What Determines Welfare Losses from Oligopoly Power in the Food and Tobacco Industries?

Author:

Bhuyan Sanjib,Lopez Rigoberto A.

Abstract

This paper estimates welfare losses in thirty-eight U.S. food and tobacco industries at the four-digit SIC level, then relates such losses to market structure and conduct variables to identify the welfare loss determinants. Empirical findings indicate that these losses are higher in markets characterized by high export intensity, high advertising expenditures, economies of scale, mergers and acquisitions, and market concentration. In addition, losses are larger in industries that sell finished consumer products and face lower import competition.

Publisher

Cambridge University Press (CUP)

Subject

Economics and Econometrics,Agronomy and Crop Science

Reference47 articles.

1. The role of buyer power in oligopoly models: An empirical study

2. U.S. International Trade Commission, Agriculture, Fisheries, and Forest Product Division. 1990. Data downloaded from tapes on imports, exports, and custom duties for 1987 across food and tobacco manufacturing sectors (four-digit SIC level), provided by David Ingersoll. December.

3. Foreign Competition and Domestic Industry Profitability;Esposito;Review of Economics and Statistics,1971

4. U.S. Department of Commerce, Bureau of Census. Various. Annual Survey of Manufacturers. Washington, D.C.

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