Can market power really be estimated?
Can market power really be estimated?
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市场力量真的可以估算吗？
DOI：
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发表时间：
1996
期刊：
影响因子：
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通讯作者：
K. Boyer
中科院分区：
文献类型：
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作者：
K. Boyer
在这篇评论的前一篇论文中，海德和珀洛夫提出了一个问题，“市场力量可以估计吗？”使用“结构模型”或两个提议的替代方案。他们发现，这三种方法都不能在食品和饮料行业产生一致的、有意义的结果，并且模拟表明结果对模型错误设定非常敏感。本文对这些令人失望的结果进行了解释。困难在于，结构模型（及其提出的替代方案）是基于一个过于雄心勃勃的估计形式，过度简化了寡头垄断定价的多样性和真正的复杂性。由于忽略了成本的会计数据，并武断地依赖于一个假设，即产出是通过减去价格与边际收入之差的一个恒定比例来确定的，“结构模型”和提出的替代方案试图将一种优雅的形式与一个混乱的世界相适应，但结果却令人失望。
In a previous paper in this Review, Hyde and Perloff ask the question, “Can Market Power be Estimated?” using the “structural model” or two proposed alternatives. They find that none of the three methods produce consistent, meaningful results in the food and beverage industries and that simulations suggest great sensitivity of results to model misspecification. This paper offers an explanation for these disappointing results. The difficulty is that the structural model (and its proposed alternatives) is based on an overly-ambitious estimating form that over-simplifies the diversity and true complexity of oligopoly pricing. By neglecting accounting data on costs and by arbitrarily relying on an assumption that outputs are set by subtracting a constant proportion of the difference between Price and Marginal Revenue, the “structural model” and proposed alternatives try to fit an elegant form to a messy world with predictably disappointing results.