Price-Cost Margins and Successive Market Power
研究下游企业卖方市场势力如何影响行业价格成本加成，基于古诺模型预测加成上升，与Lustgarten发现的双边市场势力压低加成相反，并用英国数据同时检验两种假说。
The aim of this paper is to investigate the impact on an industry's price-cost margin of firms in downstream industries having seller market power. We develop a detailed theoretical model based upon Cournot's work in this area which predicts that margins are raised by an increase in successive market power of this type. Our prediction contrasts with work by Lustgarten, who found that bilateral market power depressed margins; we explain our result intuitively in terms of two opposing effects. In our regression analysis on U. K. data we test the two hypotheses simultaneously and find both confirmed.