Estimation of Market Power in a Nonrenewable Resource Industry
Estimation of Market Power in a Nonrenewable Resource Industry
复制标题
不可再生资源行业市场力量的估计
DOI：
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发表时间：
2002
影响因子：
8.2
通讯作者：
R. Halvorsen
中科院分区：
文献类型：
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作者：
Gregory M. Ellis;R. Halvorsen
在不可再生资源产业中，价格高于边际市场成本的存在可能反映了资源的隐性使用者成本的存在，而不是市场力量。我们表明，有效的市场势力的估计，可以得到一个限制成本函数和逆供给关系的联合估计。用国际镍工业中最大的公司的数据对模型进行的估计表明，产出价格大大超过边际市场成本，其中大部分差额是由于市场力量的行使，而不是资源的使用者成本。
In nonrenewable resource industries, the existence of a markup of price over marginal market cost may reflect the existence of an implicit user cost for the resource rather than market power. We show that valid estimates of market power can be obtained by the joint estimation of a restricted cost function and an inverse supply relation. Estimation of the model with data for the largest firm in the international nickel industry indicates that output price substantially exceeded marginal market cost, with most of the difference due to the exercise of market power rather than the user cost of the resource.