Political Market Power Reflected in Milk Pricing Regulations
通过分析美国牛奶营销令中按用途定价的模式，发现政府设定的价格差异远低于垄断利润最大化水平，表明生产者相对消费者的政治福利权重较小。
Abstract We investigate revealed political market power reflected in the pattern of price discrimination by end use that is the hallmark of U.S. milk marketing orders. We show that the pattern of prices that would maximize producer profits, if producers operated a cartel with monopoly power in a regional market, is far above actual government‐set price differentials between milk used for fluid products and that used for manufactured products. The pattern of actual price differentials is consistent with political welfare weights for producers relative to consumers that are small compared to the weights that would yield maximum producer profits.