estimation of our model challenging, because we cannot observe the inputs into her decision process. Nevertheless, we are able to …

producers. A robust prediction of oligopoly theory is that larger markets are more competitive and have lower price-cost markups …. Because producers in more competitive markets must sell more at a lower markup to recover their fixed costs, oligopoly theory … not this prediction of oligopoly theory carries over to competition among many producers. Our analysis uses observations …

record- value theory, a branch of statistics that deals with the timing and magnitude of extreme values in sequences of …