COLLUSION AND COMPETITION IN THE TURKISH NON-LIFE INSURANCE SECTOR: A PANZAR AND ROSSE (1987) APPROACH

Öz

Traditional “structure-conduct and performance paradigm” (SCP) assumes a negative relation between market concentration and level of competition. Analysis carried out within the framework of this paradigm suggest that an increase in market concentration decreases the level of competition, and this leads us to have an average understanding about the market’s behaviour. Panzar and Rosse (1987) approach, a relatively recent approach which was developed within the scope of new empirical industry economics, is able to present more exact information about the market structure in addition to being based on usage of specific data on firms. Moreover, contrary to SCP, this approach has indicated that high concentrated markets can exhibit competitive behaviour, too. Hence, this study forecasts the market structure in Turkish insurance sector by Panzar and Rose model using annual balance sheet data of firms over 2010-2015 period. The findings suggest that the market exhibited monopolistic competition behaviour in 2011-2013 period and perfect competition behaviour in 2014, while exhitibiting monopolist pattern at the beginning and end of 2010-2015 period.

Anahtar Kelimeler

• Market structure,Türkish insurance sector,Panzar and Rosse model

TÜRK SİGORTA SEKTÖRÜNDE İŞBİRLİĞİ VE REKABET: PANZAR VE ROSSE (1987) YAKLAŞIMI

Öz

Geleneksel yapı-davranış performans (SCP) yaklaşımı piyasa yoğunlaşması ile rekabet düzeyi arasında negatif bir ilişki olduğunu varsayar. Bu yaklaşıma göre yapılan analizlerde piyasa yoğunlaşmasında meydana gelen bir artışın rekabet düzeyini azalttığı kabul edilir ve bu sonuç piyasa davranışı hakkında ortalama bir kanıya sahip olmamıza neden olur. Literatürde daha yeni bir yaklaşım olan yeni ampirik endüstri iktisadı kapsamında geliştirilmiş olan yöntemlerden biri olan Panzar ve Rosse (1987) H indeksi yaklaşımı, spesifik firma verisi kullanımına dayandığı gibi piyasa yapısı hakkında daha kesin bir bilgi sunabilmektedir. İlave olarak bu yaklaşım, SCP’nin aksine yoğunlaşmanın yüksek olduğu piyasaların da rekabetçi davranış sergileyebileceklerini göstermiştir. İşte bu çalışmada Türk sigortacılık sektöründe piyasa yapısı, 2010-2015 dönemi için yıllık olarak firma bilanço verileri kullanılarak Panzar ve Rosse modeliyle tahmin edilmiştir. Söz konusu dönemin başı ve sonunda Türk sigorta sektöründe piyasa işbirlikçi (monopolist) yapı gösterirken, 2011-2013 döneminde monopolistik rekabet ve 2014 yılında da tam rekabetçi bir davranış göstermiştir.

Anahtar Kelimeler

• Piyasa yapısı,Türk sigorta sektörü,Panzar ve Rosse modeli

Kaynakça

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