Were British cotton entrepreneurs technologically backward? Firm-level evidence on the adoption of ring spinning
In: Explorations in economic history: EEH, Band 47, Heft 4, S. 487-504
ISSN: 0014-4983
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In: Explorations in economic history: EEH, Band 47, Heft 4, S. 487-504
ISSN: 0014-4983
In: CEPR Discussion Paper No. DP15236
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In: Journal of international economics, Band 129, S. 103405
ISSN: 0022-1996
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In: The Rand journal of economics, Band 45, Heft 4, S. 764-791
ISSN: 1756-2171
We provide empirical evidence that multimarket contact facilitates tacit collusion among airlines using a flexible model of oligopolistic behavior, where conduct parameters are modelled as functions of multimarket contact. We find (i) carriers with little multimarket contact do not cooperate in setting fares, whereas carriers serving many markets simultaneously sustain almost perfect coordination; (ii) cross‐price elasticities play a crucial role in determining the impact of multimarket contact on equilibrium fares; (iii) marginal changes in multimarket contact matter only at low or moderate levels of contact; (iv) assuming firms behave as Bertrand‐Nash competitors leads to biased estimates of marginal costs.
In: The B.E. journal of economic analysis & policy, Band 10, Heft 1
ISSN: 1935-1682
Abstract
This paper investigates the large and unexpected increase in cigarette prices that followed the 1997 Master Settlement Agreement (MSA). We integrate key features of rational addiction theory into a discrete-choice model of the demand for a differentiated product. We find that following the MSA firms set prices on a more elastic region of their demand curves. Using these estimates, we predict prices that would be charged under a variety of industry structures and pricing rules. Under the assumptions of firms' perfect foresight and constant marginal costs, we fail to reject the hypothesis that firms collude on a dynamic pricing strategy.
In: Journal of political economy, Band 129, Heft 11, S. 2995-3038
ISSN: 1537-534X
In: Working Paper 17-WP 576, December 2017, Center for Agricultural and Rural Development Iowa State University
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In: Forthcoming, The Review of Economic Studies
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In: Forthcoming, The Review of Economic Studies
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In: CESifo Working Paper No. 8115
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In: The Rand journal of economics, Band 50, Heft 3, S. 615-644
ISSN: 1756-2171
AbstractWe develop a discrete‐choice model of differentiated products for US corn and soybean seed demand to study the welfare impact of genetically engineered (GE) crop varieties. Using a unique data set spanning the period 1996–2011, we find that the welfare impact of the GE innovation is significant. In the last five years of the period analyzed, our preferred counterfactual indicates that total surplus due to GE traits was $5.18 billion per year, with seed manufacturers appropriating 56% of this surplus. The seed industry obtained more surplus from GE corn, whereas farmers received more surplus from GE soybeans.
In: CEPR Discussion Paper No. DP12730
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