Quantitative Techniques for Competition and Antitrust Analysis 9 pot

... June 95 ) Jul 95 Apr 95 Oct 95 Feb 96 May 96 Au g 96 Dec 96 Mar 97 Jun 97 Sep 97 MA RI + Figure 2 .9. Time effects in Rhode Island and Massachusetts (log price). Source: Milyo and Waldfogel ( 199 9). The ... y it (see, for example, Imbens andAngrist 199 4; Angrist 2004). 41 Milyo and Waldfogel ( 199 9), for example, collected data on prices from liquor stores n...

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... information about demand and in particular the own-price elastic- 40 This section draws on Harris and Simons ( 198 9) and also the working papers by O’Brien and Wickelgren (2003) and by Katz and ... used for market definition in a fashion not unrelated to the FERM test. To see why, we first recall the notion of a residual demand curve. First, following Landes and Posner ( 198 1)...

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... model imposes severe limitations on own- 446 9. Demand System Estimation 199 2q1 199 5q3 199 9q1 2002q3 2006q1 Date P Farm wage 4.2 4.4 4.6 4.8 5.0 5.2 Figure 9. 2. Farm wages plotted over time. At this ... model (see Banks et al. 199 7; Ryan and Wales 199 9). 13 In particular, it must be increasing in y, homogeneous in degree 0 in income and prices, and quasi- concave in income and...

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... small. For Lara, Adrian, and Tristan For Sara This page intentionally left blank Quantitative Techniques for Competition and Antitrust Analysis 8 1. The Determinants of Market Outcomes Demand at ... since understanding these key elements of economic analysis is crucial for an appropriate use of quantitative techniques. 1.1 Demand Functions and Demand Elasticities...

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