentration level' of 60 percent in 1933, which disappears in 1935, and reemerges at 38 percent in 1937. The empirical results support the Bradburd and Over framework and suggest that temporary shifts in antitrust regimes may have lasting impacts on the ability of an industry to exercise market power. Copyright 1994 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 76 (1994)
Issue (Month): 2 (May)
Pages: 245-54

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Handle: RePEc:tpr:restat:v:76:y:1994:i:2:p:245-54

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

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Cited by:
  1. Jonathan B. Baker, 2003. "The Case for Antitrust Enforcement," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 27-50, Fall.
  2. Kyle Hampton & Katerina Sherstyuk, 2010. "Demand Shocks, Capacity Coordination and Industry Performance: Lessons from Economic Laboratory," Working Papers 201023, University of Hawaii at Manoa, Department of Economics.
  3. Chicu, Mark & Ziebarth, Nicolas L., 2013. "Multi-market contact and competition: evidence from the Depression-era portland cement industry," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 603-611.
  4. Claire Giordano & Ferdinando Giugliano, 2012. "A Tale of Two Fascisms: Labour Productivity Growth and Competition Policy in Italy, 1911-1951," Quaderni di storia economica (Economic History Working Papers) 28, Bank of Italy, Economic Research and International Relations Area.
  5. Taylor, Jason E. & Neumann, Todd C., 2013. "The effect of institutional regime change within the new deal on industrial output and labor markets," Explorations in Economic History, Elsevier, vol. 50(4), pages 582-598.
  6. Krepps, Matthew B., 1999. "Facilitating practices and the path-dependence of collusion," International Journal of Industrial Organization, Elsevier, vol. 17(6), pages 887-901, August.
  7. Chicu, Mark & Vickers, Chris & Ziebarth, Nicolas L., 2013. "Cementing the case for collusion under the National Recovery Administration," Explorations in Economic History, Elsevier, vol. 50(4), pages 487-507.
  8. Grosskopf, Shawna & Hayes, Kathy J. & Taylor, Lori L. & Weber, William L., 2001. "On the Determinants of School District Efficiency: Competition and Monitoring," Journal of Urban Economics, Elsevier, vol. 49(3), pages 453-478, May.
  9. Margaret C. Levenstein & Valerie Y. Suslow, 2002. "What Determines Cartel Success?," UMASS Amherst Economics Working Papers 2002-01, University of Massachusetts Amherst, Department of Economics.

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