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

Files in This Item:
File Description SizeFormat 
gearywp200923.pdf638.67 kBAdobe PDFDownload
Title: Corn market dynamics and the Joint Executive Committee (1880-1886)
Authors: Mariuzzo, Franco
Walsh, Patrick P.
Permanent link:
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)
Other versions:
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Geary Institute Working Papers

Show full item record

Page view(s) 50

checked on May 25, 2018

Download(s) 50

checked on May 25, 2018

Google ScholarTM


This item is available under the Attribution-NonCommercial-NoDerivs 3.0 Ireland. No item may be reproduced for commercial purposes. For other possible restrictions on use please refer to the publisher's URL where this is made available, or to notes contained in the item itself. Other terms may apply.