Estimating the effect of monopsony power on elasticity estimates
Estimating the effect of monopsony power on elasticity estimates
复制标题
估计垄断势力对弹性估计的影响
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Allen M. Featherstone
中科院分区：
文献类型：
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作者：
Koichi Yamaura;Allen M. Featherstone
Love和Shumway（1994）开发了一个垄断市场力量的非参数确定性检验，使用一个标准化的二次限制成本函数，其中企业具有潜在的市场力量。本研究以对偶理论的经验性质为基础，运用劳的黑森同一性关系来检验垄断权力。Lau的Hessian恒等式用无限制利润函数、受限利润函数和生产函数的方法证明了Hessian矩阵在纯竞争下是相等的。我们使用刘的黑森身份关系来研究垄断情况下市场力量的变化。结果表明，在垄断动力下，不受限制的利润函数结果与受限制的利润函数结果存在差异。重要的含义是，如果一种投入或产出潜在地存在于受市场力量支配的市场中，那么这种投入或产出应该被建模为固定投入或产出，以正确地恢复基础技术。
ABSTRACT Love and Shumway (1994) developed a nonparametric deterministic test for monopsony market power using a normalized quadratic restricted cost function with one input for which the firm has potential market power. This research examines monopsony power using Lau’s Hessian identity relationships based on the empirical properties of duality theory. Lau’s Hessian identity shows the Hessian matrices are equal under pure competition using an unrestricted profit function, restricted profit function and production function approach. We examine how market power changes in the monopsony case using Lau’s Hessian identity relationships. Results show that there is a difference between the unrestricted and restricted profit function results under monopsony power. The important implication is that if an input or output is potentially in a market subject to market power, that input or output should be modelled as a fixed input or output to correctly recover the underlying technology.