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  1. Do larger firms exert more market power?
    markups and markdowns along the size distribution
    Author: Mertens, Matthias; Mottironi, Bernardo
    Published: [2023?]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Several models posit a positive cross-sectional correlation between markups and firm size, which characterizes misallocation, factor shares, and gains from trade. Accounting for labor market power in markup estimation, we find instead that larger... more

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    Several models posit a positive cross-sectional correlation between markups and firm size, which characterizes misallocation, factor shares, and gains from trade. Accounting for labor market power in markup estimation, we find instead that larger firms have lower product markups but higher wage markdowns. The negative markup-size correlation turns positive when conditioning on markdowns, suggesting interactions between product and labor market power. Our findings are robust to common criticism (e.g., price bias, non-neutral technology) and hold across 19 European countries. We discuss possible mechanisms and resulting implications, highlighting the importance of studying input and output market power in a unified framework.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/276958
    Edition: This version: September 18, 2023
    Series: IWH discussion papers ; 2023, no. 1 (January 2023) [rev.]
    Subjects: firm size; markdowns; market power; markups
    Scope: 1 Online-Ressource (III, 55 Seiten, 3,49 MB), Diagramme
  2. Do larger firms exert more market power?
    markups and markdowns along the size distribution
    Author: Mertens, Matthias; Mottironi, Bernardo
    Published: [2023?]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Several models posit a positive cross-sectional correlation between markups and firm size, which characterizes misallocation, factor shares, and gains from trade. Accounting for labor market power in markup estimation, we find instead that larger... more

    Access:
    Array (Einzellizenz)
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    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    eBook
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 577
    Inter-library loan:
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    Several models posit a positive cross-sectional correlation between markups and firm size, which characterizes misallocation, factor shares, and gains from trade. Accounting for labor market power in markup estimation, we find instead that larger firms have lower product markups but higher wage markdowns. The negative markup-size correlation turns positive when conditioning on markdowns, suggesting interactions between product and labor market power. Our findings are robust to common criticism (e.g., price bias, non-neutral technology) and hold across 19 European countries. We discuss possible mechanisms and resulting implications, highlighting the importance of studying input and output market power in a unified framework.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/276959
    Edition: This version: September 18, 2023
    Series: IWH-CompNet Discussion Papers ; 2023, no. 1 (January 2023) [rev.]
    Subjects: firm size; markdowns; market power; markups
    Scope: 1 Online-Ressource (III, 55 Seiten, 3,31 MB), Diagramme
    Notes:

    Literaturverzeichnis: Seite 31-36, Seite 55
  3. Bidding for talent
    a test of conduct in a high-wage labor market
    Author: Roussille, Nina; Scuderi, Benjamin
    Published: July 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We develop a procedure for adjudicating between models of firm wage-setting conduct. Using data on workers' choice sets and decisions over real jobs from a U.S. job search platform, we first estimate workers' rankings over firms' non-wage amenities.... more

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    We develop a procedure for adjudicating between models of firm wage-setting conduct. Using data on workers' choice sets and decisions over real jobs from a U.S. job search platform, we first estimate workers' rankings over firms' non-wage amenities. We document three key findings: 1) On average, workers are willing to accept 12.3% lower salaries for a 1-S.D. improvement in amenities. 2) Between-worker preference dispersion is equally large, indicating that preferences are not well-described by a single ranking. 3) High-paying firms have better amenities. Following the modern IO literature, we use these estimates to formulate a test of conduct based on exclusion restrictions. Oligopsonistic models incorporating strategic interactions between firms and tailoring of wage offers to workers' outside options are rejected in favor of simpler monopsonistic models featuring near-uniform markdowns. Misspecification has meaningful consequences: while our preferred model predicts average markdowns of 19.5%, others predict average markdowns as large as 26.6%.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279050
    Series: Discussion paper series / IZA ; no. 16352
    Subjects: wage-setting conduct; markdowns; monopsony
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  4. Do larger firms exert more market power?
    markups and markdowns along the size distribution
    Author: Mertens, Matthias; Mottironi, Bernardo
    Published: [2023]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Centre for Economic Performance ; no. 1945 (September 2023)
    Subjects: markups; markdowns; market power; firm size
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  5. Inequality and market power in Latin America and the Caribbean
    Author: Eslava, Marcela; García Marín, Alvaro; Messina, Julián
    Published: November 2023
    Publisher:  International Inequalities Institute, The London School of Economics and Political Science, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / LSE International Inequalities Institute ; 119
    LACIR series
    Subjects: Labor market power; product market power; markups; markdowns; Latin America and the Caribbean
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  6. Monopsony in the U.S. labor market
    Author: Yeh, Chen; Macaluso, Claudia; Hershbein, Brad
    Published: 3-4-2022
    Publisher:  W.E. Upjohn Institute for Employment Research, Kalamazoo, MI

