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Price or Quantity Competition? Oligopolistic Structures in International Commodity Markets

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  • Carter, Colin A
  • MacLaren, Donald

Abstract

International commodity markets may be characterized by price or quantity competition and by product differentiation. As an illustration, this paper presents a set of models of the Japanese market for imported beef. The models are evaluated using a non-nested econometric test. The one which best fits the data is a Stackelberg model with price leadership by Australia. This result provides evidence on the explicit nature of the game being played by exporters, unlike the applied conjectural variations approach which provides only an index of how competitive the market is. Copyright 1997 by Blackwell Publishing Ltd.

Suggested Citation

  • Carter, Colin A & MacLaren, Donald, 1997. "Price or Quantity Competition? Oligopolistic Structures in International Commodity Markets," Review of International Economics, Wiley Blackwell, vol. 5(3), pages 373-385, August.
  • Handle: RePEc:bla:reviec:v:5:y:1997:i:3:p:373-85
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    Cited by:

    1. Steinmetz, Alexander, 2010. "Price and inventory dynamics in an oligopoly industry: A framework for commodity markets," W.E.P. - Würzburg Economic Papers 82, University of Würzburg, Chair for Monetary Policy and International Economics.
    2. Margherita Scoppola, 2010. "The Liberalisation of Tariff Rate Quotas under Oligopolistic Competition," Journal of Agricultural Economics, Wiley Blackwell, vol. 61(3), pages 584-604.
    3. Carter, Colin A. & MacLaren, Donald & Yilmaz, Alper, 1999. "How Competitive Is The World Wheat Market?," Working Papers 11973, University of California, Davis, Department of Agricultural and Resource Economics.
    4. Alexandre Gohin & Hervé Guyomard, 2000. "Measuring Market Power for Food Retail Activities: French Evidence," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(2), pages 181-195.
    5. Carmen Florido & Ana Aldanondo & Marta Jacob, 2002. "Firm Behaviour and Interaction in the European Banana Market: 1960-1993," Journal of Agricultural Economics, Wiley Blackwell, vol. 53(2), pages 319-344.
    6. Chen, Chi-Chung & McCarl, Bruce A. & Chang, Ching-Cheng & Hsu, Shih-Hsun, 2002. "Spatial Equilibrium Modeling With Imperfectly Competitive Markets: An Application To Rice Trade," 2002 Annual meeting, July 28-31, Long Beach, CA 19687, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. To Thi Kim Hong, 2016. "Effects of Exchange Rate and World Prices on Export Price of Vietnamese Coffee," International Journal of Economics and Financial Issues, Econjournals, vol. 6(4), pages 1756-1759.
    8. Song, Baohui & Marchant, Mary A. & Xu, Shuang, 2006. "Who Dominates Market Power for U.S.-China Soybean Trade?," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35407, Southern Agricultural Economics Association.
    9. Ian Sheldon & Richard Sperling, 2003. "Estimating the Extent of Imperfect Competition in the Food Industry: What Have We Learned?," Journal of Agricultural Economics, Wiley Blackwell, vol. 54(1), pages 89-109.
    10. McCorriston, Steve & MacLaren, Donald, 2005. "Single-desk state trading exporters," European Journal of Political Economy, Elsevier, vol. 21(2), pages 503-524, June.
    11. Alexander Steinmetz, 2010. "Price and Inventory Dynamics in an Oligopoly Industry: A Framework for Commodity Markets," Working Papers 092, Bavarian Graduate Program in Economics (BGPE).
    12. Song, Baohui & Veeramani, Venkat N. & Marchant, Mary A. & Xu, Shuang, 2004. "Estimation Of Market Power In The U.S. Soybean Export Markets," 2004 Annual meeting, August 1-4, Denver, CO 20311, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Reimer, Jeffrey J. & Stiegert, Kyle W., 2006. "Evidence on Imperfect Competition and Strategic Trade Theory," Staff Paper Series 498, University of Wisconsin, Agricultural and Applied Economics.

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