The Measurement of Productivity and Market Structure in the UK

Guglielmo Maria Caporale

Bulletin of Economic Research, 1994, vol. 46, issue 1, 61-70

Abstract: This paper explains how the Solow residual should be adjusted to provide a correct measure of productivity when markets are not perfectly competitive. Although the null hypothesis of a unity mark-up coefficient cannot be rejected, values greater than one also lie within the confidence interval. Hence the adjustment for imperfect competition should be carried out. The finding that the average mark-up coefficient in the UK is lower than in the US might reflect the higher degree of intra-EC import competition. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1994
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