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Measuring Market Power in the Ready-to-Eat Cereal Industry
The ready-to-eat cereal industry is characterized by high concentration, high price-cost margins, large advertising-to-sales ratios, and numerous introductions of new products. Previous researchersExpand
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A Practitioner's Guide to Estimation of Random�?Coefficients Logit Models of Demand
Estimation of demand is at the heart of many recent studies that examine questions of market power, mergers, innovation, and valuation of new brands in differentiated‐products markets. This paperExpand
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Mergers with differentiated products: the case of the ready-to-eat cereal industry
Traditional merger analysis is difficult to implement when evaluating mergers in industries with differentiated products. I discuss an alternative, which consists of demand estimation and the use ofExpand
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Identification With Imperfect Instruments
Dealing with endogenous regressors is a central challenge of applied research. The standard solution is to use instrumental variables that are assumed to be uncorrelated with unobservables. WeExpand
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Mergers When Prices are Negotiated: Evidence from the Hospital Industry
We estimate a bargaining model of competition between hospitals and managed care organizations (MCOs) and use the estimates to evaluate the effects of hospital mergers. We find that MCO bargainingExpand
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Sales and Consumer Inventory
Temporary price reductions (sales) are quite common for many goods and usually result in an increase in the quantity sold. We explore whether the data support the hypothesis that these increases are,Expand
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Identification of the oligopoly solution concept in a differentiated-products industry
A central part of the ''new empirical industrial organization'' has been the study of market power in homogenous-product industries. This paper discusses extension of these methods toExpand
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Why Do Manufacturers Issue Coupons? An Empirical Analysis of Breakfast Cereals
We explore the relationship between shelf prices and manufacturers' coupons for 25 ready-to-eat breakfast cereals. We find that shelf prices are lower during periods when coupons are available. ThisExpand
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Consumer shopping behavior: how much do consumers save?
This paper documents the potential and actual savings that consumers realize from four particular types of purchasing behavior: purchasing on sale; buying in bulk (at a lower per unit price); buyingExpand
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Do Prices and Attributes Explain International Differences in Food Purchases?
Food purchases differ substantially across countries. We use detailed household level data from the US, France and the UK to (i) document these differences; (ii) estimate a demand system for food andExpand
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