539:
total increase of the HHI score are considered when reviewing the outcome. If the resulting figure is above a certain threshold then economists will consider the market to have a high concentration (e.g. market X's concentration is 0.142 or 14.2%). This threshold is considered to be 0.25 in the U.S., while the EU prefers to focus on the level of change, for instance that concern is raised if there is a 0.025 change when the index already shows a concentration of 0.1. So to take the example, if in market X company B (with 10% market share) suddenly bought out the shares of company C (with 10% also) then this new
1280:
concerning, they indices scores provide ways to identify which mergers and acquisitions are potentially noncompetitive. There are other factors that need to be considered that will either help reinforce or counter the harmful effects of higher market concentration. The
Herfindahl-Hirschman index is used as a starting point to gauge initial market power and then determine if additional information is needed to conduct further analysis on any potential anti-competitive concerns.
38:
808:
1382:. An industry with 3 firms cannot have a lower Herfindahl than an industry with 20 firms when firms have equal market shares. But as market shares of the 20-firm industry diverge from equality the Herfindahl can exceed that of the equal-market-share 3-firm industry (e.g., if one firm has 81% of the market and the remaining 19 have 1% each, then
1261:
Another typical problem in defining the market is choosing a geographic scope. For example, firms may have 20% market share each, but may occupy five areas of the country in which they are monopoly providers and thus do not compete against each other. A service provider or manufacturer in one city is
849:
indicates high concentration. Mergers and acquisitions with HHI scores of 2,500 or above will be considered anti competitive and an in-depth analysis produced, if the scores are well above 2,500 they are considered to enhance market power they may only be allowed to progress when significant evidence
1257:
by one firm. The market is not properly defined because checking accounts are not substitutable with commercial and investment banking. The problems of defining a market work the other way as well. To take another example, one cinema may have 90% of the movie market, but if movie theaters compete
538:
The index involves taking the market share of the respective market competitors, squaring it, and adding them together (e.g. in the market for X, company A has 30%, B, C, D, E and F have 10% each and G through to Z have 1% each). When calculating HHI the post merger level of the HHI score and the
335:
regulation, and technology management. HHI has continued to be used by antitrust authorities, primarily to evaluate and understand how mergers will affect their associated markets. HHI is calculated by squaring the market share of each competing firm in the industry and then summing the resulting
853:
A small index indicates a competitive industry with no dominant players. If all firms have an equal share the reciprocal of the index shows the number of firms in the industry. When firms have unequal shares, the reciprocal of the index indicates the "equivalent" number of firms in the industry.
1279:
of the
Department of Justice considers Herfindahl indices between 0.15 (1,500) and 0.25 (2,500) to be "moderately concentrated" and indices above 0.25 to be "highly concentrated". However, these indices scores are not rigid guidelines that must be followed, while high levels of concentration is
1252:
For example, if the statistic were to look at a hypothetical financial services industry as a whole, and found that it contained 6 main firms with 15% market share apiece, then the industry would look non-monopolistic. However, suppose one of those firms handles 90% of the checking and savings
1868:
1247:
The usefulness of this statistic to detect monopoly formation is directly dependent on a proper definition of a particular market (which hinges primarily on the notion of substitutability). The index fails to take into consideration the complex nature of the market being tested.
2064:
2302:
1262:
not necessarily substitutable with a service provider or manufacturer in another city, depending on the importance of being local for the business—for example, telemarketing services are rather global in scope, while shoe repair services are local.
531:
As can be seen prior to the merger, the HHI, while not low, is in a range that allows for strong competition. However, post merger the HHI reaches 68%, approaching a HHI consistent with monopolies. This high HHI would lead to weak competition.
1274:
use the
Herfindahl index as a screening tool to determine whether a proposed merger or acquisition is likely to raise antitrust concerns. Increases of over 0.01 (100) generally provoke scrutiny, although this varies from case to case. The
336:
numbers (sometimes limited to the 50 largest firms). The result is proportional to the average market share, weighted by market share. As such, it can range from 0 to 1.0, moving from a huge number of very small firms to a single
2878:
976:
1693:
1200:
1601:
1897:
3856:
Warren-Boulton, Frederick R. (1990). "Implications of U.S. Experience with
Horizontal Mergers and Takeovers for Canadian Competition Policy". In Mathewson, Frank; Trebilcock, Michael; Walker, Michael (eds.).
1354:
2176:
779:
355:
is that the HHI gives more weight to larger firms. Other advantages of the HHI include its simple calculation method and the small amount of often easily obtainable data required for the calculation.
840:
indicates moderate concentration. Mergers and acquisitions that result in moderate market concentration from HHI increases will raise anti-competitive concerns and will require further analysis.
822:
indicates a highly competitive industry, Mergers and acquisitions with an increase of 100 points or less will usually not have any anti competitive effects and will require no further analysis.
1103:
2537:
453:
624:
527:
2745:
543:
would make the index jump to 0.162. Here it can be seen that it would not be relevant for merger law in the U.S. (being under 0.18) or in the EU (because there is not a change over 0.025).
2684:
2324:
is the
Herfindahl index. Therefore, the Herfindahl index is directly related to the weighted average of the profit margins of firms under Cournot competition with linear marginal costs.
1253:
accounts and physical branches (and overcharges for them because of its monopoly), and the others primarily do commercial banking and investments. In this scenario, the index hints at
831:
indicates an unconcentrated industry. Mergers and acquisitions between 100 and 1500 points are unlikely to have anti-competitive effects and will most likely not need further analysis.
2419:
is computed as the sum of the squares of the proportion of market value invested in each security. A low H-index implies a very diversified portfolio: as an example, a portfolio with
2167:
2375:
2476:
2911:
3720:
Brown, Donald M.; Warren-Boulton, Frederick R. (May 11, 1988). Testing the
Structure-Competition Relationship on Cross-Sectional Firm Data (Report). Discussion paper 88-6.
2417:
2112:
2985:
2772:
2958:
1021:
3069:
1485:
100:
1406:
1233:
1136:
2443:
2608:
1655:
1628:
1688:
3033:
654:
3005:
2581:
2322:
1888:
1490:
1458:
1438:
694:
674:
1276:
804:
is the number of firms in the market. Equivalently, if percents are used as whole numbers, as in 75 instead of 0.75, the index can range up to 100, or 10,000.
3659:
3035:. If the number of firms in the market is held constant, then a higher variance due to a higher level of asymmetry between firms' shares (that is, a higher
2781:
871:
3104:; Pilkington, Alan (February 2004). "Inventive concentration in the production of green technology: A comparative analysis of fuel cell patents".
3295:
1141:
4636:
382:
Consider an example of 3 firms before and after a merger, with the top 2 firms producing 40% of goods each, and the other firm producing 20%.
1690:
is the price of the product. Taking the derivative of the firm's profit function with respect to its output to maximize its profit gives us:
1239:. Thus, the normalized Herfindahl index can serve as a measure for the equality of distributions, but is less suitable for concentration.
367:
2488:
1416:
It can be shown that the
Herfindahl index arises as a natural consequence of assuming that a given market's structure is described by
1291:
553:
278:
1863:{\displaystyle {\frac {\partial \pi _{i}}{\partial q_{i}}}=0\implies P'(Q)q_{i}+P(Q)-c_{i}=0\implies -{\frac {dP}{dQ}}q_{i}=P-c_{i}}
4697:
699:
2059:{\displaystyle {P-c_{i} \over {P}}=-{dP \over {dQ}}{q_{i} \over {P}}=-{dP/P \over {dQ/Q}}{q_{i} \over {Q}}={s_{i} \over {\eta }}}
1235:
like the situation with two players. The market with three players is less concentrated, but this is not obvious looking at just
3894:
Orris
Herfindahl, "Concentration in the steel industry", 1950, published on Archive.org with consent of his heirs in June 2021,
3330:
4682:
3485:
2478:
equally weighted positions. The H-index has been shown to be one of the most efficient measures of portfolio diversification.
