Further Tests of Static Oligopoly Models: Whiskey, 1882–1898
利用19世纪末美国威士忌行业数据，检验新实证产业组织（NEIO）方法在估计市场势力时的表现，发现该方法在市场势力较低时效果尚可，但加入成本信息后估计更准确。
Using data from the turn‐of‐the‐century whiskey industry, we conduct tests of the NEIO methodology similar to those conducted by Genesove and Mullin [1998]. Like Genesove and Mullin, we find that the NEIO methodology appears to perform reasonably well for low levels of market power. Conduct is somewhat overestimated, with estimates ranging from 0.17 to 0.35 as compared to direct estimates of 0.09. Cost parameters are generally underestimated. Estimates of conduct and remaining cost parameters improve significantly, however, with additional information on cost. Estimates improve further if conduct is allowed to have two regimes, which are identified based on historical evidence.