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Estimating the Degree of Market Power in the Beef Packing Industry
John R. Schroeter
The Review of Economics and Statistics
Vol. 70, No. 1 (Feb., 1988), pp. 158-162
Published by: The MIT Press
Stable URL: http://www.jstor.org/stable/1928165
Page Count: 5
You can always find the topics here!Topics: Beef, Market prices, Industrial market, Price distortions, Cost functions, Market power, Supply, Statistical estimation, Revenue, Monopsony
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A technique for assessing the degree of monopoly power, developed by Appelbaum (1979, 1982), is extended here to permit measurement of monopsony power as well. Data from the U.S. beef packing industry are examined. The results reveal small, but statistically significant monopoly/monopsony price distortions in slaughter cattle and wholesale beef markets but, in spite of a recent trend toward heightened concentration in the industry, give no indication that performance has become appreciably less competitive of late.
The Review of Economics and Statistics © 1988 The MIT Press