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Price Formation and Market Structure: The Case of the Inter-war Coal Industry


  • Henley, Andrew


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

Suggested Citation

  • Henley, Andrew, 1988. "Price Formation and Market Structure: The Case of the Inter-war Coal Industry," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 50(3), pages 263-278, August.
  • Handle: RePEc:bla:obuest:v:50:y:1988:i:3:p:263-78

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    Cited by:

    1. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CEPR Discussion Papers 8384, C.E.P.R. Discussion Papers.
    2. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.
    3. Montant, Gil, 2004. "The effectiveness of the Nord-Pas-de-Calais coal cartel during the inter-war period: a research note," Explorations in Economic History, Elsevier, vol. 41(3), pages 300-307, July.

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