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A Dynamic Model of Oligopoly in the Coffee Export Market

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  • Larry S. Karp
  • Jeffrey M. Perloff

Abstract

A linear-quadratic, dynamic feedback oligopoly model that nests various market structures is used to estimate the degree of competitiveness and the adjustment paths of the two largest coffee exporters, Brazil and Colombia. Their estimated behavior is relatively competitive. This subgame perfect dynamic model is compared to a standard static oligopoly model and the open-loop model (the dynamic generalization of the standard static model). Both classical and Bayesian tests of open-loop and feedback dynamic models are reported.

Suggested Citation

  • Larry S. Karp & Jeffrey M. Perloff, 1993. "A Dynamic Model of Oligopoly in the Coffee Export Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 448-457.
  • Handle: RePEc:oup:ajagec:v:75:y:1993:i:2:p:448-457.
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    References listed on IDEAS

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    1. Palm, F C & Vogelvang, E, 1986. "A Short-run Econometric Analysis of the International Coffee Market," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 13(4), pages 451-476.
    2. Wayne D. Greenstone, 1981. "The coffee cartel: Manipulation in the public interest," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 1(1), pages 3-16, March.
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