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THEORETICAL MODELS OF MARKET POWER

Year 2014, Volume: 5 Issue: 10, 92 - 121, 04.08.2016

Onur Demirel Selim Adem Hatırlı - -

Abstract

In the study, following a brief overview of concentration indices that may be accepted as the ancestors of the models of market power, structural models namely the SCP Paradigm, Efficient Structure Hypothesis and Relative Market Power Hypothesis and non-structural model namely Iwata Model, Panzar-Rosse (P-R) Model and Bresnahan-Lau Model are examined. In this context the basic assumptions, the cause and effect relations, the advantages and disadvantages and the theoretical differences of the models are mentioned and finally all the models are compared and contrasted. As the result of this comparison Bresnahan-Lau Model is determined to be the most robust theoretical model

Keywords

Market Power SCP Paradigm Efficient Structure Hypothesis PanzarRosse (P-R) Model Bresnahan-Lau Model

References

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  • AL-FAYOUMI, N. ve B. ABUZAYED, "Competitive Conditions in MENA Banking Markets", 2010, http://resources.ju.edu.jo/Resources/EconomicObservatory/Lists/Co nferences/Attachments/6/3
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  • AL-JARRAH, I. M. ve H. GHARAIBEH, “The Efficient Cost of market Power in Banking: A Test of the “Quiet Life” and Related Hypotheses in the Jordan‟s Banking Industry”, Investment Management and Financial Innovations, Vol. 6, Issue 2, 2009, ss. 32-39.
  • BAILEY, D. ve S. E. BOYLE, “The Optimal Measure of Concentration”, Journal of American Statistical Association, Vol. 66, No. 336, 1971, ss. 702-706.
  • BAIN, J. S., “Relation of Profit Rate to Industry Concentration: American Manufacturing, 1936-1940”, The Quarterly Journal of Economics, Vol. LXV, No. 3, 1951, ss. 293-324.
  • BAUMOL, W. J., J. C. PANZAR ve R. D. WILLIG, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York‟tan aktaran AKTAN, B. ve O. MASOOD, (2010),
  • “The State of Competition of the Turkish Banking Industry: An Application of the Panzar-Rosse Model”, Journal of Business Economics and Management, Vol. 11, No. 1, 1982, ss. 131-145.
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  • DE BANDT, O. ve E. P. DAVIS, “Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU”, Journal of Banking and Finance, Vol. 24, 2000, ss. 1045-1066.
  • DEGRYSE, H. ve S. ONGENA, “The Financial Crisis and Competition in Retail Banking: Insights from the Academic Literature", „The Future of Retail Banking in Europe Competition and Regulatory
  • Challenges‟ konferansında sunulan bildiri, European Credit Research Institute (ECRI), 10 Haziran, Brüksel, 2010.
  • DEMİREL, O., Türkiye’de Bankacılık Sektöründe Pazar Gücü Araştırması, Basılmamış Doktora Tezi, Süleyman Demirel Üniversitesi, Haziran, Isparta, 2014.
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  • EVANOFF, D. D. ve D. L. FORTIER, “Re-evaluation of the StructureConduct-Performance Paradigm in Banking”, Journal of Financial Research, Vol. 1, 1988, ss. 277-294.
  • GELOS, R. G. ve J. ROLDOS, “Consolidation and Market Structure in Emerging Market Banking Systems”, Emerging Markets Review, Vol. 5, 2004, ss. 39-59.
  • GILBERT, R. A., “Bank Market Structure and Competition - A Survey”, Journal of Money, Credit and Banking, Vol. 19, 1984, ss. 617-645.
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  • HALL, M. ve N. TIDEMAN, “Measures of Concentration”, American Statistical Association Journal, Vol. 62, No. 317, 1967, ss. 162-168.
  • HEMPEL, H. S., “Testing for Competition among German Banks”, Economic Research Centre of the Deutsche Bundesbank, Discussion Paper 04/02, 2002, ss. 1-47.
  • HICKS, J. R., “Annual Survey of Economic Theory: The Theory of Monopoly”, Econometrica, Vol. 3, No. 1, January, 1935, ss. 1-20. IWATA, G., “Measurement of Conjectural Variations in Oligopoly”, Econometrica, Vol. 42, 1974, ss. 947-966.
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  • LAU, L., “On Identifying the Degree of Competitiveness from Industry Price and Output Data”, Economics Letters, No. 10, 1982, ss. 93-99‟dan aktaran KORKMAZ, A., “Türk Mevduat Bankacılığı Sektöründe Rekabet Derecesi Bresnahan-Lau Modeli'nden Kanıtlar”, Bankacılar Dergisi, No. 74, 2010, ss. 3-19.
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TEORİK PAZAR GÜCÜ MODELLERİ

