Aggregation with Cournot Competition: An Empirical Investigation

Bertrand Koebel and Francois Laisney

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Abstract: This paper empirically investigates the existence of Cournot equilibrium and the validity of the Le Chatelier-Samuelson (LCS) principle in the aggregate. Whereas two well known existence conditions are statistically rejected, we cannot reject a third, original, condition. We also find some empirical evidence for the LCS principle, as well as both increasing and constant returns to scale for two-digit US manufacturing industries. The results highlight the importance of imperfect competition for understanding aggregate growth, investment and employment.

Keywords: Aggregation method; Le Chatelier-Samuelson Principle; Returns to Scale; Markup; Own-Price Elasticity; Market Power (search for similar items in EconPapers)
Date: 2016
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Published in Annals of Economics and Statistics, 2016, Annals of Economics and Statistics, 121/122, pp.91-119. ⟨10.15609/annaeconstat2009.121-122.91⟩

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Journal Article: Aggregation with Cournot Competition: An Empirical Investigation (2016)
Working Paper: Aggregation with Cournot competition: an empirical investigation (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01721823

DOI: 10.15609/annaeconstat2009.121-122.91

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