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Do Other Firms Matter in Oligopolies?

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Author Info
Haskel, Jonathan
Scaramozzino, Pasquale

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Abstract

This paper examines how firms interact with their rivals. The main novelty of our approach is that we let conjectural variations depend on the actual ability of other firms to react, which we measure by both the physical capacity and financial status of firms. Our main findings are threefold. First, in general, spare physical capacity leads rival firms to conjecture more aggressive behaviour. Second, financial variables have a complex effect on conjectures. We interpret this as due to signalling effects being more important in some industries, and financial distress in others. Third, leader-follower interactions appear to be relevant in all of the industries considered.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1194.

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Date of creation: Jun 1995
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Handle: RePEc:cpr:ceprdp:1194

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Related research
Keywords: Conjectural Variations; Oligopolies; Panel Data;

Other versions of this item:

Find related papers by JEL classification:
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology
L68 - Industrial Organization - - Industry Studies: Manufacturing - - - Appliances; Other Consumer Durables
L73 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Forest Products

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  1. Eddy Cardinaels & Filip Roodhooft & Luk Warlop & Gustaaf Van Herck, 2004. "Market feedback, cost system choice and competitve pricing: the advantage of not being a leader," Vlerick Leuven Gent Management School Working Paper Series 2004-06, Vlerick Leuven Gent Management School. [Downloadable!]
  2. Aune, Finn Roar & Mohn, Klaus & Osmundsen, Petter & Rosendahl, Knut Einar, 2009. "Financial market pressures, tacit collusion and oil price formation," UiS Working Papers in Economics and Finance 2009/14, University of Stavanger. [Downloadable!]
  3. Sophocles N. Brissimis & Theodora S. Kosma, 2006. "Market Conduct, Price Interdependence and Exchange Rate Pass-Through," Working Papers 51, Bank of Greece. [Downloadable!]
  4. P. Geroski, 1998. "An Applied Econometrician's View of Large Company Performance," Review of Industrial Organization, Springer, vol. 13(3), pages 271-294, June. [Downloadable!] (restricted)
    Other versions:
  5. Aldaba, Rafaelita Mercado, 2008. "Can Imports Discipline Collusive Firms? The Case of the Philippine Cement Industry," Discussion Papers DP 2008-01, Philippine Institute for Development Studies. [Downloadable!]
  6. Isayenko Oleksiy & Maryanchyk Ivan, 2006. "Market power in oligopoly: The case of the Ukrainian cement industry," EERC Working Paper Series 06-06e, EERC Research Network, Russia and CIS. [Downloadable!]
  7. Steven Pilloff, 1999. "Does the Presence of Big Banks Influence Competition in Local Markets?," Journal of Financial Services Research, Springer, vol. 15(3), pages 159-177, May. [Downloadable!] (restricted)
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