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Market Structure, Marketing Method, and Price Instability*

Market Structure, Marketing Method, and Price Instability* Data for metals sold on commodity exchanges and at prices set by producers are used to test the relationship between the organization of markets and the behavior of prices. On the production side the question is whether prices are more stable in concentrated industries. And on the sales side the question is whether markets where buyers are consumers have more stable prices than those with consumers and speculators. The recent increase in metal-price instability is explained by changes in the market-structure and organization variables. Foremost is increased reliance on commodity exchanges. Declines in concentration are of less importance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Quarterly Journal of Economics Oxford University Press

Market Structure, Marketing Method, and Price Instability*

The Quarterly Journal of Economics , Volume 106 (4): 32 – Nov 1, 1991

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References (28)

Publisher
Oxford University Press
Copyright
© 1991 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
ISSN
0033-5533
eISSN
1531-4650
DOI
10.2307/2937966
Publisher site
See Article on Publisher Site

Abstract

Data for metals sold on commodity exchanges and at prices set by producers are used to test the relationship between the organization of markets and the behavior of prices. On the production side the question is whether prices are more stable in concentrated industries. And on the sales side the question is whether markets where buyers are consumers have more stable prices than those with consumers and speculators. The recent increase in metal-price instability is explained by changes in the market-structure and organization variables. Foremost is increased reliance on commodity exchanges. Declines in concentration are of less importance.

Journal

The Quarterly Journal of EconomicsOxford University Press

Published: Nov 1, 1991

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