3878:
3039:) will result in a higher index value. See the Brown and Warren-Boulton (1988) and Warren-Boulton (1990) texts cited below.
3895:
3255:
2913:
is the mean of participations. If all firms have equal (identical) shares (that is, if the market structure is completely
3925:
3394:
3181:
1267:
3953:
3274:
1052:
390:
3630:
Bouchaud, Jean-Philippe; Potters, Marc; Aguilar, Jean-Pierre (July 1997). "Missing
Information and Asset Allocation".
3204:
535:
This demonstrates how the HHI enables antitrust authorities to understand the impact that mergers have on the market.
3827:
Matsumoto, Akio; Merlone, Ugo; Szidarovszky, Ferenc (2012). "Some notes on applying the
Herfindahl-Hirschman Index".
3614:
3581:
3347:
3231:
3138:"When Bigger Is Better: A Critique of the Herfindahl-Hirschman Index's Use to Evaluate Mergers in Network Industries"
2297:{\displaystyle s_{1}\left({P-c_{1} \over {P}}\right)+\cdots +s_{n}\left({P-c_{n} \over {P}}\right)={H \over {\eta }}}
465:
247:
3137:
2689:
2613:
3699:
3562:
4702:
1356:. The Herfindahl is correlated with the number of firms in an industry because its lower bound when there are
1258:
against video stores, pubs and nightclubs then people are less likely to be suffering due to market dominance.
4753:
4738:
4222:
3780:
3535:
3453:
3280:
2552:
271:
190:
2117:
4743:
4646:
4317:
3771:
3526:
4184:
4141:
4126:
2336:
concentration. In portfolio theory, the Herfindahl index is related to the effective number of positions
371:
2339:
4763:
4382:
4106:
2448:
2170:
119:
54:
3796:
Kwoka, John E. Jr. (1977). "Large Firm Dominance and Price-Cost Margins in Manufacturing Industries".
4748:
4247:
3798:
3106:
2883:
3483:
Adelman, M. A. (February 1969). "Comment on the "H" Concentration Measure as a Numbers-Equivalent".
3386:
1138:. Now compare that to a situation with three players and again an equally distributed market share;
4758:
4717:
3569:
3338:
2482:
2069:
1271:
264:
3737:
Capozza, Dennis R.; Lee, Sohan (1996). "Portfolio Characteristics and Net Asset Values in REITs".
2380:
4692:
4556:
3962:
3646:
3524:
Bishop, Robert L. (December 1952). "Elasticities, Cross-Elasticities, and Market Relationships".
2963:
2750:
2544:
696:
is the number of firms. Therefore, in a market with 5 firms each producing 20%, the HHI would be
359:
344:, whereas decreases indicate the opposite. Alternatively, the index can be expressed per 10,000 "
315:
they are in and is an indicator of the amount of competition among them. Named after economists
4687:
4485:
4111:
4031:
3946:
3915:
3101:
2922:
2540:
987:
340:
producer. Increases in the HHI generally indicate a decrease in competition and an increase of
164:
3921:
1463:
4677:
4586:
4576:
4282:
4076:
1440:
firms with different linear marginal costs and a homogeneous product. Then the profit of the
1385:
1254:
1205:
1108:
252:
3444:
Kelly, Jr., William A. (July 1981). "A Generalized Interpretation of the Herfindahl Index".
2422:
4606:
4571:
4377:
4214:
4204:
4036:
3981:
3924:. More detailed information about mergers, market concentration, and competition (from the
3870:
3642:
2586:
1633:
1606:
540:
312:
207:
202:
90:
4116:
1664:
8:
4656:
4566:
4561:
4551:
4541:
4465:
4362:
4164:
4046:
4041:
3909:
3766:
3173:
3048:
3010:
2333:
1417:
1408:). A higher Herfindahl signifies a less competitive (i.e., more concentrated) industry.
793:
352:
320:
316:
4505:
4437:
4096:
861:
There is also a normalized Herfindahl index. Whereas the Herfindahl index ranges from 1/
629:
4672:
4536:
4447:
4352:
4292:
4011:
3976:
3859:
3844:
3815:
3784:
3754:
3690:
3631:
3539:
3506:
3465:
3053:
2990:
2566:
2548:
2307:
1873:
1443:
1423:
679:
659:
226:
148:
1042:
Using the normalized Herfindahl index, information about the total number of players (
4546:
4412:
4372:
3939:
3874:
3848:
3725:
3682:
3678:
3610:
3587:
3577:
3270:
3266:
3227:
3223:
3152:
212:
197:
80:
68:
3922:
Department of Justice and Federal Trade Commission 2010 Horizontal Merger Guidelines
3694:
4631:
4616:
4581:
4500:
4495:
4480:
4432:
4397:
4347:
4242:
4131:
4121:
4101:
4071:
4051:
3991:
3836:
3807:
3746:
3721:
3674:
3498:
3457:
3115:
2873:{\textstyle \sigma ^{2}={\frac {1}{N-1}}\sum _{i=1}^{N}\left(s_{i}-\mu \right)^{2}}
971:{\textstyle HHI^{*}={\cfrac {\left(HHI-{\dfrac {1}{N}}\right)}{1-{\dfrac {1}{N}}}}}
855:
221:
175:
171:
73:
4641:
4596:
4591:
4520:
4490:
4367:
4332:
4327:
4322:
4302:
4287:
4277:
4086:
4026:
4016:
3996:
3840:
363:
328:
180:
159:
105:
29:
4056:
4712:
4515:
4510:
4422:
4392:
4307:
4262:
4189:
4174:
4149:
4091:
4021:
4001:
3557:
3417:
3219:
3119:
3058:
865:
to one, the normalized Herfindahl index ranges from 0 to 1. It is computed as:
128:
110:
351:
The major benefit of the Herfindahl index in relation to measures such as the
4732:
4707:
4601:
4475:
4470:
4460:
4407:
4387:
4357:
4342:
4272:
4257:
4252:
4199:
4159:
4154:
4081:
4061:
4006:
3729:
3686:
3156:
3063:
1891:
1658:
217:
185:
19:
This article is about the economic measure. For the author-level metric, see
4621:
4611:
4455:
4427:
4402:
4267:
4194:
4169:
4066:
3724:: Economic Analysis Group, U.S. Department of Justice, Antitrust Division.
3560:; Harrington, Jr., Joseph Emmett; Sappington, David Edward Michael (2018).
3422:
3300:
1195:{\displaystyle H={\dfrac {1}{N}}={\frac {1}{3}}\approx 0.{\overline {333}}}
341:
231:
144:
95:
3931:
1596:{\displaystyle \pi _{i}=P(Q)q_{i}-c_{i}q_{i},\quad Q=\sum _{i=1}^{n}q_{i}}
4651:
4626:
4337:
4232:
4179:
3986:
3826:
3636:
3296:"What Are the Benefits and Shortfalls of the Herfindahl-Hirschman Index?"
345:
308:
154:
850:
is shown that the merger or acquisition will not increase market power.
4312:
4297:
4227:
3819:
3788:
3543:
3510:
3469:
1368:
is called "equivalent (or effective) number of firms in the industry",
1049:
Assume a market with two players and equally distributed market share;
3758:
2173:. Multiplying each firm's profit margin by its market share gives us:
4417:
4237:
3866:
3573:
3494:
2915:
332:
324:
133:
63:
37:
3811:
3502:
3461:
807:
3750:
3418:"Herfindahl-Hirschman Index (HHI) Definition, Formula, and Example"
3385:
3360:
3263:
Economics: Canada in the Global Environment – Solutions to Problems
3088:
2775:
2485:
to force a portfolio to hold a minimum number of effective assets:
797:
337:
59:
3591:
3918:. Web tool for calculating pre- and post-merger Herfindahl index.
