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The social costs of monopoly power

Опубликовано на портале: 07-02-2003
Economic Journal. 1978.  Vol. 88. No. 352. P. 727-748. 
In 1954, Arnold Harberger estimated the welfare losses from monopoly for the United States at o.i of 1% of GNP. Several studies have appeared since, reconfirming Harberger's early low estimates using different assumptions. The present paper levels several objections against the Harberger-type approach. It then calculates estimates of the welfare loss from monopoly using procedures derived to meet these objections, and obtains estimates significantly greater than those of previous studies. Although several of the objections we make have been made by other writers, none has systematically adjusted the basic Harberger technique to take them into account. Thus all previous estimates of monopoly welfare losses suffer in varying degrees from the same biases incorporated in Harberger's original estimates. We present estimates for both the United States and the United Kingdom based on data gathered at the firm level. [Авторский текст]

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