Corn Market Dynamics and the Joint Executive Committee (1880 - 1886)

Franco Mariuzzo and Patrick Walsh ()
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Franco Mariuzzo: The Geary Institute University College Dublin

No 200923, Working Papers from Geary Institute, University College Dublin

Abstract: We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter’s (1983) analysis of industry demand, conduct and stability of the JEC railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of the JEC in its rate setting to the nature of rate setting, over alternative modes of conveyance, is very much predicted by the theoretical considerations in Haltiwanger and Harrington (1991). Periods of Cartel instability are triggered by unexpected booms in corn markets in New York, amongst other factors. The latter is consistent with the Green and Porter (1984) theory.

Keywords: Corn Market Spot and Future Weekly Prices in Chicago and New York; Demand Cycles; Inventory Management in New York; JEC Railroad Cartel Pricing; Outside Transportation Options; Structural Modeling. (search for similar items in EconPapers)
JEL-codes: L10 L92 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2009-06-16
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Persistent link: https://EconPapers.repec.org/RePEc:ucd:wpaper:200923

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