3719:
20:
3556:
1349:{\textstyle H=N\left({\dfrac {1}{N}}\right)^{2}={\dfrac {1}{N}}}
3215:
1420:. Suppose that we have a Cournot model for competition between
139:
348:". For example, an index of .25 is the same as 2,500 points.
3905:
Calculate Herfindahl-Hirschman Index using UNSD COMTRADE data
2583:
firms share all the market, each one with a participation of
1266:
The United States federal anti-trust authorities such as the
3900:
1288:
When all the firms in an industry have equal market shares,
774:{\displaystyle 0.2^{2}+0.2^{2}+0.2^{2}+0.2^{2}+0.2^{2}=0.20}
3256:"Chapter 9: Organizing Production – Solutions to Problems"
3070:
Small but significant and non-transitory increase in price
858:
is equivalent to having 1.55521 firms of the same size.
1364:. In the more general case of unequal market share, 1/
940:
897:
3629:
3100:
2886:
2784:
2692:
2616:
2383:
2332:
The Herfindahl index is also a widely used metric for
1294:
1055:
943:
900:
874:
632:
3910:
US Department of Justice market concentration cutoffs
3013:
2993:
2966:
2925:
2753:
2589:
2569:
2491:
2451:
2425:
2342:
2310:
2179:
2120:
2072:
1900:
1876:
1696:
1667:
1636:
1609:
1493:
1466:
1446:
1426:
1388:
1335:
1310:
1208:
1152:
1144:
1111:
1078:
1063:
990:
952:
920:
702:
682:
662:
556:
468:
393:
3607:
Banking and Financial Institutions Law in a Nutshell
3066:– a measure of concentration used in genomics
3858:
3698:
3561:
3027:
2999:
2979:
2952:
2905:
2872:
2766:
2739:
2678:
2602:
2575:
2531:
2470:
2437:
2411:
2369:
2327:
2316:
2296:
2161:
2106:
2058:
1882:
1862:
1682:
1649:
1622:
1595:
1479:
1452:
1432:
1400:
1348:
1227:
1194:
1130:
1098:{\textstyle H={\dfrac {1}{N}}={\dfrac {1}{2}}=0.5}
1097:
1015:
970:
773:
688:
668:
648:
618:
521:
447:
3736:
2532:{\displaystyle \|w\|^{2}\leq N_{\text{eff}}^{-1}}
1411:
448:{\displaystyle 0.4^{2}+0.4^{2}+0.2^{2}=0.36=36\%}
4730:
3657:
3381:
3379:
3377:
3375:
3373:
3371:
3369:
3072:– a test to determine the relevant market
619:{\displaystyle HHI=\sum _{i=1}^{N}(MS_{i})^{2}}
522:{\displaystyle (0.4+0.4)^{2}+0.2^{2}=0.68=68\%}
3855:
2740:{\textstyle H={\frac {1}{N}}+(N-1)\sigma ^{2}}
1046:) is lost, as shown in the following example:
3947:
3366:
2679:{\textstyle s_{i}=x_{i}/\sum _{j=1}^{N}x_{j}}
272:
2499:
2492:
2400:
2393:
457:Now let's consider the top 2 firms merging.
3961:
3861:The Law and Economics of Competition Policy
3387:"Horizontal Merger Guidelines (08/19/2010)"
3954:
3940:
3443:
3253:
2551:, the optimal solution may be found using
1807:
1803:
1741:
1737:
1035:is the number of firms in the market, and
279:
265:
3765:
3658:Woerheide, Walt J.; Persson, Don (1993).
3635:
3609:(2nd ed.). West Publishing Company.
1039:is the usual Herfindahl Index, as above.
838:between 0.15 and 0.25 (or 1,500 to 2,500)
240:Enforcement authorities and organizations
3415:
3361:United States Department of Justice 2010
3293:
3168:
3166:
3089:United States Department of Justice 2010
806:
3660:"An Index of Portfolio Diversification"
3482:
3416:Bromberg, Michael (November 21, 2022).
3328:
3135:
1630:is the quantity produced by each firm,
4731:
4683:English historical school of economics
4637:Structure–conduct–performance paradigm
3604:
3523:
3486:The Review of Economics and Statistics
3294:Maverick, J. B. (September 21, 2021).
3202:
2162:{\displaystyle \eta =-d\log Q/d\log P}
3935:
3916:Herfindahl-Hirschman Index Calculator
3795:
3769:(1964). "The Paternity of an Index".
3564:Economics of Regulation and Antitrust
3254:Parkin, Michael; Bade, Robin (2006).
3163:
2686:, then the index can be expressed as
16:Measure of the relative size of firms
3745:(Special Issue: Part 2): S520–S526.
3324:
3322:
3320:
3318:
3131:
3129:
358:The HHI has the same formula as the
3395:United States Department of Justice
3182:United States Department of Justice
3114:(1). Beech Tree Publishing: 15–25.
370:in physics; and the inverse of the
13:
3713:
3329:Rhoades, Stephen A. (March 1993).
3205:"Chapter 9: Organizing Production"
2445:is equivalent to a portfolio with
2370:{\displaystyle N_{\text{eff}}=1/H}
1715:
1700:
516:
442:
36:
14:
4775:
3888:
3739:The Canadian Journal of Economics
3348:Federal Reserve Bank of St. Louis
3315:
3126:
2471:{\displaystyle N_{\text{eff}}=50}
1661:of production for each firm, and
368:inverse participation ratio (IPR)
248:International Competition Network
3605:Lovett, William Anthony (1988).
3331:"The Herfindahl-Hirschman Index"
2906:{\textstyle \mu ={\frac {1}{N}}}
2558:
3901:World Integrated Trade Solution
3651:
3623:
3598:
3550:
3517:
3476:
3437:
3409:
2778:of the firm shares, defined as
2328:Effective assets in a portfolio
1555:
854:Using case 2, we find that the
4703:Historical school of economics
3354:
3287:
3247:
3196:
3094:
3082:
2724:
2712:
1804:
1781:
1775:
1756:
1750:
1738:
1677:
1671:
1516:
1510:
1412:Appearance in market structure
607:
590:
482:
469:
307:) is a measure of the size of
253:List of competition regulators
1:
3781:American Economic Association
3536:American Economic Association
3454:Southern Economic Association
3281:St. Francis Xavier University
3076:
2553:second-order cone programming
2412:{\textstyle H=\sum \|w\|^{2}}
2107:{\displaystyle s_{i}=q_{i}/Q}
4647:Theory of two-level planning
4142:New institutional economists
3841:10.1080/13504851.2011.570705
3772:The American Economic Review
3679:10.1016/1057-0810(92)90003-U
3527:The American Economic Review
3174:"Herfindahl-Hirschman Index"
3136:Roberts, Toby (April 2014).
1283:
1187:
656:is the market share of firm
374:index in political science.
