Estimating market power in the US copper industry

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18 Scopus citations

Abstract

Before 1978, most of the domestic copper production in the US and an important share of imports were traded at a price set by the major US producers. At the same time, the rest of the world was trading copper at prices determined in auction markets. This two-price system ended in 1978, when the largest US producers began using the Comex price of refined copper as a benchmark for setting their prices. Using this regime shift, I empirically test the competitive behavior of the US copper industry before 1978. The results show that copper prices were close to the levels predicted by a competitive model of the industry.

Original languageEnglish
Pages (from-to)17-39
Number of pages23
JournalReview of Industrial Organization
Volume28
Issue number1
DOIs
StatePublished - Feb 2006
Externally publishedYes

Keywords

  • Copper industry
  • Market power

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