Testing for Market Power in the Australian Grains and Oilseeds Industries
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Recent empirical studies have found significant evidence of departures from
competition in the input side of the bread, breakfast cereal and margarine endproduct
markets. In this study we specify a general duality model of profit
maximisation that allows for imperfect competition in the input and output
markets of the grains and oilseeds industries. The model allows for a variable
proportions technology and does not impose restrictions on the relationship
between conjectural elasticities in each market. Aggregate Australian data is
used to implement the model and draw inferences concerning the presence of
market power.