    This paper quantifies the extent to which the U.S. manufacturing labor market is characterized by employer market power and how such market power has changed over time. We find that the vast majority of U.S. manufacturing plants operate in a... more

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    This paper quantifies the extent to which the U.S. manufacturing labor market is characterized by employer market power and how such market power has changed over time. We find that the vast majority of U.S. manufacturing plants operate in a monopsonistic environment and, at least since the early 2000s, the labor market in U.S. manufacturing has become more monopsonistic. To reach this conclusion, we exploit rich administrative data for U.S. manufacturers and estimate plant-level markdowns-the ratio between a plant's marginal revenue product of labor and its wage. In a competitive labor market, markdowns would be equal to unity. Instead, we find substantial deviations from perfect competition, as markdowns average 1.53. This result implies that a worker employed at the average manufacturing plant earns 65 cents on each dollar generated on the margin. To investigate long-term trends in employer market power, we propose a novel measure for the aggregate markdown that is consistent with aggregate wedges and also incorporates the local nature of labor markets. We find that the aggregate markdown decreased between the late 1970s and the early 2000s, but has been sharply increasing since.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/262392
    Series: Upjohn Institute working paper ; 22, 364
    Subjects: Monopsony; labor market power; markdowns; secular trends
    Scope: 1 Online-Ressource (circa 128 Seiten), Illustrationen
  7. Do larger firms have higher markups?
    Author: Mertens, Matthias; Mottironi, Bernardo
    Published: January 2023
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Several models posit a positive cross-sectional correlation between markups and firm size, which, among others, characterizes misallocation, factor shares, and gains from trade. Yet, taking labor market power into account in markup estimation, we... more

    Access:
    Array (Einzellizenz)
    Verlag (kostenfrei)
    Resolving-System (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Signature:
    eBook
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 13
    Inter-library loan:
    No inter-library loan

     

    Several models posit a positive cross-sectional correlation between markups and firm size, which, among others, characterizes misallocation, factor shares, and gains from trade. Yet, taking labor market power into account in markup estimation, we show that larger firms have lower markups. This correlation turns positive only after conditioning on wage markdowns, suggesting interactions between product and labor market power. Our findings are robust to common criticism (e.g., price bias) and hold across 19 European countries. We discuss the resulting implications and highlight studying input and output market power within an integrated framework as an important next step for future research.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268403
    Series: IWH discussion papers ; 2023, no. 1 (January 2023)
    Subjects: firm size; markdowns; market power; markups
    Scope: 1 Online-Ressource (III, 68 Seiten, 3,32 MB), Diagramme
    Notes:

    Literaturverzeichnis: Seite 67-68
  8. Do larger firms have higher markups?
    Author: Mertens, Matthias; Mottironi, Bernardo
    Published: [2023]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Several models posit a positive cross-sectional correlation between markups and firm size, which, among others, characterizes misallocation, factor shares, and gains from trade. Yet, taking labor market power into account in markup estimation, we... more

    Access:
    Resolving-System (lizenzpflichtig)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 577
    Inter-library loan:
    No inter-library loan

     

    Several models posit a positive cross-sectional correlation between markups and firm size, which, among others, characterizes misallocation, factor shares, and gains from trade. Yet, taking labor market power into account in markup estimation, we show that larger firms have lower markups. This correlation turns positive only after conditioning on wage markdowns, suggesting interactions between product and labor market power. Our findings are robust to common criticism (e.g., price bias) and hold across 19 European countries. We discuss the resulting implications and highlight studying input and output market power within an integrated framework as an important next step for future research.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268444
    Series: IWH-CompNet Discussion Papers ; 2023, no. 1 (January 2023)
    Subjects: firm size; markdowns; market power; markups
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
    Notes:

    Datei wurde von der herausgebenden Institution entfernt
  9. The dynamics of product and labor market power
    evidence from Lithuania
    Author: Ding, Ziran; Garcia-Louzao, Jose; Jouvanceau, Valentin
    Published: January 2024
    Publisher:  CESifo, Munich, Germany

    This paper characterizes the power dynamics of firms in both product and labor markets in Lithuania between 2004 and 2018. We first show that both markets are not perfectly competitive, as both price markups and wage markdowns are far from unitary... more

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    DS 63
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    This paper characterizes the power dynamics of firms in both product and labor markets in Lithuania between 2004 and 2018. We first show that both markets are not perfectly competitive, as both price markups and wage markdowns are far from unitary and homogeneous. Interestingly, we unveil that the dynamics of these margins followed different patterns. On the one hand, both the dispersion and the economy-wide markup have increased, indicative of an increase in product market power. On the other hand, we document a decline in monopsony power, as both the heterogeneity and the aggregate level of markdowns have declined. Altogether, our results underline the importance of jointly analyzing product and labor markets when assessing firms' market power.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282571
    Series: CESifo working papers ; 10883 (2024)
    Subjects: firm heterogeneity; monopoly; markups; monopsony; markdowns
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen