and retailers. We show that the law has two conflicting effects on the share of profit between upstream and downstream …

The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis … empirical results show a moderate level of profit persistence, as well as a relatively low speed of adjustment to the steady …-state profit level, thus providing no support for the hypothesis that there is a lower persistence of profits in emerging markets …

Accomodated here is a measure space of economic agents, each regarded as a profit maximizing producer, each endowed …