Year 2014, Volume: 5 Issue: 10, 92 - 121, 04.08.2016

Onur Demirel Selim Adem Hatırlı - -

Abstract

Bu çalışmada pazar gücü ölçme yöntemlerinin ataları sayılan yoğunlaşma endekslerine kısa bir bakışın ardından, yapısal modeller arasında yer alan SCP Paradigması, Etkinlik Hipotezi ve Göreceli Piyasa Gücü Hipotezi ile yapısal-olmayan modeller arasında yer alan Iwata Modeli, Panzar-Rosse (P-R) Modeli ve BresnahanLau Modeline değinilmiştir. Bu bağlamda modellerin varsayımları, neden-sonuç ilişkileri, avantaj ve dezavantajları ve teorik farklılıklarına değinildikten sonra tüm modeller arasında bir kıyaslamaya gidilmiştir. Kıyaslama sonucunda teorik açıdan en güçlü model olarak Bresnahan-Lau Modeli tespit edilmiştir

Keywords

Pazar Gücü SCP Paradigması Etkinlik Hipotezi Panzar-Rosse (P-R) Modeli Bresnahan-Lau Modeli

References

  • AK KOCABAY, S., Bank Competition and Banking System Stability: Evidence from Turkey, Basılmamış Yüksek Lisans Tezi, Orta Doğu Teknik Üniversitesi, Eylül, Ankara, 2009,
  • AKTAN, B. ve O. MASOOD, “The State of Competition of the Turkish Banking Industry: An Application of the Panzar-Rosse Model”, Journal of Business Economics and Management, Vol. 11, No. 1, 2010, ss. 131-145.
  • AL-FAYOUMI, N. ve B. ABUZAYED, "Competitive Conditions in MENA Banking Markets", 2010, http://resources.ju.edu.jo/Resources/EconomicObservatory/Lists/Co nferences/Attachments/6/3
  • Competitive%20Conditions%20in%20MENA%20Banking%20Mar kets.pdf, Son Erişim: 09.07.2013.
  • ALI, M. M. ve S. I. GREENBAUM, “A Spatial Model of the Banking Industry”, The Journal of Finance, Vol. 32, No. 4, 1977, ss. 1283- 1303.
  • AL-JARRAH, I. M. ve H. GHARAIBEH, “The Efficient Cost of market Power in Banking: A Test of the “Quiet Life” and Related Hypotheses in the Jordan‟s Banking Industry”, Investment Management and Financial Innovations, Vol. 6, Issue 2, 2009, ss. 32-39.
  • BAILEY, D. ve S. E. BOYLE, “The Optimal Measure of Concentration”, Journal of American Statistical Association, Vol. 66, No. 336, 1971, ss. 702-706.
  • BAIN, J. S., “Relation of Profit Rate to Industry Concentration: American Manufacturing, 1936-1940”, The Quarterly Journal of Economics, Vol. LXV, No. 3, 1951, ss. 293-324.
  • BAUMOL, W. J., J. C. PANZAR ve R. D. WILLIG, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York‟tan aktaran AKTAN, B. ve O. MASOOD, (2010),
  • “The State of Competition of the Turkish Banking Industry: An Application of the Panzar-Rosse Model”, Journal of Business Economics and Management, Vol. 11, No. 1, 1982, ss. 131-145.
  • BENSON, B. L., "Löschian Competition under Alternative Demand Conditions", American Economic Review, Vol. 70, 1980, ss. 1098- 1105.
  • BERGER, A. N. ve L. J. MESTER, “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?”, Journal of Banking and Finance, Vol. 21, Issue 7, 1997, ss. 895-947. BERGER, A. N. ve T. H. HANNAN, “The Price-Concentration Relationship in Banking”, The Review of Economics and Statistics, Vol. 71, No. 2, 1989, ss. 291-299.
  • BERGER, A. N., “The Profit-Structure Relationship in Banking - Tests of Market-Power and Efficient-Structure Hypothesis”, Journal of Money, Credit and Banking, Vol. 27, No. 2, 1995, ss. 404-431.
  • BIKKER, J. A. ve J. M. GROENEVELD, “Competition and Concentration in the EU Banking Industry”, De Nederlandsche Bank, Research Series Supervision, No. 8, 199
