Unobservable Transactions Price and the Measurement of a Supply and Demand Model for the American Steel Industry
构建了1920-1972年美国钢铁行业的供需联立模型，区分了公布价格与实际交易价格，并考虑寡头市场特征，发现需求结果符合理论，但供给端存在投入价格参数问题。
Abstract This article develops a simultaneous supply-and-demand model of the American steel industry for the years 1920–1972. The analysis takes into account the differences between published (book) and actual transactions prices. The model also provides for the oligopolistic nature of the steel market and the possibility that price may deviate from marginal cost. The demand results are in conformance with theory and earlier empirical work, but on the supply side some problems exist with the input price parameters. A reason for this situation may be that the steel industry is a large user of some inputs, making the relationship between steel output and these factor prices simultaneous. KEY WORDS: Econometric market regression analysis