Estimating Market Power of U.S. Dairy Cooperatives in the Fluid Milk Market
采用结构计量模型分析美国液态奶供应链中的定价行为，发现乳制品合作社利用市场势力将农场牛奶价格推高至边际成本以上近9%，每年带来超过6亿美元的收入转移。
A structural econometric model of vertical relationships is adopted to identify pricing behavior in the supply chain for fluid milk in the United States. The model consists of a system of equations that allows estimation of oligopoly power of dairy co‐operatives and downstream firms, exploiting federal milk marketing order regulations to identify co‐operatives’ marginal cost. A key finding is that co‐operatives use their market power to raise the farm price of milk by almost 9% above marginal cost, resulting in an income transfer of more than $600 million per year in markets regulated by federal milk marketing orders.