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Corn Market Dynamics and the Joint Executive Committee (1880 - 1886)

Author

Listed:
  • Franco Mariuzzo

    (The Geary Institute University College Dublin)

  • Patrick Paul Walsh

    (SPIRe and The Geary Institute University College Dublin)

Abstract

We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter’s (1983) analysis of industry demand, conduct and stability of the JEC railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of the JEC in its rate setting to the nature of rate setting, over alternative modes of conveyance, is very much predicted by the theoretical considerations in Haltiwanger and Harrington (1991). Periods of Cartel instability are triggered by unexpected booms in corn markets in New York, amongst other factors. The latter is consistent with the Green and Porter (1984) theory.

Suggested Citation

  • Franco Mariuzzo & Patrick Paul Walsh, 2009. "Corn Market Dynamics and the Joint Executive Committee (1880 - 1886)," Working Papers 200923, Geary Institute, University College Dublin.
  • Handle: RePEc:ucd:wpaper:200923
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    File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp200923.pdf
    File Function: First version, 2009
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    More about this item

    Keywords

    Corn Market Spot and Future Weekly Prices in Chicago and New York; Demand Cycles; Inventory Management in New York; JEC Railroad Cartel Pricing; Outside Transportation Options; Structural Modeling.;

    JEL classification:

    • L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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