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Market Power, Scale Economies and Productivity: Estimates from a Panel of Establishment Data

Tor Klette

Journal of Industrial Economics, 1999, vol. 47, issue 4, 451-76

Abstract: This paper presents a new econometric framework that permits simultaneous estimation of price-cost margins, scale economies and productivity from a panel of establishment data. The model contains only a few, economically interesting parameters to be estimated, but it is nevertheless consistent with a flexible (translog) underlying technology, quasi-fixed capital and the presence of persistent differences in productivity between establishments. The framework is applied to study market power, scale economies and productivity differences in a number of manufacturing industries in Norway. The results reveal statistically significant, but quite small, margins between price and marginal costs in most manufacturing industries. Copyright 1999 by Blackwell Publishing Ltd

Date: 1999
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Journal of Industrial Economics is currently edited by Pierre Regibeau, Yeon-Koo Che, Kenneth Corts, Thomas Hubbard, Patrick Legros and Frank Verboven

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