Market Power and the Cattle Cycle
研究了牛周期与买方市场势力之间的关系，发现牛存栏量增加不仅压低肉牛价格，而且买方市场势力会放大这种负效应，实证结果支持理论预测。
Abstract The relationship between the dynamic cattle cycle and the potential for market power in cattle purchases has rarely been studied. This paper provides a conceptual framework showing how the cattle cycle and buyer market power are related. Not only does a larger cattle stock lead to a lower fed cattle price, but the cattle stock's negative effect on price is magnified by the degree of buyer market power in cattle procurement. Empirical findings support the posited theoretical relationships and help explain why previous researchers reached different conclusions regarding the extent of market power in the industry.