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Estimating Models of Supply and Demand: Instruments and Covariance Restrictions
American Economic Journal: MicroeconomicsWe consider the identification of empirical models of supply and demand with imperfect competition. We show that a restriction on the covariance between unobserved demand and cost shocks can resolve endogeneity and identify the price parameter.
Alexander Mackay, Nathan H. Miller
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Start-Up Costs and Market Power: Lessons from the Renewable Energy Transition
The American Economic ReviewFirms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents
A. Jha, Gordon W. Leslie
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Power Flows: Transmission Lines, Allocative Efficiency, and Corporate Profits
The American Economic ReviewAccelerated investment in electricity transmission could reduce total costs and enhance renewable integration. I document static allocative inefficiencies induced by incomplete market integration in 2 major US markets; these have risen over time and ...
Catherine Hausman
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Free Entry in a Cournot Market With Overlapping Ownership
Social Science Research NetworkWe examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that in most cases—and especially when overlapping ownership is already widespread—an increase in the extent of overlapping ownership
X. Vives, Orestis Vravosinos
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Intermediation and Steering: Competition in Prices and Commissions
, 2022We explore the implications of steering by an informed profit-maximizing intermediary. The intermediary steers consumers by recommending firms taking into account both the commissions firms offer and the prices they set.
T. Teh, Julian Wright
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Competition and Defaults in Online Search
Social Science Research NetworkThis paper offers the first systematic quantitative assessment of default-option interventions designed to mitigate Google's search dominance. By analyzing interventions in the European Economic Area (EEA), Russia, and Turkey, we find that across all ...
Francesco Decarolis +2 more
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Congestion Management Games in Electricity Markets
Social Science Research NetworkThis paper proposes a game-theoretic model to analyze the strategic behavior of inc-dec gaming in market-based congestion management (redispatch). We extend existing models by considering incomplete information about competitors’ costs and a finite set ...
Karl-Martin Ehrhart +6 more
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Market power in wholesale funding: A structural perspective from the triparty repo market
Journal of Financial Economics, 2023I model and structurally estimate the equilibrium rates and volume on the Triparty repo market to study imperfect competition in wholesale funding. Even in this systemically important market, where seemingly homogeneous repos trade, I document persistent
Amy Wang Huber
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Labor Market Power and Development
American Economic Review: InsightsImperfect competition in labor markets can lead to efficiency losses and lower aggregate output. This paper examines how variations in labor market competitiveness may account for differences in GDP per capita among countries.
Tristany Armangué-Jubert +2 more
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Market Structure, Oligopsony Power, and Productivity
Social Science Research Network, 2021I examine the effects of oligopsony power on allocative efficiency and income redistribution by studying a size regulation in the Chinese tobacco industry that led to ownership consolidation.
M. Rubens
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