Market structure and resilience: Evidence ...
Type de document :
Compte-rendu et recension critique d'ouvrage
DOI :
Titre :
Market structure and resilience: Evidence from potash mine disasters
Auteur(s) :
Gnutzmann, Hinnerk [Auteur]
Kowalewski, Oskar [Auteur]
Lille économie management - UMR 9221 [LEM]
Śpiewanowski, Piotr [Auteur]
Kowalewski, Oskar [Auteur]
Lille économie management - UMR 9221 [LEM]
Śpiewanowski, Piotr [Auteur]
Titre de la revue :
American Journal of Agricultural Economics
Éditeur :
Oxford University Press (OUP)
Date de publication :
2019-08-16
ISSN :
0002-9092
Discipline(s) HAL :
Sciences de l'Homme et Société/Economies et finances
Résumé en anglais : [en]
What drives the resilience of markets to disasters? We study syndicates, a form of legal cartel that assigns market share based on production capacity. This creates incentives for excess capacity investment, and may insulate ...
Lire la suite >What drives the resilience of markets to disasters? We study syndicates, a form of legal cartel that assigns market share based on production capacity. This creates incentives for excess capacity investment, and may insulate the market from the impact of extreme events. The potash industry, controlled by a syndicate and subject to mine disasters generating exogenous capacity shocks, provides an ideal setting for testing the hypothesis. We find evidence suggesting that even large capacity losses—averaging 3% of global capacity—do not cause production shortfalls or a price response. Such resilience is not observed in more competitive commodity markets.Lire moins >
Lire la suite >What drives the resilience of markets to disasters? We study syndicates, a form of legal cartel that assigns market share based on production capacity. This creates incentives for excess capacity investment, and may insulate the market from the impact of extreme events. The potash industry, controlled by a syndicate and subject to mine disasters generating exogenous capacity shocks, provides an ideal setting for testing the hypothesis. We find evidence suggesting that even large capacity losses—averaging 3% of global capacity—do not cause production shortfalls or a price response. Such resilience is not observed in more competitive commodity markets.Lire moins >
Langue :
Anglais
Vulgarisation :
Non
Collections :
Source :