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Author : John Montgomery Roberts
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.F/5 ( download)
Download or read book Two Studies of Price and Marginal Cost in U.S. Manufacturing Industry written by John Montgomery Roberts and published by . This book was released on 1987 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Ernest Hall
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.3/5 (9 download)
Download or read book The Relation Between Price and Marginal Cost in U.S. Industry written by Robert Ernest Hall and published by . This book was released on 1986 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of data on labor input and the quantity of output reveals that most U.S. industries have marginal costs far below their prices. The corilusion rests on the empirical finding that cyclical variations in labor input are small compared to variations in output. In booms, firms produce substantially more output and sell it for a price that exceeds the costs of the added inputs. The paper documents the disparity between price and marginal cost, where marginal cost is estimated from variations in cost from one year to the next. It considers a wide variety of explanations of the flndings that are consistent with competition, but none is found to be plausible.
Author : Mark Bils
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (247 download)
Download or read book Understanding how Price Responds to Costs and Production written by Mark Bils and published by . This book was released on 1999 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of sticky prices in business cycle fluctuations has been debated for many years. But we argue, based on a large empirical literature from the 1950's and 60's, that it is necessary to distinguish the response of price to an increase in factor prices from its response to an increase in marginal cost generated by an expansion in production. Consistent with that earlier literature, we find for 450 U.S. manufacturing industries that prices do respond more to increases in costs driven by changes in factor prices than to increases in marginal cost precipitated by expansions in output. We explore two models that can potentially explain these findings. Both break the link between price and marginal cost, thereby generating what one might naively interpret as average-cost pricing. The first is driven by firms pricing to limit entry. The second is driven by firms pricing to limit non-price competition within their market
Author : Norman R. Collins
Publisher : Univ of California Press
ISBN 13 : 0520357965
Total Pages : 182 pages
Book Rating : 4.5/5 (23 download)
Download or read book Concentration and Price-Cost Margins in Manufacturing Industries written by Norman R. Collins and published by Univ of California Press. This book was released on 2022-04-29 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors Collins and Preston, who have collaborated on earlier studies of industrial organization and marketing, are here concerned with the relationship between business concentration and profitability in American manufacturing industries. Economic theory states that prices are higher and price-cost margins wider under conditions of monopoly than under those of competition. the problem in applying this theoretical conclusion to empirical analysis and economic policy is that a gap exists between the theoretical concept of monopoly on the one hand and the measurement of concentration on the other. A number of earlier studies have analyzed samples of available data to relate measured concentration to profitability. the present study reviews these previous efforts and provides a common basis for comparison of them. It then analyzes statistical data for the year 1958 in order to obtain an extensive new collection of empirical results. This analysis focuses specifically on the inter-industry variability of price-cost margins, and seeks to explain this variability in terms of differences in concentration and other variables. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1968.
Author : Sharat Ganapati
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book Energy Prices, Pass-Through, and Incidence in U.S. Manufacturing written by Sharat Ganapati and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how increases in energy input costs for production are split between consumers and producers via changes in product prices (i.e., pass-through). We show that in markets characterized by imperfect competition, marginal cost pass-through, a demand elasticity, and a price-cost markup are sufficient to characterize the relative change in welfare between producers and consumers due to a change in input costs. We find that increases in energy prices lead to higher plant-level marginal costs and output prices but lower markups. This suggests that marginal cost pass-through is incomplete, with estimates centered around 0.7. Our confidence intervals reject both zero pass-through and complete pass-through. We find heterogeneous incidence of changes in input prices across industries, with consumers bearing a smaller share of the burden than standard methods suggest.
Author : Burt Clifford Bean
Publisher :
ISBN 13 :
Total Pages : 214 pages
Book Rating : 4.:/5 (5 download)
Download or read book The Cost of Production written by Burt Clifford Bean and published by . This book was released on 1905 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas A. Abbott
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)
Download or read book Price Dispersion in U.S. Manufacturing written by Thomas A. Abbott and published by . This book was released on 1992 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Ernest Hall
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (16 download)
Download or read book Using Empirical Marginal Cost to Measure Market Power in the US Economy written by Robert Ernest Hall and published by . This book was released on 2018 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market power arises in the case where a seller is aware that raising output will depress price. In the profit-maximizing equilibrium with market power, price exceeds marginal cost. The Lerner index -- the ratio of price less marginal cost to the price -- is a widely accepted measure of market power. Measuring marginal cost is a challenge. This paper develops and applies a direct empirical approach -- marginal cost is measured as the ratio of the observed change in cost to the observed change in output. Because marginal cost is a partial derivative, both changes need to be adjusted for other sources of change. Thus marginal cost is the ratio of (1) the change in cost not associated with changes in input prices to (2) the change in output not associated with productivity change. I develop data for the 60 KLEMS industries for this measure. I find a typical Lerner index of 0.15. Lerner indexes grew moderately between 1988 and 2015.
