Estimating Market Power in the US Copper Industry

Claudio Agostini

Review of Industrial Organization, 2006, vol. 28, issue 1, pages 17-39

Abstract: Before 1978, most of the domestic copper production in the US and an important share of imports were traded at a price set by the major US producers. At the same time, the rest of the world was trading copper at prices determined in auction markets. This two-price system ended in 1978, when the largest US producers began using the Comex price of refined copper as a benchmark for setting their prices. Using this regime shift, I empirically test the competitive behavior of the US copper industry before 1978. The results show that copper prices were close to the levels predicted by a competitive model of the industry. Copyright Springer 2006

Keywords: Copper industry; market power; D40; D43; L13; L61; L72 (search for similar items in EconPapers)
Date: 2006
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