Inequality and Market Concentration, When Shareholding is More Skewed than Consumption
Inequality and Market Concentration, When Shareholding is More Skewed than Consumption
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当股权比消费更扭曲时的不平等和市场集中度
DOI：
10.2139/ssrn.3301263
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
Adam Triggs
中科院分区：
文献类型：
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作者：
Joshua S. Gans;Andrew Leigh;Martin C. Schmalz;Adam Triggs
经济学理论表明，垄断价格损害了消费者，但使股东受益。但在一个个人或家庭既可以是消费者又可以是股东的世界里，市场力量对不平等的影响部分取决于消费和企业股权在个人或家庭之间的相对分配。本文使用消费者财务调查和消费者支出调查的数据计算了美国的这一分布，时间跨度从1989年到2016年近三十年。2016年，前20%的消费者消费了大约60%的底层消费者，但拥有的企业股本是后者的15倍。由于所有权比消费更不平衡，加价增加会加剧不平等。此外，随着时间的推移，企业股本相对于消费的倾斜程度越来越大。
Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals or households can be both consumers and shareholders, the impact of market power on inequality depends in part on the relative distribution of consumption and corporate equity ownership across individuals or households. The paper calculates this distribution for the United States, using data from the Survey of Consumer Finances and the Consumer Expenditure Survey, spanning nearly three decades from 1989 to 2016. In 2016, the top 20 per cent consumed approximately as much as the bottom 60 per cent, but had 15 times as much corporate equity. Because ownership is more skewed than consumption, increased mark-ups increase inequality. Moreover, over time, corporate equity has become even more skewed relative to consumption.