MARKET-STRUCTURE, MARKETING METHOD, AND PRICE INSTABILITY

• 成果类型: Article
• 署名作者: SLADE, ME
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.2307/2937966
• 发表日期: 1991
• 页码: 1309-1340
• 关键词: COMMODITY-MARKETS; adjustment; variability; speculation; inflation; models

摘要

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.