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A Comparison of Oligopoly Welfare Loss Estimates for U.S. Food Manufacturing

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  • Everett B. Peterson
  • John M. Connor

Abstract

Capitalizing on theoretical advances in calculating deadweight welfare losses due to imperfect competition, we compare eight empirical estimates for the U.S. food manufacturing industries. The estimates incorporate varying theoretical assumptions about demand, supply, and firm pricing behavior; and utilize various data sources, time periods, and assumptions about the proper competitive benchmark. While the estimates of average allocative losses range widely, there is a high degree of congruence in the rankings of economic losses due to market power. Thus, from the perspective of efficient antitrust enforcement, the newer theoretical oligopoly approaches and the traditional structure-conduct-performance models would target similar industries.

Suggested Citation

  • Everett B. Peterson & John M. Connor, 1995. "A Comparison of Oligopoly Welfare Loss Estimates for U.S. Food Manufacturing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 300-308.
  • Handle: RePEc:oup:ajagec:v:77:y:1995:i:2:p:300-308.
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    File URL: http://hdl.handle.net/10.2307/1243540
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    Cited by:

    1. Jones, Rodney & Purcell, Wayne & Driscoll, Paul & Peterson, Everett, 1996. "Issues and Cautions in Employing Behavioral Modeling Approaches to Test for Market Power," Staff Papers 232517, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.
    2. Sanjib Bhuyan & Rigoberto A. Lopez, 1998. "Oligopoly Power and Allocative Efficiency in US Food and Tobacco Industries," Journal of Agricultural Economics, Wiley Blackwell, vol. 49(3), pages 434-442.
    3. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535.
    4. Rezitis Anthony & Kalantzi Maria, 2012. "Measuring Market Power and Welfare Losses in the Greek Food and Beverages Manufacturing Industry," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 10(1), pages 1-33, April.
    5. Lopez Rigoberto A & Lirón-España Carmen, 2002. "Social Welfare and the Market Power-Efficiency Tradeoff in U.S. Food Processing: A Note," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 1(1), pages 1-10, October.
    6. repec:ags:vtaesp:232464 is not listed on IDEAS

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