Measuring Substitution Patterns and Firm Conduct in Differentiated Product Industries

衡量差异化产品行业的替代模式和企业行为

基本信息

项目摘要

In this project, the PIs propose a new set of tools useful to detect and measure the importance of market power in industries. This question is central to many economic problems. It is particularly relevant for a vast array of antitrust questions ranging from the approval of mergers to the detection of price fixing cases, as well as to help guide regulatory institutions in markets such as financial services, energy, and telecommunication. In most of these cases, measuring market power hinges on two key elements: (i) identification of the degree of substitution between products, and (ii) quantification of its impact on market prices. The key contribution of the proposed work to this literature is that it will provide a new set of empirical techniques to both measure degree of substitutability between products, and help better identify firms' pricing conduct in differentiated product industries.On the first point, the PIs build on an important literature in the field of Industrial Organization, devoted to the identification of substitution patterns in markets for differentiated products. The main contribution of this work is to show the existence of a source of variation in the data that drives the identification of the degree of substitutability between products in standard demand models. They exploit this variation to construct parametric and non-parametric estimators of models commonly used in the literature (e.g. Berry et al. (1995), Nevo (2001)). This addresses important reserves raised by practitioners regarding the robustness of the predictions offered by existing methods (e.g. Angrist and Pischke (2010)). On the second point, the PIs propose a novel approach to empirically estimate the supply relationship between prices and demand factors, without imposing strong and often untested assumptions. Early efforts to identify firms' conduct have relied on contrasting observed measures of pass-through of demand or cost shocks on prices and quantities, with fairly general theoretical predictions from models of competition or collusion (Bresnahan, 1989). This empirical strategy can bound the degree of market power in homogenous good industries, but cannot easily be extended to settings in which sellers supply differentiated goods and services. In contrast, researchers studying the extent of market power in differentiated product industries typically rely on more restrictive models of competition, which often eliminates entirely the possibility of testing for alternative conduct assumptions; such as perfect competition or collusion. To get around this problem the PIs generalize Bresnahan's (1987) strategy for testing for the presence of coordinated pricing to an environment with potentially rich product differentiation, allowing for a larger class of possible supply relations to determine firm conduct. This allows in turn to directly examine how firms exploit market power when setting prices, rather than assuming it in the form of stylized game theoretic models.
在这个项目中,PI提出了一套新的工具,用于检测和衡量市场力量在行业中的重要性。这个问题是许多经济问题的核心。它对于从批准合并到发现价格操纵案件等一系列反垄断问题尤其重要,并有助于指导金融服务、能源和电信等市场的监管机构。 在大多数情况下,衡量市场支配力取决于两个关键因素:(一)确定产品之间的替代程度,(二)量化其对市场价格的影响。这项工作的主要贡献是,它将提供一套新的经验技术,以衡量产品之间的可替代性程度,并帮助更好地确定企业的定价行为在差异化的产品industries.On第一点,PI建立在一个重要的文献,在产业组织领域,致力于识别市场上的替代模式的差异化产品。这项工作的主要贡献是显示存在的数据,驱动器的替代程度的识别标准的需求模型中的产品之间的变化的来源。他们利用这种变化来构建文献中常用模型的参数和非参数估计量(例如Berry等人(1995),Nevo(2001))。这解决了从业人员提出的关于现有方法提供的预测的稳健性的重要保留意见(例如,Angrist和Pischke(2010))。在第二点上,PI提出了一种新的方法来经验性地估计价格和需求因素之间的供应关系,而不强加强有力的,往往未经检验的假设。确定公司行为的早期努力依赖于对比观察到的需求传递或成本冲击对价格和数量的影响,以及竞争或串通模型的相当一般的理论预测(Bresnahan,1989)。这种经验策略可以限制同质商品行业的市场支配力程度,但不能轻易地扩展到卖方提供差异化商品和服务的环境中。相比之下,研究差异化产品行业市场支配力程度的研究人员通常依赖于更具限制性的竞争模型,这往往完全排除了测试其他行为假设的可能性,例如完全竞争或共谋。为了解决这个问题,PI将Bresnahan(1987)的策略推广到具有潜在丰富产品差异的环境中,以测试是否存在协调定价,从而允许更大类别的可能供应关系来确定企业行为。这反过来又可以直接研究企业如何利用市场力量时,设定价格,而不是假设它的形式程式化的博弈论模型。

项目成果

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Amit Kumar Gandhi其他文献

Amit Kumar Gandhi的其他文献

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{{ truncateString('Amit Kumar Gandhi', 18)}}的其他基金

Measuring Substitution Patterns and Firm Conduct in Differentiated Product Industries
衡量差异化产品行业的替代模式和企业行为
  • 批准号:
    1530788
  • 财政年份:
    2015
  • 资助金额:
    $ 31.24万
  • 项目类别:
    Standard Grant
Nonparametric Identification and Estimation of Distributions of Unobserved Heterogeneity in Economic Choice Models using Mixtures
使用混合的经济选择模型中未观察到的异质性分布的非参数识别和估计
  • 批准号:
    0922046
  • 财政年份:
    2009
  • 资助金额:
    $ 31.24万
  • 项目类别:
    Standard Grant

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Measuring Substitution Patterns and Firm Conduct in Differentiated Product Industries
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人类谱系中背景核苷酸取代的模式
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