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The "Matthew effect" and market concentration : search complementarities and monopsony power
Fernández-Villaverde, Jesús; Mandelman, Federico S.; … - 2021
. Reductions in search costs increase market concentration, lower the labor income share, and increase wage inequality. …
Persistent link: https://www.econbiz.de/10012433938
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Is the rent too high? : land ownership and monopoly power
Watson, C. Luke; Ziv, Oren - 2021
We investigate the sources, scope, and implications of landowner market power. We show how zoning regulations generate spillovers through increased markups and derive conditions under which restricting landownership concentration reduces rents. Using newbuilding-level data from New York City, we...
Persistent link: https://www.econbiz.de/10012421225
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Inequality and market concentration, when shareholding is more skewed than consumption
Gans, Joshua; Leigh, Andrew; Schmalz, Martin C.; … - 2018
Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals or households can be both consumers and shareholders, the impact of market power on inequality depends in part on the relative distribution of consumption and corporate equity...
Persistent link: https://www.econbiz.de/10011942732
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Oligopoly, macroeconomic performance, and competition policy
Azar, José; Vives, Xavier - 2018
We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...
Persistent link: https://www.econbiz.de/10011891742
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Inequality and market concentration : new evidence from Australia
Hotchin, Lachlan; Leigh, Andrew - 2024
Are excessively concentrated markets inequitable as well as inefficient? We explore this issue by analyzing the degree of market concentration in the industries where Australia's wealthiest made their fortunes. Compared with the economy at large, we find that top wealth holders have tended to...
Persistent link: https://www.econbiz.de/10014470410
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Product differentiation and oligopoly : a network approach
Pellegrino, Bruno - 2023
This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...
Persistent link: https://www.econbiz.de/10013503368
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Complementary bidding mechanisms and startup costs in electricity markets
Reguant, Mar - 2014
I extend multi-unit auction estimation techniques to a setting in which firms can express cost complementarities over … these complementarities, which in these markets arise due to startup costs. I find that startup costs are substantial and … settings, I find that startup costs limit the ability of firms to change production over time, exacerbating fluctuations in …
Persistent link: https://www.econbiz.de/10010356362
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Market concentration in Europe : evidence from antitrust markets
Affeldt, Pauline Luise; Duso, Tomaso; Gugler, Klaus; … - 2021
An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...
Persistent link: https://www.econbiz.de/10012421242
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Growing by the masses revisiting the link between firm size and market power
Afrouzi, Hassan; Drenik, Andres; Kim, Ryan - 2020
How are a firm's size and market power related to one another? Combining micro-data about producers and consumers, we document that while firms mainly grow by selling to more customers, their markups are only associated with their average sales per customer. To study the macroeconomic...
Persistent link: https://www.econbiz.de/10012300240
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Concentrating on the fall of the labor share
Autor, David H.; Dorn, David; Katz, Lawrence F.; … - 2017
The recent fall of labor's share of GDP in numerous countries is well-documented, but its causes are poorly understood. We sketch a "superstar firm" model where industries are increasingly characterized by "winner take most" competition, leading a small number of highly profitable (and low labor...
Persistent link: https://www.econbiz.de/10011602754