Corn market dynamics and the Joint Executive Committee (1880-1886)

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Title: Corn market dynamics and the Joint Executive Committee (1880-1886)
Authors: Mariuzzo, Franco
Walsh, Patrick P.
Permanent link: http://hdl.handle.net/10197/2677
Date: Jun-2009
Abstract: We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter's (1983) analysis of industry demand, conduct and stability of the JEC railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of the JEC in its rate setting to the nature of rate setting, over alternative modes of conveyance, is very much predicted by the theoretical considerations in Haltiwanger and Harrington (1991). Periods of Cartel instability are triggered by unexpected booms in corn markets in New York, amongst other factors. The latter is consistent with the Green and Porter (1984) theory. Keywords: Corn Market Spot and Future Weekly Prices in Chicago and New York, Demand Cycles, Inventory Management in New York, JEC Railroad Cartel Pricing, Outside Transportation Options, Structural Modeling.
Funding Details: Not applicable
Type of material: Working Paper
Publisher: University College Dublin. Geary Institute
Series/Report no.: UCD Geary Institute Discussion Paper Series; WP 09 23
Keywords: Corn market spot and future weekly prices in Chicago and New YorkDemand cyclesInventory management in New YorkJEC railroad cartel pricingOutside transportation optionsStructural modeling
Subject LCSH: Industrial organization (Economic theory)
Railroads
Other versions: http://ideas.repec.org/p/ucd/wpaper/200923.html
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Geary Institute Working Papers

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