Spatial Price Competition: A Semiparametric Approach
We investigate the nature of price competition among firms that produce differentiated products and compete in markets that are limited in extent. We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent,...
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| Veröffentlicht in: | Econometrica 2002-05, Vol.70 (3), p.1111-1153 |
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| container_end_page | 1153 |
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| container_title | Econometrica |
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| creator | Pinkse, Joris Slade, Margaret E. Brett, Craig |
| description | We investigate the nature of price competition among firms that produce differentiated products and compete in markets that are limited in extent. We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent, and derive its asymptotic distribution. Our semiparametric approach allows us to discriminate among models of global competition, in which all products compete with all others, and local competition, in which products compete only with their neighbors. We apply our semiparametric estimator to data from U.S. wholesale gasoline markets and find that, in this market, competition is highly localized. |
| doi_str_mv | 10.1111/1468-0262.00320 |
| format | Article |
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We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent, and derive its asymptotic distribution. Our semiparametric approach allows us to discriminate among models of global competition, in which all products compete with all others, and local competition, in which products compete only with their neighbors. We apply our semiparametric estimator to data from U.S. wholesale gasoline markets and find that, in this market, competition is highly localized.</description><identifier>ISSN: 0012-9682</identifier><identifier>EISSN: 1468-0262</identifier><identifier>DOI: 10.1111/1468-0262.00320</identifier><identifier>CODEN: ECMTA7</identifier><language>eng</language><publisher>Oxford, UK and Boston, USA: Blackwell Publishers Ltd</publisher><subject>Applications ; Applied sciences ; Brands ; Competition ; Consistent estimators ; Consumers ; Consumption ; differentiated products ; Econometrics ; Economic competition ; Economic models ; Estimation ; Estimation methods ; Estimators ; Euclidean space ; Exact sciences and technology ; Gasoline ; instrumental variables ; Instrumental variables estimation ; Insurance, economics, finance ; Market competition ; Market prices ; Mathematics ; Monopolies ; Monopolistic competition ; nonparametric estimation ; Nonparametric inference ; Operational research and scientific management ; Operational research. Management science ; Parametric inference ; Petrol ; Petroleum marketers ; price competition ; Price elasticity ; Probability and statistics ; Product differentiation ; Profits ; Sciences and techniques of general use ; series estimators ; Spatial models ; Statistical analysis ; Statistics ; Studies ; Variables ; wholesale gasoline ; Wholesale prices ; Wholesale trade</subject><ispartof>Econometrica, 2002-05, Vol.70 (3), p.1111-1153</ispartof><rights>Copyright 2002 Econometric Society</rights><rights>The Econometric Society 2002</rights><rights>2003 INIST-CNRS</rights><rights>Copyright Econometric Society May 2002</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c5590-bf5b30b91e2d7c40eac08e3d33f02354ee634f2b7ff73a475f9d179c78cfadb73</citedby><cites>FETCH-LOGICAL-c5590-bf5b30b91e2d7c40eac08e3d33f02354ee634f2b7ff73a475f9d179c78cfadb73</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2692309$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/2692309$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,832,1417,27924,27925,45574,45575,58017,58021,58250,58254</link.rule.ids><backlink>$$Uhttp://pascal-francis.inist.fr/vibad/index.php?action=getRecordDetail&idt=13728966$$DView record in Pascal Francis$$Hfree_for_read</backlink></links><search><creatorcontrib>Pinkse, Joris</creatorcontrib><creatorcontrib>Slade, Margaret E.</creatorcontrib><creatorcontrib>Brett, Craig</creatorcontrib><title>Spatial Price Competition: A Semiparametric Approach</title><title>Econometrica</title><description>We investigate the nature of price competition among firms that produce differentiated products and compete in markets that are limited in extent. We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent, and derive its asymptotic distribution. Our semiparametric approach allows us to discriminate among models of global competition, in which all products compete with all others, and local competition, in which products compete only with their neighbors. We apply our semiparametric estimator to data from U.S. wholesale gasoline markets and find that, in this market, competition is highly localized.