Three Studies in Industrial Economics: Competition and Industry Structure.
详细信息
文摘
Chapter 1 reviews alternative theories of competition - the standard Neoclassical view, the contribution of the Chicago School as well as the two dynamic lines of thought which are part of Austrian economics and Classical Political Economy. The latter is presented as a consistent alternative to the other existing theories. Of special interest is the question if and how industry structure matters in these approaches, how profitability differentials are explained and what role market share concentration and mobility barriers play. Their predictions and implications for empirical research are compared. Ways to test and evaluate these different approaches are described. Chapter 2 investigates econometrically how industry and micro level variables determine persistent differentials in the rate of return on assets in the U.S. The analysis is the first to use business segment data to explain long term profitability differentials. It presents new market concentration indicators that are superior to concentration ratios and allow to analyze an unpreceded amount of concentration and other data back to 1977. Critical concentration levels, non-linearities, interaction effects and previously ignored important control variables like industrial unionization are being considered. Concentration is found to have significant negative effects on profitability differentials. Barrier indicators are insignificant while market shares are positively correlated with long-run profitability. Concentration thus increases, not diminishes the degree of industrial competition. This is interpreted as evidence in support of Classical Political Economic competition theory. Chapter 3 presents a costs of production based industry analytical study that aims at consistency with Classical Political Economic thought. It investigates how growth of renewable electricity in Germany forces conventional power plants to shift towards more flexible operating regimes. The simulation of individual power plant load uses different current and future as well as alternative price and energy policy scenarios, four years of 15-minute interval data on system and renewable load as well as an unpreceded degree of detail on plant cost structures and technical characteristics. I find that the costs of electricity generation of cleaner, flexible thermal plants are positively effected by the transition. The competitiveness of inflexible baseload plants falls as they become more expensive than renewables. Lignite and nuclear power turns out to be unsuited to supplement renewable energy: a future exit reduces the average costs of electricity generation from conventional plants.