Market share instability: an application of unit root tests to the cigarette industry

Craig Gallet and John List

Natural Field Experiments from The Field Experiments Website

Abstract: This paper uses market share data to infer the nature of rivalry in the U.S. cigarette industry over the 1934-94 period. Unlike previous studies, which measure rivalry from various constructs of market share instability, we examine the time-series properties of market shares to determine whether or not rivalry is evident. Our empirical results imply that a majority of firm-level market shares are martingales, suggesting market shares have been unstable from 1934-94. This result leads us to conclude that rivalry in the cigarette industry has remained strong.

Date: 2001
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Journal Article: Market share instability: an application of unit root tests to the cigarette industry (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:feb:natura:00514

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