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On the relationship between concentration and competition: evidence from the Chilean private pension system

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  • Jean P. Sepúlveda

Abstract

I use Panzar and Rosse (1987) methodology to estimate the degree of competition among Pension Fund Administrators (PFAs) in the Chilean private pension system for the period 1996 to 2008. The results indicate that the industry can be described as a cartel (or monopoly) during this period. There is evidence that in this industry there is a negative, and statistically significant, correlation between concentration and competition.

Suggested Citation

  • Jean P. Sepúlveda, 2012. "On the relationship between concentration and competition: evidence from the Chilean private pension system," Applied Economics Letters, Taylor & Francis Journals, vol. 19(14), pages 1385-1389, September.
  • Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1385-1389
    DOI: 10.1080/13504851.2011.631879
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    File URL: http://hdl.handle.net/10.1080/13504851.2011.631879
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    1. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    2. Jacob Bikker & Laura Spierdijk & Paul Finnie, 2006. "Misspecifiation of the Panzar-Rosse Model: Assessing Competition in the Banking Industry," DNB Working Papers 114, Netherlands Central Bank, Research Department.
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