</description><subject>Applications</subject><subject>Applied sciences</subject><subject>Brands</subject><subject>Competition</subject><subject>Consistent estimators</subject><subject>Consumers</subject><subject>Consumption</subject><subject>differentiated products</subject><subject>Econometrics</subject><subject>Economic competition</subject><subject>Economic models</subject><subject>Estimation</subject><subject>Estimation methods</subject><subject>Estimators</subject><subject>Euclidean space</subject><subject>Exact sciences and technology</subject><subject>Gasoline</subject><subject>instrumental variables</subject><subject>Instrumental variables estimation</subject><subject>Insurance, economics, finance</subject><subject>Market competition</subject><subject>Market prices</subject><subject>Mathematics</subject><subject>Monopolies</subject><subject>Monopolistic competition</subject><subject>nonparametric estimation</subject><subject>Nonparametric inference</subject><subject>Operational research and scientific management</subject><subject>Operational research. Management science</subject><subject>Parametric inference</subject><subject>Petrol</subject><subject>Petroleum marketers</subject><subject>price competition</subject><subject>Price elasticity</subject><subject>Probability and statistics</subject><subject>Product differentiation</subject><subject>Profits</subject><subject>Sciences and techniques of general use</subject><subject>series estimators</subject><subject>Spatial models</subject><subject>Statistical analysis</subject><subject>Statistics</subject><subject>Studies</subject><subject>Variables</subject><subject>wholesale gasoline</subject><subject>Wholesale prices</subject><subject>Wholesale trade</subject><issn>0012-9682</issn><issn>1468-0262</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2002</creationdate><recordtype>article</recordtype><sourceid>8G5</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNqFkEtLJDEUhYMo2D7WblwUwrgrvZVnxV3TOO1Ao4KPBjchlU6Y9FR1lUk1jv_etCU9MBvDhUDOd04uB6GTAi6KdC4LysscMMcXAATDDhptX3bRCKDAueQl3kcHMS4BgKUZIfrQ6d7rOrsP3ths0jad7X3v29VVNs4ebOM7HXRj-yRn464LrTa_j9Ce03W0x1_3IXr6ef04uclnd9Nfk_EsN4xJyCvHKgKVLCxeCEPBagOlJQtCHGDCqLWcUIcr4Zwgmgrm5KIQ0ojSOL2oBDlE50Nu-vZ1bWOvGh-NrWu9su06KiJBcErLBJ79By7bdVil3RQGUpaMcJagywEyoY0xWKe64Bsd3lUBalOh2hSmNoWpzwqT48dXrI5G1y7olfHxn40IXErOE0cH7s3X9v27WHU9eRwP8aeDbRn7NmxtmEtMQCY5H2Qfe_t3K-vwR3FBBFPz26l6fplP5f10rmbkA68WlpY</recordid><startdate>200205</startdate><enddate>200205</enddate><creator>Pinkse, Joris</creator><creator>Slade, Margaret E.</creator><creator>Brett, Craig</creator><general>Blackwell Publishers Ltd</general><general>Econometric Society</general><general>Blackwell</general><general>Blackwell Publishing Ltd</general><scope>BSCLL</scope><scope>IQODW</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0-V</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>88J</scope><scope>8BJ</scope><scope>8FI</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ALSLI</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRNLG</scope><scope>FYUFA</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0T</scope><scope>M2O</scope><scope>M2R</scope><scope>MBDVC</scope><scope>PADUT</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>PYYUZ</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>200205</creationdate><title>Spatial Price Competition: A Semiparametric Approach</title><author>Pinkse, Joris ; Slade, Margaret E. ; Brett, Craig</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c5590-bf5b30b91e2d7c40eac08e3d33f02354ee634f2b7ff73a475f9d179c78cfadb73</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2002</creationdate><topic>Applications</topic><topic>Applied sciences</topic><topic>Brands</topic><topic>Competition</topic><topic>Consistent estimators</topic><topic>Consumers</topic><topic>Consumption</topic><topic>differentiated products</topic><topic>Econometrics</topic><topic>Economic competition</topic><topic>Economic models</topic><topic>Estimation</topic><topic>Estimation methods</topic><topic>Estimators</topic><topic>Euclidean space</topic><topic>Exact sciences and technology</topic><topic>Gasoline</topic><topic>instrumental