Price Leadership and Welfare Losses in U.S. Manufacturing

Micha Gisser

American Economic Review, 1986, vol. 76, issue 4, 756-67

Abstract: A model of price leadership is used to estimate the welfare losses dueto monopoly in U.S. Manufacturing. Given that the leaders behave independently, an hypothesis confirmed empirically, the deadweight lossis estimated at 0.114 percent of GNP based on a sample of 445 four-digit industries. This estimate lends strong support to Arnold C.Harberger's finding of thirty years ago. Copyright 1986 by American Economic Association.

Date: 1986
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