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Efficiency Gain from Ownership Deregulation: Estimates for the Radio Industry

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Howard Smith
Catherine O'Gorman

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Abstract

Reducing fixed cost duplication - a common justification for concentrated market structure - motivated the US government to relax the number of radio stations a firm could operate in any local market. After deregulation the number of firms per market decreased. The implied cost saving depends on the per market fixed costs incurred by each firm. Using data from 140 markets we estimate upper and lower bounds to fixed costs using (i) an empirical model of gross profit and (ii) the assumption that the observed post-deregulation market structure is a Nash equilibrium. The estimates suggest that the efficiency savings were significant.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 385.

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Date of creation: 2008
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Handle: RePEc:oxf:wpaper:385

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Keywords: Moment Inequalities; Deregulation;

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Find related papers by JEL classification:
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rysman, Marc & Greenstein, Shane, 2005. "Testing for agglomeration and dispersion," Economics Letters, Elsevier, vol. 86(3), pages 405-411, March. [Downloadable!] (restricted)
  2. Otto Toivanen & Michael Waterson, 2005. "Market Structure and Entry: Where's the Beef?," RAND Journal of Economics, The RAND Corporation, vol. 36(3), pages 680-699, Autumn.
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  3. Thomas J. Holmes, 2006. "The Diffusion of Wal-Mart and Economies of Density," 2006 Meeting Papers 15, Society for Economic Dynamics.
  4. Ekelund, Robert B, Jr & Ford, George S & Koutsky, Thomas, 2000. "Market Power in Radio Markets: An Empirical Analysis of Local and National Concentration," Journal of Law & Economics, University of Chicago Press, vol. 43(1), pages 157-84, April.
  5. Steven T. Berry & Joel Waldfogel, 1999. "Free Entry and Social Inefficiency in Radio Broadcasting," RAND Journal of Economics, The RAND Corporation, vol. 30(3), pages 397-420, Autumn. [Downloadable!] (restricted)
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  6. Davis, Peter, 2006. "Estimation of quantity games in the presence of indivisibilities and heterogeneous firms," Journal of Econometrics, Elsevier, vol. 134(1), pages 187-214, September. [Downloadable!] (restricted)
  7. Ellison, Glenn & Glaeser, Edward L, 1997. "Geographic Concentration in U.S. Manufacturing Industries: A Dartboard Approach," Journal of Political Economy, University of Chicago Press, vol. 105(5), pages 889-927, October.
    Other versions:
  8. Katja Seim Author-Email: kseim@wharton.upenn.edu Author-Workplace-Name: University of Pennsylvania, 2006. "An Empirical Model of Firm Entry with Endogenous Product-type Choices," RAND Journal of Economics, The RAND Corporation, vol. 37(3), pages 619-640, Autumn.
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  1. Ferrari, S. & Verboven, F.L. & Degryse, H.A., 2007. "Investment and Usage of New Technologies: Evidence from a Shared ATM Network," Discussion Paper 2007-035, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
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