LONG‐RUN EQUILIBRIUM IN THE EMPIRICAL STUDY OF MONOPOLY AND COMPETITION
作者:
MARK Glick,
HANS Ehrbar,
期刊:
Economic Inquiry
(WILEY Available online 1990)
卷期:
Volume 28,
issue 1
页码: 151-162
ISSN:0095-2583
年代: 1990
DOI:10.1111/j.1465-7295.1990.tb00808.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
A long‐run tendency of industry profit rate to converge to a single competitive level has been a fundamental tenet of the industrial organization approach to the study of competitiveness in a market economy. This paper shows that for the post World War II period a weak equalization can be econometrically identified with different reaction speeds by industry. However, persistent profit rate differences endure. Finally, a portfolio theory of risk is considered as an explanation of these differential
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