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1、TheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesPrice-CostMarginsandMarketStructureAuthor(s):KeithCowlingandMichaelWatersonSource:Economica,NewSeries,Vol.43,No.171(Aug.,1976),pp.267-274Publishedby:WileyonbehalfofTheLondonSchoolofEconomicsandPoliti
2、calScienceandTheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesStableURL:http://www.jstor.org/stable/2553125Accessed:15-08-201421:29UTCYouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableathttp://www.jstor.org/page/inf
3、o/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.Formoreinformat
4、ionaboutJSTOR,pleasecontactsupport@jstor.org.Wiley,TheLondonSchoolofEconomicsandPoliticalScienceandTheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoEconomica.http://www.jstor.orgThisconte
5、ntdownloadedfrom220.178.4.217onFri,15Aug201421:29:22UTCAllusesubjecttoJSTORTermsandConditionsEconomica,43,267-274.Price-CostMarginsandMarketStructureByKEITHCOWLINGandMICHAELWATERSONUniversityofWarwickandUniversityofNewcastleuponITyneIndustrialeconomistsfollowingfromMason
6、andBainhaveruninnumerabletests(largelyusingUSdata)oftherelationbetweenvariousmarketstructuralvariablesandvariousdimensionsofperformance.Themostpopularactivityhasbeentorelateprofitrates,variouslydefined,tomeasuresofconcentrationandbarrierstoentry,butthisactivityhasnotalwa
7、ysbeenclearlybasedonawell-definedtheoreticalmodel.Whenthetheoreticalmodelisspelledoutitbecomesobviousthatsomeinter-industryrelationshipsofthissortaremeaning-lessbecauseofcertainomittedvariables.Aprimeexampleistheomissionoftheindustrypriceelasticityofdemand,anomissionthat
8、impliesthestrongassump-tionthatdemandelasticityisconstantacrossindustrieswithinthecross-section.However