7:
4127:Edward Lawrence Wheelwright
3896:Dissertation on Archive.org
3042:
2980:{\displaystyle \sigma ^{2}}
2767:{\displaystyle \sigma ^{2}}
2377:held in a portfolio, where
1242:
372:effective number of parties
10:
4780:
4622:Penalty of taking the lead
3120:10.3152/147154304781780190
2171:price elasticity of demand
811:Herfindahl-Hirschman Index
546:
377:
327:concept widely applied in
297:Herfindahl–Hirschman Index
120:Anti-competitive practices
86:Herfindahl–Hirschman index
55:History of competition law
18:
4665:
4529:
4446:
4213:
4140:
3969:
3829:Applied Economics Letters
3799:Southern Economic Journal
3667:Financial Services Review
3446:Southern Economic Journal
3107:Science and Public Policy
2953:{\displaystyle s_{i}=1/N}
2481:It may also be used as a
1016:{\displaystyle HHI^{*}=1}
4718:Post-Keynesian economics
4698:French historical school
3970:Institutional economists
3570:Cambridge, Massachusetts
3339:Federal Reserve Bulletin
3267:Pearson Education Canada
3203:Parkin, Michael (2002).
2114:is the market share and
1480:{\displaystyle \pi _{i}}
1272:Federal Trade Commission
847:above 0.25 (above 2,500)
4693:Evolutionary psychology
4557:Conspicuous consumption
3963:Institutional economics
3102:Liston-Heyes, Catherine
1401:{\displaystyle H=0.658}
1228:{\displaystyle H^{*}=0}
1131:{\displaystyle H^{*}=0}
360:Simpson diversity index
4688:Evolutionary economics
4530:Key concepts and ideas
4486:Donald Angus MacKenzie
4112:George W. Stocking Sr.
4032:John Kenneth Galbraith
3029:
3001:
2981:
2954:
2907:
2874:
2836:
2768:
2741:
2680:
2665:
2604:
2577:
2541:portfolio optimization
2533:
2472:
2439:
2438:{\displaystyle H=0.02}
2413:
2371:
2318:
2298:
2163:
2108:
2060:
1884:
1864:
1684:
1651:
1624:
1597:
1582:
1481:
1454:
1434:
1402:
1350:
1229:
1196:
1132:
1099:
1017:
972:
812:
784:The Herfindahl Index (
775:
690:
670:
650:
620:
589:
523:
449:
165:Occupational licensing
41:
4678:Development economics
4587:Hiding hand principle
4577:Effective competition
4448:Economic sociologists
4215:Behavioral economists
4077:Wesley Clair Mitchell
3926:Department of Justice
3030:
3002:
2982:
2955:
2908:
2875:
2816:
2769:
2742:
2681:
2645:
2605:
2603:{\displaystyle x_{i}}
2578:
2534:
2473:
2440:
2414:
2372:
2319:
2299:
2164:
2109:
2061:
1890:gives us each firm's
1885:
1865:
1685:
1652:
1650:{\displaystyle c_{i}}
1625:
1623:{\displaystyle q_{i}}
1598:
1562:
1482:
1455:
1435:
1403:
1351:
1268:Department of Justice
1230:
1197:
1133:
1100:
1018:
973:
829:below 0.15 (or 1,500)
810:
776:
691:
671:
651:
621:
569:
524:
450:
366:used in ecology; the
40:
4754:Monopoly (economics)
4739:Eponyms in economics
4607:Market concentration
4572:Countervailing power
4378:Sendhil Mullainathan
4205:Oliver E. Williamson
4037:Walton Hale Hamilton
3982:Clarence Edwin Ayres
3873:. pp. 337–368.
3871:The Fraser Institute
3767:Hirschman, Albert O.
3576:. pp. 177–178.
3226:. pp. 155–166.
3011:
2991:
2964:
2923:
2884:
2782:
2776:statistical variance
2751:
2690:
2614:
2587:
2567:
2543:techniques, such as
2489:
2449:
2423:
2381:
2340:
2308:
2177:
2118:
2070:
1898:
1874:
1694:
1683:{\displaystyle P(Q)}
1665:
1634:
1607:
1491:
1464:
1444:
1424:
1386:
1292:
1206:
1142:
1109:
1053:
988:
872:
700:
680:
660:
630:
554:
541:market concentration
466:
391:
208:Occupational closure
203:Dividing territories
191:Essential facilities
91:Market concentration
4744:Valuation (finance)
4657:Veblenian dichotomy
4567:Conventional wisdom
4562:Conspicuous leisure
4552:Bounded rationality
4542:Administered prices
4363:Brigitte C. Madrian
4165:Steven N. S. Cheung
4047:Albert O. Hirschman
4042:Orris C. Herfindahl
3647:1997cond.mat..7042B
3049:Concentration ratio
3028:{\displaystyle 1/N}
2528:
1418:Cournot competition
942:
899:
820:below 0.01 (or 100)
796:) to 1 (in case of
794:perfect competition
676:in the market, and
649:{\textstyle MS_{i}}
353:concentration ratio
321:Albert O. Hirschman
317:Orris C. Herfindahl
311:in relation to the
4673:Cultural economics
4537:Accelerator effect
4353:George Loewenstein
4293:Catherine C. Eckel
4012:John Maurice Clark
3977:Werner Abelshauser
3568:(Fifth ed.).
3269:. pp. 30–32.
3054:Marketing strategy
3025:
2997:
2977:
2950:
2903:
2870:
2764:
2737:
2676:
2600:
2573:
2539:For commonly used
2529:
2511:
2468:
2435:
2409:
2367:
2314:
2294:
2159:
2104:
2056:
1880:
1860:
1680:
1647:
1620:
1593:
1477:
1450:
1430:
1398:
1346:
1344:
1319:
1277:Antitrust Division
1225:
1192:
1161:
1128:
1095:
1087:
1072:
1013:
968:
964:
961:
937:
929:
813:
771:
686:
666:
646:
616:
519:
445:
227:Regulatory capture
42:
4764:Law and economics
4726:
4725:
4547:Barriers to entry
4413:Robert J. Shiller
4373:Matteo Motterlini
4117:Lars Pålsson Syll
3880:978-0-88975-121-7
3397:. August 19, 2010
3224:Pearson Education
3000:{\displaystyle H}
2901:
2814:
2707:
2610:and market share
2576:{\displaystyle N}
2518:
2459:
2350:
2317:{\displaystyle H}
2292:
2273:
2219:
2054:
2032:
2013:
1971:
1952:
1926:
1883:{\displaystyle P}
1829:
1729:
1453:{\displaystyle i}
1433:{\displaystyle n}
1343:
1318:
1190:
1174:
1160:
1086:
1071:
966:
960:
941:
928:
898:
689:{\displaystyle N}
669:{\displaystyle i}
289:
288:
218:Misuse of patents
213:Predatory pricing
198:Exclusive dealing
81:Barriers to entry
69:Coercive monopoly
4771:
4749:Market structure
4632:Shortage economy
4617:Market structure
4582:Herfindahl index
4506:Laurent Thévenot
4501:Richard Swedberg
4496:Lynette Spillman
4481:Mark Granovetter
4466:James S. Coleman
4438:Georg Weizsäcker
4433:Robert W. Vishny
4398:Klaus M. Schmidt
4348:Jeffrey R. Kling
4243:Douglas Bernheim
4132:Erich Zimmermann
4122:Thorstein Veblen
4102:Herbert A. Simon
4097:François Simiand
4072:Jesse W. Markham
4052:Geoffrey Hodgson
3992:Shimshon Bichler
3956:
3949:
3942:
3933:
3932:
3884:
3864:
3852:
3823:
3792:
3762:
3733:
3722:Washington, D.C.
3708:
3707:
3705:
3702:
3697:. Archived from
3664:
3655:
3649:
3641:
3639:
3637:cond-mat/9707042
3627:
3621:
3620:
3602:
3596:
3595:
3567:
3554:
3548:
3547:
3521:
3515:
3514:
3480:
3474:
3473:
3441:
3435:
3434:
3432:
3430:
3413:
3407:
3406:
3404:
3402:
3383:
3364:
3358:
3352:
3351:
3335:
3326:
3313:
3312:
3310:
3308:
3291:
3285:
3284:
3265:(6th ed.).
