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Price Competition and Market Structure: The Impact of Cartel Policy on Concentration in the UK

  • Symeonidis, George

This paper examines the impact of firms' conduct on market structure. It studies the evolution of concentration in UK manufacturing following the abolition of cartels using a theoretical framework based on Sutton's theory of market structure and a panel data set of four-digit industries over 1958-77. The econometric results suggest that the intensity of price competition has a positive effect on concentration in exogenous sunk cost industries as well as in advertising-intensive and R&D-intensive industries. The concentration-market size relationship, while negative in exogenous sunk cost industries, breaks down in industries with high advertising or R&D intensity. Copyright 2000 by Blackwell Publishing Ltd

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Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

Volume (Year): 48 (2000)
Issue (Month): 1 (March)
Pages: 1-26

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Handle: RePEc:bla:jindec:v:48:y:2000:i:1:p:1-26
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  1. Sleuwaegen, Leo & Yamawaki, Hideki, 1988. "The formation of the European Common Market and changes in market structure and performance," European Economic Review, Elsevier, vol. 32(7), pages 1451-1475, September.
  2. Waldman, Donald M., 1982. "A stationary point for the stochastic frontier likelihood," Journal of Econometrics, Elsevier, vol. 18(2), pages 275-279, February.
  3. Davies, Stephen, 1980. "Minimum Efficient Size and Seller Concentration: An Empirical Problem," Journal of Industrial Economics, Wiley Blackwell, vol. 28(3), pages 287-301, March.
  4. Vickers, John, 1989. "The nature of costs and the number of firms at cournot equilibrium," International Journal of Industrial Organization, Elsevier, vol. 7(4), pages 503-509, December.
  5. Wright, Neil R, 1978. "Product Differentiation, Concentration, and Changes in Concentration," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 628-31, November.
  6. Bittlingmayer, George, 1985. "Did Antitrust Policy Cause the Great Merger Wave?," Journal of Law and Economics, University of Chicago Press, vol. 28(1), pages 77-118, April.
  7. James G. MacKinnon & Halbert White, 1983. "Some Heteroskedasticity Consistent Covariance Matrix Estimators with Improved Finite Sample Properties," Working Papers 537, Queen's University, Department of Economics.
  8. Curry, B & George, K D, 1983. "Industrial Concentration: A Survey," Journal of Industrial Economics, Wiley Blackwell, vol. 31(3), pages 203-55, March.
  9. Symeonidis, George, 2000. "Price Competition, Non-price Competition and the Market Structure: Theory and Evidence from the UK," Economica, London School of Economics and Political Science, vol. 67(267), pages 437-56, August.
  10. George Symeonidis, 1999. "Price and non-price competition with endogenous market structure," Economics Discussion Papers 501, University of Essex, Department of Economics.
  11. Symeonidis, George, 1999. "In Which Industries Is Collusion More Likely?," CEPR Discussion Papers 2301, C.E.P.R. Discussion Papers.
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