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IUJ: Research outputs: Working Paper
Working Paper

No EMS-2006-06
Title Measuring Market Power in a Dynamic Oligopoly Model: The Dallas-Forth Worth Milk Market Case
Author Donghun Kim
Year 2006
AbstractText We derive a dynamic structural model based on a dynamic supergame model and measure market power for the Dallas-Forth Worth milk market in the U.S. In particular, we analyze the cyclical behavior of firm conduct and evaluate bias in static market-power measures in a unified manner by deriving and estimating a dynamic first-order condition for profit maximization. We find that firm conduct in the Dallas-Forth Worth milk market is countercyclical against demand shocks and expected future cost shocks. We also demonstrate that the conduct parameter in a static model underestimates true market power if firms' behaviors are posited by a dynamic supergame.
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