| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25251 |
| 来源ID | Working Paper 25251 |
| Using Empirical Marginal Cost to Measure Market Power in the US Economy | |
| Robert E. Hall | |
| 发表日期 | 2018-11-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Microeconomics ; Households and Firms ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w25251 |
| 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/582925 |
| 推荐引用方式 GB/T 7714 | Robert E. Hall. Using Empirical Marginal Cost to Measure Market Power in the US Economy. 2018. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25251.pdf（2424KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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