Oligopoly Pricing in the World Wheat Market

Chris M. Alaouze, A. S. Watson and N. H. Sturgess

American Journal of Agricultural Economics, 1978, vol. 60, issue 2, 173-185

Abstract: When the residual demand curve for wheat facing the United States and Canada shifts to the left, or when the exportable surplus of Australia is large, market-shares of these duopolists are reduced. Such circumstances lead to the formation of a market-share triopoly with Australia. The evidence for this proposition is examined and a model of triopoly pricing in the world wheat market is presented. If major exporters continue to be concerned with relative market-shares, the triopoly will reform, stocks will accumulate, and lower prices will prevail; however, prices will be more variable, and possibly higher, than before 1972/73.

Date: 1978
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