In the past 15 years, industrial-organization economists have significantly expanded the range of algorithms for calculating welfare losses due to imperfect competition. We compare eleven empirical estimates of economic losses due to market power in 47 U.S. food manufacturing industries, almost...

This paper estimates the relationships between market structure and the Lerner index of monopoly constructed from price data on processed food products sold through grocery stores. A theoretical model of a differentiated oligopoly specifies two determinants of price-cost margins: the...

This article surveys the theoretical and empirical literature on the economics of advertising during the last decade The survey notes several promising advances in theoretical modeling of the role of advertising in consumer choice and social welfare Numerous empirical investigations of food and...

With the end of the Supermarket Revolution in the 1970s, new forms of horizontal, vertical, and geographic competition have appeared to challenge the supremacy of the supermarket format. New retail formats like warehouse stores, supercenters, and fast-food outlets appear to affect local retail...

This paper presents and analyses economic data on 167 international cartels that were discovered by antitrust authorities after January 1990. The median cartel had five corporate members and generated $1.2 billion in sales during the collusive period. Nearly 40% of affected sales occurred in the...