3260:
3251:
3245:
3244:
3242:
3240:
3214:(6th ed.).
3209:
3200:
3194:
3193:
3191:
3189:
3170:
3161:
3160:
3142:
3133:
3124:
3123:
3098:
3092:
3086:
3037:share dispersion
3034:
3032:
3031:
3026:
3021:
3006:
3004:
3003:
2998:
2986:
2984:
2983:
2978:
2976:
2975:
2959:
2957:
2956:
2951:
2946:
2935:
2934:
2919:, in which case
2912:
2910:
2909:
2904:
2902:
2894:
2879:
2877:
2876:
2871:
2869:
2868:
2863:
2859:
2852:
2851:
2835:
2830:
2815:
2813:
2799:
2794:
2793:
2773:
2771:
2770:
2765:
2763:
2762:
2746:
2744:
2743:
2738:
2736:
2735:
2708:
2700:
2685:
2683:
2682:
2677:
2675:
2674:
2664:
2659:
2644:
2639:
2638:
2626:
2625:
2609:
2607:
2606:
2601:
2599:
2598:
2582:
2580:
2579:
2574:
2538:
2536:
2535:
2530:
2527:
2519:
2516:
2507:
2506:
2477:
2475:
2474:
2469:
2461:
2460:
2457:
2444:
2442:
2441:
2436:
2418:
2416:
2415:
2410:
2408:
2407:
2376:
2374:
2373:
2368:
2363:
2352:
2351:
2348:
2323:
2321:
2320:
2315:
2303:
2301:
2300:
2295:
2293:
2291:
2283:
2278:
2274:
2272:
2267:
2266:
2265:
2249:
2243:
2242:
2224:
2220:
2218:
2213:
2212:
2211:
2195:
2189:
2188:
2168:
2166:
2165:
2160:
2146:
2113:
2111:
2110:
2105:
2100:
2095:
2094:
2082:
2081:
2065:
2063:
2062:
2057:
2055:
2053:
2048:
2047:
2038:
2033:
2031:
2026:
2025:
2016:
2014:
2012:
2008:
1996:
1992:
1980:
1972:
1970:
1965:
1964:
1955:
1953:
1951:
1943:
1935:
1927:
1925:
1920:
1919:
1918:
1902:
1889:
1887:
1886:
1881:
1869:
1867:
1866:
1861:
1859:
1858:
1840:
1839:
1830:
1828:
1820:
1812:
1796:
1795:
1768:
1767:
1749:
1730:
1728:
1727:
1726:
1713:
1712:
1711:
1698:
1689:
1687:
1686:
1681:
1656:
1654:
1653:
1648:
1646:
1645:
1629:
1627:
1626:
1621:
1619:
1618:
1602:
1600:
1599:
1594:
1592:
1591:
1581:
1576:
1551:
1550:
1541:
1540:
1528:
1527:
1503:
1502:
1486:
1484:
1483:
1478:
1476:
1475:
1459:
1457:
1456:
1451:
1439:
1437:
1436:
1431:
1407:
1405:
1404:
1399:
1355:
1353:
1352:
1347:
1345:
1336:
1330:
1329:
1324:
1320:
1311:
1234:
1232:
1231:
1226:
1218:
1217:
1201:
1199:
1198:
1193:
1191:
1183:
1175:
1167:
1162:
1153:
1137:
1135:
1134:
1129:
1121:
1120:
1104:
1102:
1101:
1096:
1088:
1079:
1073:
1064:
1022:
1020:
1019:
1014:
1006:
1005:
977:
975:
974:
969:
967:
965:
963:
962:
953:
938:
936:
935:
931:
930:
921:
895:
890:
889:
856:market structure
788:) ranges from 1/
780:
778:
777:
772:
764:
763:
751:
750:
738:
737:
725:
724:
712:
711:
695:
693:
692:
687:
675:
673:
672:
667:
655:
653:
652:
647:
645:
644:
625:
623:
622:
617:
615:
614:
605:
604:
588:
583:
528:
526:
525:
520:
503:
502:
490:
489:
454:
452:
451:
446:
429:
428:
416:
415:
403:
402:
386:Prior to Merger:
293:Herfindahl index
281:
274:
267:
172:Product bundling
74:Natural monopoly
26:
25:
4779:
4778:
4774:
4773:
4772:
4770:
4769:
4768:
4759:Competition law
4729:
4728:
4727:
4722:
4661:
4642:Technostructure
4597:Instrumentalism
4592:Hirschman cycle
4525:
4521:Viviana Zelizer
4491:Joel M. Podolny
4442:
4368:Gary McClelland
4333:Daniel Kahneman
4328:David Ryan Just
4323:Charles A. Holt
4303:Urs Fischbacher
4288:Stephen Duneier
4278:Werner De Bondt
4209:
4136:
4087:Jonathan Nitzan
4027:Robert H. Frank
4017:John R. Commons
3997:Robert A. Brady
3965:
3960:
3891:
3881:
3867:Vancouver, B.C.
3812:10.2307/1057315
3716:
3714:Further reading
3711:
3703:
3662:
3656:
3652:
3628:
3624:
3617:
3603:
3599:
3584:
3558:Viscusi, W. Kip
3555:
3551:
3522:
3518:
3503:10.2307/1926955
3481:
3477:
3462:10.2307/1058595
3442:
3438:
3428:
3426:
3414:
3410:
3400:
3398:
3384:
3367:
3359:
3355:
3333:
3327:
3316:
3306:
3304:
3292:
3288:
3277:
3258:
3252:
3248:
3238:
3236:
3234:
3207:
3201:
3197:
3187:
3185:
3184:. July 31, 2018
3172:
3171:
3164:
3145:Pace Law Review
3140:
3134:
3127:
3099:
3095:
3087:
3083:
3079:
3045:
3017:
3012:
3009:
3008:
2992:
2989:
2988:
2971:
2967:
2965:
2962:
2961:
2942:
2930:
2926:
2924:
2921:
2920:
2893:
2885:
2882:
2881:
2864:
2847:
2843:
2842:
2838:
2837:
2831:
2820:
2803:
2798:
2789:
2785:
2783:
2780:
2779:
2758:
2754:
2752:
2749:
2748:
2731:
2727:
2699:
2691:
2688:
2687:
2670:
2666:
2660:
2649:
2640:
2634:
2630:
2621:
2617:
2615:
2612:
2611:
2594:
2590:
2588:
2585:
2584:
2568:
2565:
2564:
2563:Supposing that
2561:
2520:
2515:
2502:
2498:
2490:
2487:
2486:
2456:
2452:
2450:
2447:
2446:
2424:
2421:
2420:
2403:
2399:
2382:
2379:
2378:
2359:
2347:
2343:
2341:
2338:
2337:
2330:
2309:
2306:
2305:
2287:
2282:
2268:
2261:
2257:
2250:
2248:
2244:
2238:
2234:
2214:
2207:
2203:
2196:
2194:
2190:
2184:
2180:
2178:
2175:
2174:
2142:
2119:
2116:
2115:
2096:
2090:
2086:
2077:
2073:
2071:
2068:
2067:
2049:
2043:
2039:
2037:
2027:
2021:
2017:
2015:
2004:
1997:
1988:
1981:
1979:
1966:
1960:
1956:
1954:
1944:
1936:
1934:
1921:
1914:
1910:
1903:
1901:
1899:
1896:
1895:
1875:
1872:
1871:
1854:
1850:
1835:
1831:
1821:
1813:
1811:
1791:
1787:
1763:
1759:
1742:
1722:
1718:
1714:
1707:
1703:
1699:
1697:
1695:
1692:
1691:
1666:
1663:
1662:
1641:
1637:
1635:
1632:
1631:
1614:
1610:
1608:
1605:
1604:
1587:
1583:
1577:
1566:
1546:
1542:
1536:
1532:
1523:
1519:
1498:
1494:
1492:
1489:
1488:
1471:
1467:
1465:
1462:
1461:
1445:
1442:
1441:
1425:
1422:
1421:
1414:
1387:
1384:
1383:
1381:
1374:
1334:
1325:
1309:
1305:
1304:
1293:
1290:
1289:
1286:
1245:
1213:
1209:
1207:
1204:
1203:
1182:
1166:
1151:
1143:
1140:
1139:
1116:
1112:
1110:
1107:
