Is There Market Power in the French Comte Cheese Market?
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An NEIO approach is used to measure seller
market power in the French Comté cheese market,
characterised by government-approved supply control.
The estimation is performed on quarterly data at the
wholesale stage over the period 1985-2005. Three
different elasticity shifters are included in the demand
specification, and the supply equation accounts for the
existence of the European dairy quota policy. The
market power estimate is small and statistically
insignificant. Monopoly is rejected, as well as weak
forms of Cournot oligopoly. Results appear to be robust
to the choice of functional form, and suggest little effect
of the supply control scheme on consumer prices.