Competitive Conditions in the Turkish Non-Life Insurance Industry
Kasman Adnan and
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Kasman Adnan: Dokuz Eylul University
Turgutlu Evrim: Dokuz Eylul University
Review of Middle East Economics and Finance, 2008, vol. 4, issue 1, 81-96
This paper investigates the evolution of market structure in the Turkish insurance industry over the period 1996-2004, using the Panzar and Rosse (1987) methodology. The sample period has been divided into three sub-periods (1996-1998, 1999-2001, and 2002-2004). The results suggest that in the first and second sub-periods, the insurance firms operating in the Turkish insurance industry earned revenues under the monopoly or conjectural variations short-run oligopoly. In the third period, however, the results indicate that the insurance market was neither monopolistic nor perfectly competitive. Firm revenues were earned as if operating under monopolistic competition. Overall, the results show that market concentration is not significantly related to competitive conduct.
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