Rising Markups and the Role of Consumer Preferences

• 成果类型: Article; Early Access
• 署名作者: Doepper, Hendrik; MacKay, Alexander; Miller, Nathan H.; Stiebale, Joel
• 署名单位: University of Virginia; Georgetown University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/735510
• 发表日期: 2025
• 关键词: differentiated products; market power; prices; monopoly; demand; models; GOODS; time; rise

摘要

We analyze the evolution of markups for consumer products in the United States from 2006 to 2019. Using detailed data on prices and quantities for products in more than 100 distinct categories, we obtain a panel of markups, marginal costs, and flexible consumer preferences. Our empirical strategy uses separate random coefficients logit models for each category and year and an assumption that firms set prices to maximize profits. We find that markups increased by about 30% on average over the sample period. We attribute this change to decreases in marginal costs and a decline in consumer price sensitivity.