Testing Firm Conduct

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Tác giả: Marco Duarte, Lorenzo Magnolfi, Mikkel Sølvsten, Christopher Sullivan

Ngôn ngữ: eng

Ký hiệu phân loại: 005.14 Verification, testing, measurement, debugging

Thông tin xuất bản: 2023

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 196368

Comment: 38 pages, 3 figures, 5 tablesEvaluating policy in imperfectly competitive markets requires understanding firm behavior. While researchers test conduct via model selection and assessment, we present advantages of Rivers and Vuong (2002) (RV) model selection under misspecification. However, degeneracy of RV invalidates inference. With a novel definition of weak instruments for testing, we connect degeneracy to instrument strength, derive weak instrument properties of RV, and provide a diagnostic for weak instruments by extending the framework of Stock and Yogo (2005) to model selection. We test vertical conduct (Villas-Boas, 2007) using common instrument sets. Some are weak, providing no power. Strong instruments support manufacturers setting retail prices.
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