MEASURING MARKET POWER IN THE READY-TO-EAT CEREAL INDUSTRY BY AVIV NEVO
MEASURING MARKET POWER IN THE READY-TO-EAT CEREAL INDUSTRY BY AVIV NEVO
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AVIV NEVO 衡量即食谷物行业的市场力量
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
Catherine Wolfram
中科院分区：
文献类型：
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作者：
Steven T. Berry;E. Berndt;T. Bresnahan;D. Cutler;J. Hausman;Igal Hendel;Kei Hirano;John D. Horn;Joanne McLean;A. Pakes;Robert L. Porter;James Powell;J. V. Reenen;R. Schmalensee;S. Wahba;F. Wolak;Catherine Wolfram
即食谷物行业的特点是高度集中，高价格成本利润率，大的销售收入比，以及大量的新产品的推出。以前的研究人员已经得出结论，即食谷物行业是一个典型的例子，几乎串通定价行为和激烈的非价格竞争的行业。本文实证检验了这一结论。特别是，我估计价格-成本利润率，但更重要的是，我能够根据经验将这些利润率分开。- 是的分为三个来源：一是由于产品差异化;二是由于差异化。多产品厂商定价;三是由于潜在的价格合谋。结果表明，考虑到对不同品牌谷物的需求，前两个效应解释了大部分观察到的价格成本利润率。我的结论是，在该行业的价格是一致的非串通定价行为，尽管高的价格成本利润率。领先企业能够保持一系列差异化产品，并影响人们对产品质量的看法。正是这两个因素导致了高价格成本利润率。
The ready-to-eat cereal industry is characterized by high concentration, high price-cost margins, large advertising-to-sales ratios, and numerous introductions of new products. Previous researchers have concluded that the ready-to-eat cereal industry is a classic example of an industry with nearly collusive pricing behavior and intense nonprice competition. This paper empirically examines this conclusion. In particular, I estimate price-cost margins, but more importantly I am able empirically to separate these margins Ž . Ž . into three sources: i that which is due to product differentiation; ii that which is due to Ž . multi-product firm pricing; and iii that due to potential price collusion. The results suggest that given the demand for different brands of cereal, the first two effects explain most of the observed price-cost margins. I conclude that prices in the industry are consistent with noncollusive pricing behavior, despite the high price-cost margins. Leading firms are able to maintain a portfolio of differentiated products and influence the perceived product quality. It is these two factors that lead to high price-cost margins.