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Market-Structure Determinants Of National Brand-Private Label Price Differences Of Manufactured Food Products

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Author Info

  • Connor, John M.
  • Peterson, Everett B.

Abstract

This paper estimates the relationships between market structure and the Lerner index of monopoly constructed from price data on processed food products sold through grocery stores. A theoretical model of a differentiated oligopoly specifies two determinants of price-cost margins: the Herfindahl-Hirschman index of seller concentration adjusted for the elasticity of demand and the industry advertising-to-sales ratio. The results indicate that the three principal determinants of price-cost margin variation, in order of their impacts, are: advertising intensity, elasticity of demand, and concentration. Previous structure-performance studies that did not incorporate the elasticity of demand were probably misspecified.

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File URL: http://purl.umn.edu/116099
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Bibliographic Info

Paper provided by Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance in its series Working Papers with number 116099.

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Date of creation: Oct 1991
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Handle: RePEc:ags:rpspwp:116099

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Postal: Draper Hall, College of Food and Natural Resources, Amherst, MA 01003
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Web page: http://www.umass.edu/ne165/
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Related research

Keywords: Agribusiness; Demand and Price Analysis;

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  1. Connor, John M & Peterson, Everett B, 1992. "Market-Structure Determinants of National Brand-Private Label Price Differences of Manufactured Food Products," Journal of Industrial Economics, Wiley Blackwell, vol. 40(2), pages 157-71, June.
  2. Joseph E. Stiglitz & G. Frank Mathewson (ed.), 1986. "New Developments in the Analysis of Market Structure," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262690934, December.
  3. Cowling, Keith & Waterson, Michael, 1976. "Price-Cost Margins and Market Structure," Economica, London School of Economics and Political Science, vol. 43(171), pages 267-74, August.
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