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Life expectancy of international cartels: an empirical analysis

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  • Jaime Marquez
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    Abstract

    This paper examines the empirical relation between market structure and life expectancy for cartels that were active in international commodity markets throughout this century. I consider two alternative empirical formulations and estimate their parameters recognizing that durability cannot take negative values. Both formulations predict that increases in either market shares or intercartel concentration prolong life expectancy but disagree in the relative importance of these two factors. The application of tests to discriminate among the two formulations does not support constant-elasticity models.

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    File URL: http://www.federalreserve.gov/pubs/ifdp/1992/439/default.htm
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    File URL: http://www.federalreserve.gov/pubs/ifdp/1992/439/ifdp439.pdf
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    Bibliographic Info

    Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 439.

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    Date of creation: 1992
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    Handle: RePEc:fip:fedgif:439

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    Keywords: Cartels;

    References

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    1. Geroski, Paul A, 1988. "In Pursuit of Monopoly Power: Recent Quantitative Work in Industrial Economics," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 3(2), pages 107-23, April.
    2. Cave, J. & Salant, S., 1992. "Cartel Quotas Under Majority Rule," Papers 92-04, Michigan - Center for Research on Economic & Social Theory.
    3. Bothwell, James L & Cooley, Thomas F & Hall, Thomas E, 1984. "A New View of the Market Structure-Performance Debate," Journal of Industrial Economics, Wiley Blackwell, vol. 32(4), pages 397-417, June.
    4. Jacquemin, Alexis & Slade, Margaret E., 1989. "Cartels, collusion, and horizontal merger," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 7, pages 415-473 Elsevier.
    5. Baxter, Nevins D & Cragg, John G, 1970. "Corporate Choice Among Long-Term Financing Instruments," The Review of Economics and Statistics, MIT Press, vol. 52(3), pages 225-35, August.
    6. Jarque, Carlos M. & Bera, Anil K., 1980. "Efficient tests for normality, homoscedasticity and serial independence of regression residuals," Economics Letters, Elsevier, vol. 6(3), pages 255-259.
    7. James G. MacKinnon, 1983. "Model Specification Tests Against Non-Nested Alternatives," Working Papers 573, Queen's University, Department of Economics.
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    Cited by:
    1. Schmitt, Nicolas & Weder, Rolf, 1998. "Sunk costs and cartel formation: Theory and application to the dyestuff industry," Journal of Economic Behavior & Organization, Elsevier, vol. 36(2), pages 197-220, August.

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