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Competition in large markets

Author: Jeffrey R Campbell; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research.
Series: Working paper series (National Bureau of Economic Research), no. 11847.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: This paper develops a simple and robust implication of free entry followed by competition without substantial strategic interactions: Increasing the number of consumers leaves the distributions of producers' prices and other choices unchanged. In many models featuring non-trivial strategic considerations, producers' prices fall as their numbers increase. Hence, examining the relationship between market  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeffrey R Campbell; National Bureau of Economic Research.
OCLC Number: 62676426
Notes: December 2005.
Cover title.
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 11847.
Responsibility: Jeffrey R. Campbell.

Abstract:

Abstract: This paper develops a simple and robust implication of free entry followed by competition without substantial strategic interactions: Increasing the number of consumers leaves the distributions of producers' prices and other choices unchanged. In many models featuring non-trivial strategic considerations, producers' prices fall as their numbers increase. Hence, examining the relationship between market size and producers' actions provides a nonparametric tool for empirically discriminating between these distinct approaches to competition. To illustrate its application, I examine observations of restaurants' seating capacities, exit decisions, and prices from 224 U.S. cities. Given factor prices and demographic variables, increasing a city's size increases restaurants' capacities, decreases their exit rate, and decreases their prices. These results suggest that strategic considerations lie at the heart of restaurant pricing and turnover.

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