1106:
1077:
1062:
1054:
1051:
1050:
1001:
997:
989:
986:
985:
951:
944:
939:
919:
906:
902:
901:
896:
894:
885:
881:
873:
870:
869:
841:
832:
823:
759:
755:
746:
742:
733:
729:
720:
716:
707:
703:
701:
698:
697:
681:
678:
677:
661:
658:
657:
640:
636:
631:
628:
627:
610:
606:
600:
596:
584:
573:
555:
552:
551:
549:
498:
494:
485:
481:
467:
464:
463:
424:
420:
411:
407:
398:
394:
392:
389:
388:
380:
364:diversity index
329:competition law
303:, or sometimes
295:(also known as
285:
181:Refusal to deal
160:Tacit collusion
106:Relevant market
30:Competition law
24:
17:
12:
11:
5:
4777:
4767:
4766:
4761:
4756:
4751:
4746:
4741:
4724:
4723:
4721:
4720:
4715:
4713:Microeconomics
4710:
4705:
4700:
4695:
4690:
4685:
4680:
4675:
4669:
4667:
4666:Related fields
4663:
4662:
4660:
4659:
4654:
4649:
4644:
4639:
4634:
4629:
4624:
4619:
4614:
4609:
4604:
4602:Kuznets cycles
4599:
4594:
4589:
4584:
4579:
4574:
4569:
4564:
4559:
4554:
4549:
4544:
4539:
4533:
4531:
4527:
4526:
4524:
4523:
4518:
4516:Harrison White
4513:
4511:Carlo Trigilia
4508:
4503:
4498:
4493:
4488:
4483:
4478:
4473:
4468:
4463:
4458:
4452:
4450:
4444:
4443:
4441:
4440:
4435:
4430:
4425:
4423:Richard Thaler
4420:
4415:
4410:
4405:
4400:
4395:
4393:Howard Rachlin
4390:
4385:
4383:Michael Norton
4380:
4375:
4370:
4365:
4360:
4355:
4350:
4345:
4340:
4335:
4330:
4325:
4320:
4315:
4310:
4308:Herbert Gintis
4305:
4300:
4295:
4290:
4285:
4280:
4275:
4270:
4265:
4263:David Cesarini
4260:
4255:
4250:
4245:
4240:
4235:
4230:
4225:
4223:George Ainslie
4219:
4217:
4211:
4210:
4208:
4207:
4202:
4197:
4192:
4190:Douglass North
4187:
4182:
4177:
4175:Harold Demsetz
4172:
4167:
4162:
4157:
4155:Armen Alchian
4152:
4150:Daron Acemoglu
4146:
4144:
4138:
4137:
4135:
4134:
4129:
4124:
4119:
4114:
4109:
4107:Frank Stilwell
4104:
4099:
4094:
4092:Warren Samuels
4089:
4084:
4079:
4074:
4069:
4064:
4059:
4054:
4049:
4044:
4039:
4034:
4029:
4024:
4022:Richard T. Ely
4019:
4014:
4009:
4004:
4002:Daniel Bromley
3999:
3994:
3989:
3984:
3979:
3973:
3971:
3967:
3966:
3959:
3958:
3951:
3944:
3936:
3930:
3929:
3919:
3913:
3907:
3898:
3890:
3889:External links
3887:
3886:
3885:
3879:
3853:
3835:(2): 181–184.
3824:
3806:(1): 183–189.
3793:
3763:
3751:10.2307/136100
3734:
3715:
3712:
3710:
3709:
3706:on 2018-03-23.
3650:
3622:
3615:
3597:
3582:
3549:
3516:
3475:
3436:
3408:
3365:
3353:
3314:
3286:
3276:978-0321312686
3275:
3246:
3232:
3220:Addison-Wesley
3195:
3162:
3151:(2): 894–946.
3125:
3093:
3080:
3078:
3075:
3074:
3073:
3067:
3061:
3059:Microeconomics
3056:
3051:
3044:
3041:
3024:
3020:
3016:
2996:
2974:
2970:
2949:
2945:
2941:
2938:
2933:
2929:
2900:
2897:
2892:
2889:
2867:
2862:
2858:
2855:
2850:
2846:
2841:
2834:
2829:
2826:
2823:
2819:
2812:
2809:
2806:
2802:
2797:
2792:
2788:
2761:
2757:
2734:
2730:
2726:
2723:
2720:
2717:
2714:
2711:
2706:
2703:
2698:
2695:
2673:
2669:
2663:
2658:
2655:
2652:
2648:
2643:
2637:
2633:
2629:
2624:
2620:
2597:
2593:
2572:
2560:
2557:
2526:
2523:
2514:
2510:
2505:
2501:
2497:
2494:
2467:
2464:
2455:
2434:
2431:
2428:
2406:
2402:
2398:
2395:
2392:
2389:
2386:
2366:
2362:
2358:
2355:
2346:
2329:
2326:
2313:
2290:
2286:
2281:
2277:
2271:
2264:
2260:
2256:
2253:
2247:
2241:
2237:
2233:
2230:
2227:
2223:
2217:
2210:
2206:
2202:
2199:
2193:
2187:
2183:
2158:
2155:
2152:
2149:
2145:
2141:
2138:
2135:
2132:
2129:
2126:
2123:
2103:
2099:
2093:
2089:
2085:
2080:
2076:
2052:
2046:
2042:
2036:
2030:
2024:
2020:
2011:
2007:
2003:
2000:
1995:
1991:
1987:
1984:
1978:
1975:
1969:
1963:
1959:
1950:
1947:
1942:
1939:
1933:
1930:
1924:
1917:
1913:
1909:
1906:
1879:
1857:
1853:
1849:
1846:
1843:
1838:
1834:
1827:
1824:
1819:
1816:
1810:
1806:
1802:
1799:
1794:
1790:
1786:
1783:
1780:
1777:
1774:
1771:
1766:
1762:
1758:
1755:
1752:
1748:
1745:
1740:
1736:
1733:
1725:
1721:
1717:
1710:
1706:
1702:
1679:
1676:
1673:
1670:
1644:
1640:
1617:
1613:
1590:
1586:
1580:
1575:
1572:
1569:
1565:
1561:
1558:
1554:
1549:
1545:
1539:
1535:
1531:
1526:
1522:
1518:
1515:
1512:
1509:
1506:
1501:
1497:
1474:
1470:
1449:
1429:
1413:
1410:
1397:
1394:
1391:
1379:
1372:
1342:
1339:
1333:
1328:
1323:
1317:
1314:
1308:
1303:
1300:
1297:
1285:
1282:
1264:
1263:
1259:
1244:
1241:
1224:
1221:
1216:
1212:
1189:
1186:
1181:
1178:
1173:
1170:
1165:
1159:
1156:
1150:
1147:
1127:
1124:
1119:
1115:
1094:
1091:
1085:
1082:
1076:
1070:
1067:
1061:
1058:
1029:
1028:
1012:
1009:
1004:
1000:
996:
993:
983:
959:
956:
950:
947:
934:
927:
924:
918:
915:
912:
909:
905:
893:
888:
884:
880:
877:
770:
767:
762:
758:
754:
749:
745:
741:
736:
732:
728:
723:
719:
715:
710:
706:
685:
665:
643:
639:
635:
613:
609:
603:
599:
595:
592:
587:
582:
579:
576:
572:
568:
565:
562:
559:
548:
545:
518:
515:
512:
509:
506:
501:
497:
493:
488:
484:
480:
477:
474:
471:
444:
441:
438:
435:
432:
427:
423:
419:
414:
410:
406:
401:
397:
379:
376:
287:
286:
284:
283:
276:
269:
261:
258:
257:
256:
255:
250:
242:
241:
237:
236:
235:
234:
229:
224:
215:
210:
205:
200:
195:
194:
193:
188:
178:
169:
168:
167:
162:
157:
152:
142:
131:
129:Monopolization
123:
122:
116:
115:
114:
113:
111:Merger control
108:
103:
98:
93:
88:
83:
78:
77:
76:
71:
57:
49:
48:
47:Basic concepts
44:
43:
33:
32:
15:
9:
6:
4:
3:
2:
4776:
4765:
4762:
4760:
