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Social and Behavioral Sciences Commons™

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Industrial Organization

Selected Works

1990

Articles 1 - 2 of 2

Full-Text Articles in Social and Behavioral Sciences

Testing Oligopolistic And Oligopsonistic Behaviour: An Application To The U.S. Meat-Packing Industry, Azzeddine Azzam, Emilio Pagoulatos Dec 1989

Testing Oligopolistic And Oligopsonistic Behaviour: An Application To The U.S. Meat-Packing Industry, Azzeddine Azzam, Emilio Pagoulatos

Azzeddine Azzam

This paper extends the conjectural approach in industrial organization to the analysis of imperfections in output and factor markets. Starting from the specification of a production function, the econometric analysis is based on the formulation and estimation of a simultaneous-equation model consisting of production function, first-order conditions associated with factor employment, and two conjectural elasticities to parameterize the industry's oligopoly and oligopsony equilibria. As an example, we provide and application to the U.S. meat-packing industry. Our results suggest that the industry exercises market power in both the output (meat) market and the factor (live animal) market.

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Problematic Relations: Franchising And The Law Of Incomplete Contracts, Gillian K. Hadfield Dec 1989

Problematic Relations: Franchising And The Law Of Incomplete Contracts, Gillian K. Hadfield

Gillian K Hadfield

This paper explores an alternative approach to the analysis of franchise contracts which takes seriously their unavoidable incompleteness. The point of departure is the fundamental insight of relational contracting theory, namely that when a contract is embedded within an identifiable relationship, such as the franchise relationship, contractual obligations are often modified, supplemented or completely supplanted by the norms of the ongoing relation. Thus far, the explication of this insight has been along largely theoretical lines. My objective in this article is to further develop the theoretical analysis of the importance of relational elements in order to fashion operational guidelines for …

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