Estimation of Market Power in a Nonrenewable Resource Industry
提出通过联合估计受限成本函数和逆供给关系来准确衡量不可再生资源产业中的市场势力，并以国际镍业最大企业的数据证明价格远超边际成本主要源于市场势力而非资源使用者成本。
In nonrenewable resource industries, the existence of a markup of price over marginal market cost may reflect the existence of an implicit user cost for the resource rather than market power. We show that valid estimates of market power can be obtained by the joint estimation of a restricted cost function and an inverse supply relation. Estimation of the model with data for the largest firm in the international nickel industry indicates that output price substantially exceeded marginal market cost, with most of the difference due to the exercise of market power rather than the user cost of the resource.