Journal Article

Oligopoly Power in the Food and Tobacco Industries

Sanjib Bhuyan and Rigoberto A. Lopez

in American Journal of Agricultural Economics

Published on behalf of Agricultural and Applied Economics Association

Volume 79, issue 3, pages 1035-1043
Published in print August 1997 | ISSN: 0002-9092
Published online August 1997 | e-ISSN: 1467-8276 | DOI: http://dx.doi.org/10.2307/1244442
Oligopoly Power in the Food and Tobacco Industries

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In this article we estimate and test for the degree of oligopoly power and economies of scale in forty food and tobacco industries using the New Empirical Industrial Organization (NEIO) framework and four-digit SIC data. Lerner indices and elasticities of scale are compared throughout the entire food and tobacco industries. T-tests verify that all but three of these industries exert statistically significant degrees of oligopoly power and that over 82% of these industries exhibit nonconstant returns to scale. The empirical results also provide estimates of the price elasticities of demand for each industry.

Keywords: economies of scale; elasticity of demand; food and tobacco industries; market power; NEIO; oligopoly power; returns to scale; L130; L660

Journal Article.  0 words. 

Subjects: Manufacturing ; Market Structure, Firm Strategy, and Market Performance

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