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added addition appear Census coefficients competitive concentration ratio conclusion considerable Constant continuous conventional cooperation correlation cost critical value data set defined described differences discussed distribution dominating dummy Economic effects EIS data empirical equal equation set estimated examined exceed explanatory power expressed factor firms four four-firm concentration greater hence imply important inclusive individual industry margins industry price-cost margins industry structure interest Journal larger largest later leading leading firm leading share least less levels market shares mean measure negative noted observed obtained output control performance permit plants positive possible problems procedure produced profits provides reasons regions regression relationship relative relevant reported reveal Review role sample scale shipments significant signs similar simple Source specifications statistical suggest theory third tion variable weights yielded
Page 45 - Nelson, Concentration in the Manufacturing Industries of the United States (New Haven: Yale University Press, 1963), pp.
Page 2 - ... Nevertheless, I doubt that we need many more general concentrationprofits studies. What we do need still is a precise statement of what elements of concentration are important and over what range. This may seem humdrum, but it is highly practical. Life would be much easier at the Anti-Trust Division if we knew whether (a) there really is a critical level of concentration, (b) if it exists, whether concentration makes a difference above and/or below that level, and (c) how much difference is made...
Page 45 - Market Structure and Price Behavior in US Manufacturing, 1967-1972," Federal Trade Commission, Bureau of Economics, Working Paper No. 6 (March 1977), also finds a negative relationship between price changes and concentration. "Shirley Scheiba, "Monopoly the Villain,
Page 45 - ... John E., Jr. 1977. Large firm dominance and price-cost margins in manufacturing industries. Southern Economic Journal 44:183-89. Maloney, Michael T., and Robert E. McCormick. 1982. A positive theory of environmental quality regulation. Journal of Law and Economics 25:99-123. Mann, H. Michael. 1970. Asymmetry, barriers to entry, and rates of return in 26 concentrated industries, 1948-57.
Page 4 - By and large the concentration-profits relationship holds up well under a great variety of approaches and survives a good deal of mayhem
Page 45 - Market Structure and Price-Cost Margin Flexibility in American Manufacturing, 1958-1970," Federal Trade Commission, Bureau of Economics, Working Paper No. 1, March, 1977. 35. _, "Market Structure and Price Behavior in US Manufacturing, 1967-1972," Federal Trade Commission, Bureau of Economics, Working Paper No.
Page 18 - ... Because most of the subsectors of the textile and apparel industries differ in capital intensities and because the dependent variable (PCM) subtracts only direct factor costs, one must take account of implicit capital cost differences between subindustries. A capital output ratio (KO), calculated as the gross book value of fixed assets divided by value of shipments, is therefore included as an independent variable to control for the opportunity cost of capital. One would expect the KO ratio to...