  • BIKKER, J. A. ve J. W. B. BOS, “Trends in Competition and Profitability in the Banking Industry: A Basic Framework”, SUERF Studies 2005/2, The European Money and Finance Forum, Vienna, 2005.
  • BIKKER, J. A. ve J. W. B. BOS, Bank Performance: A Theoretical and Empirical Framework for the Analysis of Profitability, Competition and Efficiency, Routledge International Studies in Money and Banking, Oxon, ABD, 2008.
  • BIKKER, J. A. ve K. HAAF, “Measures of Competition and Concentration in the Banking Industry: A Review of the Literature”, De Nederlandsche Bank Research Series Supervision, No: 27, September, 2000.
  • BIKKER, J. A. ve K. HAAF, “Competition, Concentration and Their Relationship: An Empirical Analysis of the Banking Industry”, Journal of Banking and Finance, Vol. 26, 2002, ss. 2191-2214.
  • BIKKER, J. A., S. SHAFFER ve L. SPIERDIJK, “Assessing Competition with the Panzar-Rosse Model: The Role of Scale, Costs, and Equilibrium”, Utrecht School of Economics, Tjalling C. Koopmans Research Institute, Discussion Paper Series Nr: 09-27, 2009.
  • BRESNAHAN, T. F., “The Oligopoly Solution Concept is Identified”, Economic Letters, Vol. 10, 1982, ss. 87-92.
  • BROZEN, Y., Concentration, Mergers and Public Policy, New York: Macmillan, 1982.
  • CLAESSENS, S. ve L. LAEVEN, “What Drives Bank Competition? Some International Evidence”, Journal of Money, Credit, and Banking, Vol. 36, No. 3, The Ohio State University Press, 2004.
  • COCCORESE, P., “Banking Competition and Macroeconomic Conditions: A Disaggregate Analysis”, International Financial Markets, Institutions and Money, Vol. 14, 2004, ss. 203-219.
  • ÇELİK, T. ve M. KAPLAN, “Türk Bankacılık Sektöründe Etkinlik ve Rekabet: 2002-2007”, Sosyoekonomi, Temmuz-Aralık, 2010-2, 2010, ss. 7-28.
  • DE BANDT, O. ve E. P. DAVIS, “Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU”, Journal of Banking and Finance, Vol. 24, 2000, ss. 1045-1066.
  • DEGRYSE, H. ve S. ONGENA, “The Financial Crisis and Competition in Retail Banking: Insights from the Academic Literature", „The Future of Retail Banking in Europe Competition and Regulatory
  • Challenges‟ konferansında sunulan bildiri, European Credit Research Institute (ECRI), 10 Haziran, Brüksel, 2010.
  • DEMİREL, O., Türkiye’de Bankacılık Sektöründe Pazar Gücü Araştırması, Basılmamış Doktora Tezi, Süleyman Demirel Üniversitesi, Haziran, Isparta, 2014.
  • DEMSETZ, H., “Industry Structure, Market Rivalry, and Public Policy”, Journal of Law and Economics, Vol. 16, 1973, ss. 1-10.
  • EVANOFF, D. D. ve D. L. FORTIER, “Re-evaluation of the StructureConduct-Performance Paradigm in Banking”, Journal of Financial Research, Vol. 1, 1988, ss. 277-294.
  • GELOS, R. G. ve J. ROLDOS, “Consolidation and Market Structure in Emerging Market Banking Systems”, Emerging Markets Review, Vol. 5, 2004, ss. 39-59.
  • GILBERT, R. A., “Bank Market Structure and Competition - A Survey”, Journal of Money, Credit and Banking, Vol. 19, 1984, ss. 617-645.
  • GREENHUT, J., M. L. GREENHUT ve W. H. KELLY, "A SpatialTheoretical Perspective for Bank Merger Regulations", Federal Reserve Bank Chicago Proceedings on Bank Structure and Competition, 1977, ss. 210-254'ten aktaran GILBERT, R. A., “Bank Market Structure and Competition - A Survey”, Journal of Money, Credit and Banking, Vol. 19, 1984, ss. 617-645.
  • HALL, M. ve N. TIDEMAN, “Measures of Concentration”, American Statistical Association Journal, Vol. 62, No. 317, 1967, ss. 162-168.
