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Testing For "Monopoly" Equilibrium
Abstract
This paper develops a very general test for "monopoly." Using standard comparative statics analysis, the authors derive testable restrictions on the firm's reduced-form revenue equation which must be satisfied by any profit-maximizing firm whose choices are not affected by either strategic interactions or the threat of entry. For such an unfettered monopolist, the sum of the factor price elasticities of the reduced-form revenue equation must be nonpositive. The set of interesting alternative hypotheses is not empty. The authors develop simple models of oligopolistic, competitive, and monopolistically-competitive markets for which this test statistic may take on positive values. Copyright 1987 by Blackwell Publishing Ltd.
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Citations
Cited by
Chapter 17 Empirical studies of industries with market power
Bresnahan, T. F. (1989) · Handbook of Industrial Organization · doi:10.1016/s1573-448x(89)02005-4 · Cited by 1,271
Bank competition and stability: Cross-country heterogeneity
Beck, T., De Jonghe, O., & Schepens, G. (2013) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2012.07.001 · Cited by 1,021
Bank competition and financial stability in Asia Pacific
Fu, X. (., Lin, Y. (., & Molyneux, P. (2014) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.09.012 · Cited by 608
Ciliberto, F., & Williams, J. W. (2014) · The RAND Journal of Economics · doi:10.1111/1756-2171.12070 · Cited by 186
Competition in the Financial Sector: Overview of Competition Policies
Claessens, S. (2009) · The World Bank Research Observer · doi:10.1093/wbro/lkp004 · Cited by 157
Metadata
- Authors
- Panzar, J. C., & Rosse, J. N.
- Venue
- The Journal of Industrial Economics
- Publisher
- JSTOR
- Published
- 1987-06
- Volume
- 35
- Issue
- 4
- Pages
- 443
- ISSN
- 0022-1821 (ISSN-L)
- OpenAlex
- W1970802204
- Cited by
- 1,363
- References
- 0
- FWCI
- 6.96
- Type
- journal article
- Language
- en
- Open access
- closed
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- Panzar, J. C., & Rosse, J. N. (1987). Testing For "Monopoly" Equilibrium. The Journal of Industrial Economics. https://doi.org/10.2307/2098582
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