Author : Sharat Ganapati
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (95 download)
Download or read book Energy Prices, Pass-Through, and Incidence in U.S. Manufacturing written by Sharat Ganapati and published by . This book was released on 2016 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how increases in energy input costs for production are split between consumers and producers via changes in product prices (i.e., pass-through). We show that in markets characterized by imperfect competition, marginal cost pass-through, a demand elasticity, and a price-cost markup are sufficient to characterize the relative change in welfare between producers and consumers due to a change in input costs. We find that increases in energy prices lead to higher plant-level marginal costs and output prices but lower markups. This suggests that marginal cost pass-through is incomplete, with estimates centered around 0.7. Our confidence intervals reject both zero pass-through and complete pass-through. We find heterogeneous incidence of changes in input prices across industries, with consumers bearing a smaller share of the burden than standards methods suggest.
Author : R. H. Barback
Publisher :
ISBN 13 :
Total Pages : 196 pages
Book Rating : 4.:/5 (41 download)
Download or read book The Pricing of Manufactures written by R. H. Barback and published by . This book was released on 1964 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: UK. Case studies. Price decision making in various manufacturing industries.
Download or read book The Relation Between Price and Marginal Cost in U.S. Industry written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roger L. Conkling
Publisher : Routledge
ISBN 13 : 1317465237
Total Pages : 208 pages
Book Rating : 4.3/5 (174 download)
Download or read book Marginal Cost in the New Economy: A Proposal for a Uniform Approach to Policy Evaluations written by Roger L. Conkling and published by Routledge. This book was released on 2015-04-29 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents an approach for resolving a variety of public policy debates. It proposes that a single standard - marginal cost methodology - be adopted to replace the haphazard arrays of methods and techniques currenly employed to measure the costs and benefits of disputed policy issues.
Author : Baily, Martin N., and Clifford M. Winston.
Publisher : IICA
ISBN 13 :
Total Pages : 388 pages
Book Rating : 4./5 ( download)
Download or read book Brookings Papers on Economic Activity written by Baily, Martin N., and Clifford M. Winston. and published by IICA. This book was released on with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (151 download)
Download or read book Market Structure and Cyclical Fluctuations in U.S. Manufacturing written by and published by . This book was released on 1986 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 436 pages
Book Rating : 4.3/5 (129 download)
Download or read book Energy Abstracts for Policy Analysis written by and published by . This book was released on 1988 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert E. Hall
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (16 download)
Download or read book New Evidence on the Markup of Prices Over Marginal Costs and the Role of Mega-Firms in the US Economy written by Robert E. Hall and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the price/average cost ratio understates the price/marginal cost ratio when fixed costs are present. In particular, in free-entry equilibrium, where revenue equals cost, the price/average cost ratio is always one, while the price/marginal cost ratio may be above one. The idea here is to calculate marginal cost as the ratio of the adjusted expenditure on inputs to the adjusted change in output. The first adjustment is to remove the change in expenditure that arises from the changes in input costs. The second adjustment is to remove the change in output attributed to productivity growth. Application to KLEMS productivity data finds a typical markup ratio of 1.3. Markup ratios grew between 1988 and 2015. For mega-firms, the paper uses employment at firms with 10,000+ workers. Substantial heterogeneity occurs across sectors and in growth rates. There is no evidence that mega-firm-intensive sectors have higher price/marginal cost markups, but some evidence that markups grew in sectors with rising mega-firm intensity.
Author : Stanford University
Publisher :
ISBN 13 :
Total Pages : 424 pages
Book Rating : 4.F/5 ( download)
Download or read book Annual Commencement written by Stanford University and published by . This book was released on 1987 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