  • HEMPEL, H. S., “Testing for Competition among German Banks”, Economic Research Centre of the Deutsche Bundesbank, Discussion Paper 04/02, 2002, ss. 1-47.
  • HICKS, J. R., “Annual Survey of Economic Theory: The Theory of Monopoly”, Econometrica, Vol. 3, No. 1, January, 1935, ss. 1-20. IWATA, G., “Measurement of Conjectural Variations in Oligopoly”, Econometrica, Vol. 42, 1974, ss. 947-966.
  • KATIB, M. N., “Market Structure and Performance in the Malaysian Banking Industry: A Robust Estimation” 8 th Capital Markets Conference, Indian Institute of Capital Markets Paper, 2004, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=872266, Son Erişim: 16.07.2013.
  • LAU, L., “On Identifying the Degree of Competitiveness from Industry Price and Output Data”, Economics Letters, No. 10, 1982, ss. 93-99‟dan aktaran KORKMAZ, A., “Türk Mevduat Bankacılığı Sektöründe Rekabet Derecesi Bresnahan-Lau Modeli'nden Kanıtlar”, Bankacılar Dergisi, No. 74, 2010, ss. 3-19.
  • MARFELS, C., 1971, “A Guide to the Literature on the Measurement of Industrial Concentration in the Post-War Period”, Zeitschrift für Nationalökonomie, Vol. 31, 1971, ss. 483-505.
  • MASON, E. S., “Price and Production Policies of Large-Scale Enterprise”, The American Economic Review, Vol. 29, No. 1, Supplement, Papers and Proceedings of the Fifty-First Annual Meeting of the American Economic Association, 1939, ss. 61-74.
  • MATTHEWS, K., V. MURINDE ve T. ZHAO, “Competitive Conditions among the Major British Banks”, Journal of Banking and Finance, Vol. 31, No. 7, 2007, ss. 2025-2042.
  • MAUDOS, J. ve J. GUEVARA, "The Cost of Market Power in Banking: Social Welfare Loss vs. Cost Efficiency", Journal of Banking and Finance, Vol. 31, 2007, ss. 2103-2125.
  • MEANS, G., “The Structure of the American Economy, Part I, Basic Characteristics”, National Resources Committee, Washington, 1939, http://babel.hathitrust.org/cgi/pt?id=wu.89031107881;view=1up;seq =9, Son Erişim: 29.06.2013.
  • MOLYNEUX, P., J. THORNTON ve M. D. LLOYD-WILLIAMS, “Competition and Market Contestability in Japanese Commercial Banking”, Journal of Economics and Business, Vol. 48, No. 1, 1996, ss. 33-45. MORE, C. ve M. NAGY, “Competition in the Hungarian Banking Market”, Working Paper, 2004/9, Magyar Nemzeti Bank, Budapest, 2004.
  • NATHAN, A. ve E. H. NEAVE, “Competition and Contestability in Canada‟s Financial System Empirical Results”, The Canadian Journal of Economics, Vol. 22, No. 3, 1989, ss. 576-594.
  • PANZAR, J. ve J. ROSSE, “Structure, Conduct and Comparative Statistics”, Bell Laboratories Economic Discussion Paper, No. 248, 1982‟den aktaran TBB (Türkiye Bankalar Birliği), (2012), Türkiye’de Bankacılık Sektörü Piyasa Yapısı, Firma Davranışları ve Rekabet Analizi, Yayın No. 280, İstanbul.
  • PANZAR, J. ve J. ROSSE, “Testing for "Monopoly" Equilibrium”, Journal of Industrial Economics, Vol. 35, 1987, ss. 443-456.
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There are 70 citations in total.

Details

Other ID JA57FU59DP
Journal Section Research Articles
Authors

Onur Demirel This is me

Selim Adem Hatırlı This is me

- - This is me

Publication Date August 4, 2016
Submission Date August 5, 2016
Published in Issue Year 2014 Volume: 5 Issue: 10

Cite

APA Demirel, O., Hatırlı, S. A., & -, .-. (2016). TEORİK PAZAR GÜCÜ MODELLERİ. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 5(10), 92-121.
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