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| Jakubson, George; Jeong, Kap-Young; Kim, Donghun; Masson, Robert T.. |
| The influential Scherer and Ross text (1990, p. 411) states that the main question in empirical industrial organization in the latter part of the twentieth century is Bains (1951) collusion or agreement hypothesis versus Demsetzs (1973) superior firm hypothesis. Prior to the Federal Trade Commission Line-of-Business (LOB) studies the contending schools were deadlocked, but these studies led to a win being declared for the superiority hypothesis by Scherer writing with seven other LOB researchers (1987). These studies found that the effect of concentration on profits disappeared when controlling for firm shares. As many economists agreed, merger policy shifted away from a focus on agreement to applying a unilateral effects (non-cooperative... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Industrial Organization. |
| Ano: 2004 |
URL: http://purl.umn.edu/25181 |
