| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w7710
|
| 来源ID | Working Paper 7710
|
| A Dynamic Analysis of the Market for Wide-Bodied Commercial Aircraft |
| C. Lanier Benkard
|
| 发表日期 | 2000-05-01
|
| 出版年 | 2000
|
| 语种 | 英语
|
| 摘要 | This paper develops a multi-agent dynamic model of the commercial aircraft industry and then uses that model to analyze industry pricing, industry performance, and optimal industry policy. In the model, firms are differentiated in their products and cost structure, and entry, exit, prices, and quantity sold are endogenously determined in dynamic equilibrium. Re ecting the focus of the paper, demand and supply are modeled structurally, while investment is modeled in reduced form. The model utilizes a cost model of commercial aircraft production developed and estimated in a previous paper (Benkard (2000)), and a discrete choice model of commercial aircraft demand to determine static profits. I find that many unusual aspects of the aircraft data, such as high concentration and pricing below the level of static marginal cost, are explained by this model. The model also replicates the stochastic evolution of the industry well. Many of these properties could not be explained with a static model. These results provide support for the structural dynamic modeling approach in general. I also find that the unconstrained Markov perfect equilibrium is quite efficient from a social perspective, providing only 9% less welfare on average than a social planner would obtain, but that the Markov perfect equilibrium shifts a substantial amount of welfare from consumers to producers. Finally, I provide simulation evidence that an anti-trust policy in the form of a concentration restriction would be welfare reducing with high probability. |
| 主题 | Industrial Organization
; Market Structure and Firm Performance
|
| URL | https://www.nber.org/papers/w7710
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565271
|
推荐引用方式
GB/T 7714 |
C. Lanier Benkard. A Dynamic Analysis of the Market for Wide-Bodied Commercial Aircraft. 2000.
|
|
文件名：
|
w7710.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
