Local Protectionism, Market Structure, and Social Welfare: China’s Automobile Market

Social Welfare Maximization for Hybrid Market

Electricity markets throughout the world continue to be opened to competitive forces. The underlying objective of introducing competition to these markets is to make them more efficient. It is a general concept of capitalism that if fair and equitable market structures are created, which give all market participants incentives to maximize their own individual welfare, then the market as a whole...

Market Structure and Price Adjustment in the Iranian Tea Market

Inventories and the automobile market

This paper studies the within-model-year pricing, production, and inventory management of new automobiles. Using new monthly data on U.S. transaction prices, we document that, for the typical vehicle, prices fall over the model year at a 9.0 percent annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate an industry model for new automob...

Automobile Prices in Market Equilibrium

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An Analysis of Japanese Automobile Market in Market Equilibrium

Analyzing consumers’ product preferences has become more powerful tool as information technology progresses and marketing methods improves. Using POS data, we can analyze consumers characteristics and their diversity. In many cases, however, we may not be able to get hold of the individually-based micro data. In this paper, we empirically analyze Japanese automobile market using market-level ag...