Predation and its Rate of Return: The Sugar Industry, 1887-1914
Predation and its Rate of Return: The Sugar Industry, 1887-1914
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掠夺及其回报率：制糖业，1887-1914 年
DOI：
10.1111/j.1756-2171.2006.tb00003.x
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
Wallace P. Mullin
中科院分区：
文献类型：
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作者：
David Genesove;Wallace P. Mullin
我们研究了第一次世界大战前进入美国制糖业的情况。我们发现，在两次重大进入事件之后的价格战是掠夺性的。我们的证据是双重的：通过价格与边际成本的直接比较，以及通过构建预测的竞争性价格成本利润率，我们显示出超过观察利润率。我们认为，只有当掠夺相对于占主导地位的企业的相对成本较小时，才会发生掠夺，而且这种掠夺很可能被用来阻止未来的产能增加。它还被用来在一次进入插曲后降低先前存在的公司的收购价格。
We study entry into the American sugar refining industry before World War I. We show that the price wars following two major entry episodes were predatory. Our proof is twofold: by direct comparison of price to marginal cost, and by construction of predicted competitive price cost margins that we show to exceed observed margins. We argue that predation occurred only when the relative cost of it to the dominant firm was small, and that it was most probably used to deter future capacity additions. It was also used to lower the purchase price of preexisting firms after one entry episode.