4757:
4755:
4752:
4750:
4747:
4745:
4742:
4740:
4737:
4736:
4734:
4719:
4716:
4714:
4711:
4709:
4708:Legal realism
4706:
4704:
4701:
4699:
4696:
4694:
4691:
4689:
4686:
4684:
4681:
4679:
4676:
4674:
4671:
4670:
4668:
4664:
4658:
4655:
4653:
4650:
4648:
4645:
4643:
4640:
4638:
4635:
4633:
4630:
4628:
4625:
4623:
4620:
4618:
4615:
4613:
4610:
4608:
4605:
4603:
4600:
4598:
4595:
4593:
4590:
4588:
4585:
4583:
4580:
4578:
4575:
4573:
4570:
4568:
4565:
4563:
4560:
4558:
4555:
4553:
4550:
4548:
4545:
4543:
4540:
4538:
4535:
4534:
4532:
4528:
4522:
4519:
4517:
4514:
4512:
4509:
4507:
4504:
4502:
4499:
4497:
4494:
4492:
4489:
4487:
4484:
4482:
4479:
4477:
4476:Paula England
4474:
4472:
4471:Paul DiMaggio
4469:
4467:
4464:
4462:
4461:Fred L. Block
4459:
4457:
4454:
4453:
4451:
4449:
4445:
4439:
4436:
4434:
4431:
4429:
4426:
4424:
4421:
4419:
4416:
4414:
4411:
4409:
4408:Hersh Shefrin
4406:
4404:
4401:
4399:
4396:
4394:
4391:
4389:
4388:Matthew Rabin
4386:
4384:
4381:
4379:
4376:
4374:
4371:
4369:
4366:
4364:
4361:
4359:
4358:Graham Loomes
4356:
4354:
4351:
4349:
4346:
4344:
4343:George Katona
4341:
4339:
4336:
4334:
4331:
4329:
4326:
4324:
4321:
4319:
4318:David Halpern
4316:
4314:
4311:
4309:
4306:
4304:
4301:
4299:
4296:
4294:
4291:
4289:
4286:
4284:
4281:
4279:
4276:
4274:
4273:Rachel Croson
4271:
4269:
4266:
4264:
4261:
4259:
4258:Colin Camerer
4256:
4254:
4253:Sarah Brosnan
4251:
4249:
4248:Samuel Bowles
4246:
4244:
4241:
4239:
4236:
4234:
4231:
4229:
4226:
4224:
4221:
4220:
4218:
4216:
4212:
4206:
4203:
4201:
4200:Elinor Ostrom
4198:
4196:
4193:
4191:
4188:
4186:
4185:Claude Ménard
4183:
4181:
4178:
4176:
4173:
4171:
4168:
4166:
4163:
4161:
4160:Masahiko Aoki
4158:
4156:
4153:
4151:
4148:
4147:
4145:
4143:
4139:
4133:
4130:
4128:
4125:
4123:
4120:
4118:
4115:
4113:
4110:
4108:
4105:
4103:
4100:
4098:
4095:
4093:
4090:
4088:
4085:
4083:
4082:Gunnar Myrdal
4080:
4078:
4075:
4073:
4070:
4068:
4065:
4063:
4062:Simon Kuznets
4060:
4058:
4055:
4053:
4050:
4048:
4045:
4043:
4040:
4038:
4035:
4033:
4030:
4028:
4025:
4023:
4020:
4018:
4015:
4013:
4010:
4008:
4007:Ha-Joon Chang
4005:
4003:
4000:
3998:
3995:
3993:
3990:
3988:
3985:
3983:
3980:
3978:
3975:
3974:
3972:
3968:
3964:
3957:
3952:
3950:
3945:
3943:
3938:
3937:
3934:
3927:
3923:
3920:
3917:
3914:
3911:
3908:
3906:
3902:
3899:
3897:
3893:
3892:
3882:
3876:
3872:
3868:
3863:
3862:
3854:
3850:
3846:
3842:
3838:
3834:
3830:
3825:
3821:
3817:
3813:
3809:
3805:
3801:
3800:
3794:
3790:
3786:
3782:
3778:
3774:
3773:
3768:
3764:
3760:
3756:
3752:
3748:
3744:
3740:
3735:
3731:
3727:
3723:
3718:
3717:
3701:
3696:
3692:
3688:
3684:
3680:
3676:
3672:
3668:
3661:
3654:
3648:
3644:
3638:
3633:
3626:
3618:
3616:9780314414434
3612:
3608:
3601:
3593:
3589:
3585:
3583:9780262038065
3579:
3575:
3574:The MIT Press
3571:
3566:
3565:
3559:
3553:
3545:
3541:
3537:
3533:
3529:
3528:
3520:
3512:
3508:
3504:
3500:
3496:
3495:The MIT Press
3492:
3488:
3487:
3479:
3471:
3467:
3463:
3459:
3455:
3451:
3447:
3440:
3425:
3424:
3419:
3412:
3396:
3392:
3388:
3382:
3380:
3378:
3376:
3374:
3372:
3370:
3362:
3357:
3349:
3345:
3341:
3340:
3332:
3325:
3323:
3321:
3319:
3303:
3302:
3297:
3290:
3282:
3278:
3272:
3268:
3264:
3257:
3250:
3235:
3233:9780321112057
3229:
3225:
3221:
3217:
3213:
3206:
3199:
3183:
3179:
3175:
3169:
3167:
3158:
3154:
3150:
3146:
3139:
3132:
3130:
3121:
3117:
3113:
3109:
3108:
3103:
3097:
3090:
3085:
3081:
3071:
3068:
3065:
3064:N50 statistic
3062:
3060:
3057:
3055:
3052:
3050:
3047:
3046:
3040:
3038:
3022:
3018:
3014:
2994:
2972:
2968:
2947:
2943:
2939:
2936:
2931:
2927:
2918:
2917:
2898:
2895:
2890:
2887:
2865:
2860:
2856:
2853:
2848:
2844:
2839:
2832:
2827:
2824:
2821:
2817:
2810:
2807:
2804:
2800:
2795:
2790:
2786:
2777:
2759:
2755:
2732:
2728:
2721:
2718:
2715:
2709:
2704:
2701:
2696:
2693:
2671:
2667:
2661:
2656:
2653:
2650:
2646:
2641:
2635:
2631:
2627:
2622:
2618:
2595:
2591:
2570:
2559:Decomposition
2556:
2554:
2550:
2546:
2545:mean-variance
2542:
2524:
2521:
2512:
2508:
2503:
2495:
2484:
2479:
2465:
2462:
2453:
2432:
2429:
2426:
2404:
2396:
2390:
2387:
2384:
2364:
2360:
2356:
2353:
2344:
2335:
2325:
2311:
2288:
2284:
2279:
2275:
2269:
2262:
2258:
2254:
2251:
2245:
2239:
2235:
2231:
2228:
2225:
2221:
2215:
2208:
2204:
2200:
2197:
2191:
2185:
2181:
2172:
2156:
2153:
2150:
2147:
2143:
2139:
2136:
2133:
2130:
2127:
2124:
2121:
2101:
2097:
2091:
2087:
2083:
2078:
2074:
2050:
2044:
2040:
2034:
2028:
2022:
2018:
2009:
2005:
2001:
1998:
1993:
1989:
1985:
1982:
1976:
1973:
1967:
1961:
1957:
1948:
1945:
1940:
1937:
1931:
1928:
1922:
1915:
1911:
1907:
1904:
1893:
1892:profit margin
1877:
1855:
1851:
1847:
1844:
1841:
1836:
1832:
1825:
1822:
1817:
1814:
1808:
1800:
1797:
1792:
1788:
1784:
1778:
1772:
1769:
1764:
1760:
1753:
1746:
1743:
1734:
1731:
1723:
1719:
1708:
1704:
1674:
1668:
1660:
1659:marginal cost
1642:
1638:
1615:
1611:
1588:
1584:
1578:
1573:
1570:
1567:
1563:
1559:
1556:
1552:
1547:
1543:
1537:
1533:
1529:
1524:
1520:
1513:
1507:
1504:
1499:
1495:
1472:
1468:
1447:
1427:
1419:
1409:
1395:
1392:
1389:
1378:
1371:
1367:
1363:
1359:
1340:
1337:
1331:
1326:
1321:
1315:
1312:
1306:
1301:
1298:
1295:
1281:
1278:
1273:
1269:
1260:
1256:
1251:
1250:
1249:
1240:
1238:
