We estimate changes in market structure in the US electric power industry during the last three decades carlton perloff modern industrial organization pdf two independent approaches. First, we estimate an industry-wide conjectural-variations parameter. We find that industry concentration was generally rising during the 1970s, but has been gradually and consistently falling since the early 1980s. To check the robustness of these results, we then use a translog production function to estimate the Lerner Index.
The results confirm that the industry was becoming less concentrated during the 1980s, though the Lerner Index tended to fluctuate during the late 1980s and early 1990s. Our results suggest that the current state of the electricity industry may have more to do with long-term changes in market structure than recent attempts to establish competitive wholesale electricity markets. Check if you have access through your login credentials or your institution. This paper estimates the effect of environmental regulations on the formation of small manufacturing establishments. Examining new business formations across 170 manufacturing industries over a ten-year span suggested that a greater intensity of environmental regulation is associated with fewer small business formations. There were no effects on the formation of large establishments, implying that environmental regulations put small entrants at a unit cost disadvantage. This finding is consistent with our arguments for compliance asymmetries, enforcement asymmetries, and statutory asymmetries.
Small Business Administration for their support of the completion of this research. We also thank the Managing Editor, Robert T. Deacon, and the anonymous reviewers for their role in the refinement of our research. Rubin provided a number of useful insights throughout the development of this manuscript. Abnormal Psychology – James N.
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