Price Formation and Market Structure: The Case of the Inter-war Coal Industry
This paper is concerned with the question of whether changes in market structure affect pricing behavior, in the context of the interwar U.K. coal-mining industry. In contrast to previous U.K. studies, the authors use time-series data, allowing them to model the dynamics of price adjustment. The problem of measuring market structure is avoided in this case since legislation in the 1930s established cartels and effectively transformed the coal industry from an atomistic to a monopolistic structure. Subsample estimates are presented for the 1920s and 1930s and it is found that, after controlling for other influences, the price-cost mark-up rises on average by around 12 percentage points as a result of cartelization. Copyright 1988 by Blackwell Publishing Ltd
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Volume (Year): 50 (1988)
Issue (Month): 3 (August)
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