1222:
1219:
1214:
1210:
1184:
1179:
1176:
1171:
1168:
1163:
1157:
1154:
1148:
1145:
1125:
1122:
1117:
1113:
1092:
1089:
1083:
1080:
1074:
1068:
1065:
1059:
1056:
1047:
1045:
1040:
1038:
1034:
1031:where again,
1026:
1010:
1007:
1002:
998:
994:
991:
984:
981:
957:
954:
948:
945:
932:
925:
922:
916:
913:
910:
907:
903:
891:
886:
882:
878:
875:
868:
867:
866:
864:
859:
857:
851:
848:
846:
839:
837:
830:
828:
821:
819:
809:
805:
803:
799:
795:
791:
787:
782:
768:
765:
760:
756:
752:
747:
743:
739:
734:
730:
726:
721:
717:
713:
708:
704:
683:
663:
641:
637:
633:
611:
601:
597:
593:
585:
580:
577:
574:
570:
566:
563:
560:
557:
544:
542:
536:
533:
529:
513:
510:
507:
504:
499:
495:
491:
486:
478:
475:
472:
462:
458:
455:
439:
436:
433:
430:
425:
421:
417:
412:
408:
404:
399:
395:
387:
383:
375:
373:
369:
365:
362:, which is a
361:
356:
354:
349:
347:
343:
339:
334:
330:
326:
322:
318:
314:
310:
306:
302:
298:
294:
282:
277:
275:
270:
268:
263:
262:
260:
259:
254:
251:
249:
246:
245:
244:
243:
239:
238:
233:
230:
228:
225:
223:
219:
216:
214:
211:
209:
206:
204:
201:
199:
196:
192:
189:
187:
186:Group boycott
184:
183:
182:
179:
177:
173:
170:
166:
163:
161:
158:
156:
153:
150:
146:
143:
141:
138:Formation of
137:
136:
135:
132:
130:
127:
126:
125:
124:
121:
118:
117:
112:
109:
107:
104:
102:
99:
97:
94:
92:
89:
87:
84:
82:
79:
75:
72:
70:
67:
66:
65:
61:
58:
56:
53:
52:
51:
50:
46:
45:
39:
35:
34:
31:
28:
27:
22:
4652:Veblen goods
4612:Market power
4456:Jens Beckert
4428:Amos Tversky
4403:Eldar Shafir
4268:Kay-Yut Chen
4195:Mancur Olson
4170:Ronald Coase
4067:Hunter Lewis
4057:János Kornai
3904:
3860:
3832:
3828:
3803:
3797:
3776:
3770:
3742:
3738:
3700:the original
3673:(2): 73–85.
3670:
3666:
3653:
3625:
3606:
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3427:. Retrieved
3423:Investopedia
3421:
3411:
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3390:
3356:
3343:
3337:
3305:. Retrieved
3301:Investopedia
3299:
3289:
3279:– via
3262:
3249:
3237:. Retrieved
3211:
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3186:. Retrieved
3177:
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3144:
3111:
3105:
3096:
3084:
3036:
2987:is zero and
2914:
2562:
2480:
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1870:Dividing by
1415:
1376:
1369:
1365:
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1357:
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1048:
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461:Post Merger:
460:
459:
456:
385:
384:
381:
357:
350:
342:market power
338:monopolistic
304:
300:
296:
292:
290:
232:Rent-seeking
145:Price fixing
96:Market power
85:
4627:Satisficing
4338:Ariel Kalil
4233:Nava Ashraf
4180:Avner Greif
3987:Joe S. Bain
3783:: 761–762.
3538:: 780–803.
3429:January 19,
3401:January 19,
3391:justice.gov
3307:January 19,
3239:January 19,
3188:January 19,
3178:justice.gov
1360:firms is 1/
323:, it is an
155:Bid rigging
4733:Categories
4313:Uri Gneezy
4298:Armin Falk
4283:Paul Dolan
4228:Dan Ariely
3592:2017056198
3497:: 99–101.
3350:: 188–189.
3216:Boston, MA
3077:References
2483:constraint
982:> 1 and
222:copyrights
101:SSNIP test
4418:Uwe Sunde
4238:Ofer Azar
3849:153436570
3730:221796344
3687:1057-0810
3456:: 50–57.
3346:(March).
3212:Economics
3157:0272-2410
2969:σ
2916:symmetric
2888:μ
2857:μ
2854:−
2818:∑
2808:−
2787:σ
2756:σ
2729:σ
2719:−
2647:∑
2522:−
2509:≤
2500:‖
2493:‖
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2394:‖
2391:∑
2334:portfolio
2289:η
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2122:η
2051:η
1977:−
1932:−
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1701:∂
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1284:Intuition
1255:dominance
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1177:≈
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333:antitrust
305:HHI-score
134:Collusion
64:oligopoly
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1747:′
1270:and the
1243:Problems
798:monopoly
325:economic
313:industry
60:Monopoly
3820:1057315
3789:1818582
3643:Bibcode
3544:1812527
3511:1926955
3470:1058595
3363:, § 5.3
3091:, § 5.3
3007:equals
2960:) then
2774:is the
2169:is the
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547:Formula
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140:cartels
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3785:JSTOR
3779:(5).
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3704:(PDF)
3691:S2CID
3663:(PDF)
3632:arXiv
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3507:JSTOR
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3466:JSTOR
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3334:(PDF)
3259:(PDF)
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3141:(PDF)
1396:0.658
309:firms
176:tying
149:cases
3875:ISBN
3726:OCLC
3683:ISSN
3611:ISBN
3588:LCCN
3578:ISBN
3431:2023
3403:2023
3309:2023
3271:ISBN
3241:2023
3228:ISBN
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3153:ISSN
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1105:and
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978:for
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291:The
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