variables</topic><topic>Instrumental variables estimation</topic><topic>Insurance, economics, finance</topic><topic>Market competition</topic><topic>Market prices</topic><topic>Mathematics</topic><topic>Monopolies</topic><topic>Monopolistic competition</topic><topic>nonparametric estimation</topic><topic>Nonparametric inference</topic><topic>Operational research and scientific management</topic><topic>Operational research. Management science</topic><topic>Parametric inference</topic><topic>Petrol</topic><topic>Petroleum marketers</topic><topic>price competition</topic><topic>Price elasticity</topic><topic>Probability and statistics</topic><topic>Product differentiation</topic><topic>Profits</topic><topic>Sciences and techniques of general use</topic><topic>series estimators</topic><topic>Spatial models</topic><topic>Statistical analysis</topic><topic>Statistics</topic><topic>Studies</topic><topic>Variables</topic><topic>wholesale gasoline</topic><topic>Wholesale prices</topic><topic>Wholesale trade</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Pinkse, Joris</creatorcontrib><creatorcontrib>Slade, Margaret E.</creatorcontrib><creatorcontrib>Brett, Craig</creatorcontrib><collection>Istex</collection><collection>Pascal-Francis</collection><collection>CrossRef</collection><collection>ProQuest Social Sciences Premium Collection【Remote access available】</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>Social Science Database (Alumni Edition)</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Hospital Premium Collection</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Social Science Premium Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Business Premium Collection (Alumni)</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Healthcare Administration Database</collection><collection>Research Library</collection><collection>Social Science Database</collection><collection>Research Library (Corporate)</collection><collection>Research Library China</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Econometrica</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Pinkse, Joris</au><au>Slade, Margaret E.</au><au>Brett, Craig</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Spatial Price Competition: A Semiparametric Approach</atitle><jtitle>Econometrica</jtitle><date>2002-05</date><risdate>2002</risdate><volume>70</volume><issue>3</issue><spage>1111</spage><epage>1153</epage><pages>1111-1153</pages><issn>0012-9682</issn><eissn>1468-0262</eissn><coden>ECMTA7</coden><abstract>We investigate the nature of price competition among firms that produce differentiated products and compete in markets that are limited in extent. We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent, and derive its asymptotic distribution. Our semiparametric approach allows us to discriminate among models of global competition, in which all products compete with all others, and local competition, in which products compete only with their neighbors. We apply our semiparametric estimator to data from U.S. wholesale gasoline markets and find that, in this market, competition is highly localized.</abstract><cop>Oxford, UK and Boston, USA</cop><pub>Blackwell Publishers Ltd</pub><doi>10.1111/1468-0262.00320</doi><tpages>43</tpages></addata></record> |
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| ispartof | Econometrica, 2002-05, Vol.70 (3), p.1111-1153 |
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| source | Wiley-Blackwell Journals; Jstor Complete Legacy; JSTOR |
| subjects | Applications Applied sciences Brands Competition Consistent estimators Consumers Consumption differentiated products Econometrics Economic competition Economic models Estimation Estimation methods Estimators Euclidean space Exact sciences and technology Gasoline instrumental variables Instrumental variables estimation Insurance, economics, finance Market competition Market prices Mathematics Monopolies Monopolistic competition nonparametric estimation Nonparametric inference Operational research and scientific management Operational research. Management science Parametric inference Petrol Petroleum marketers price competition Price elasticity Probability and statistics Product differentiation Profits Sciences and techniques of general use series estimators Spatial models Statistical analysis Statistics Studies Variables wholesale gasoline Wholesale prices Wholesale trade |
| title | Spatial Price Competition: A Semiparametric Approach |
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