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Industry associations and non-competitive behaviour in Australian wool marketing: Evidence from the Melbourne Woolbrokers' Association, 1890--1939

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  • David Merrett
  • Simon Ville

Abstract

From the 1890s the sale of Australian wool was organised through a series of regionally based associations of wool selling brokers and wool buyers. They engaged in cartel-type behaviour by price fixing and exclusive dealing. We ask the question whether the wool selling brokers exploited their monopoly power to thefull in setting fees and charges paid by the growers and buyers. Association records provide data on the pricing structure and rationale for changes. We surmise that the existence of the cartel lifted prices above competitive levels. However, the pricing behaviour was moderated to a strong form of limit pricing.

Suggested Citation

  • David Merrett & Simon Ville, 2012. "Industry associations and non-competitive behaviour in Australian wool marketing: Evidence from the Melbourne Woolbrokers' Association, 1890--1939," Business History, Taylor & Francis Journals, vol. 54(4), pages 510-528, June.
    • Handle: RePEc:taf:bushst:v:54:y:2012:i:4:p:510-528
    DOI: 10.1080/00076791.2011.631123
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    Cited by:

    1. David Merrett & Simon Ville, 2013. "Institution Building and Variation in the Formation of the Australian Wool Market," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 53(2), pages 146-166, July.

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