TESTING FOR MONOPSONY POWER IN MULTIPLE INPUT MARKETS: A NONPARAMETRIC APPROACH WITH APPLICATION TO CIGARETTE MANUFACTURING
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Monopsony power by cigarette manufacturers in procuring domestic and imported tobacco is investigated using a nonparametric method previously developed by Love and Shumway. Their test is extended to assess monopsony market power in multiple input markets. Results indicate that cigarette manufacturers exert significant monopsony power in the domestic tobacco market and exert little monopsony power in the international tobacco market.