Published:
Cambridge, Mass: National Bureau of Economic Research, 2019
Published in:NBER working paper series ; no. w25983
Extent:
1 Online-Ressource; illustrations (black and white)
Language:
English
DOI:
10.3386/w25983
Identifier:
Reproduction note:
Hardcopy version available to institutional subscribers
Origination:
Footnote:
System requirements: Adobe [Acrobat] Reader required for PDF files
Mode of access: World Wide Web
Description:
We study the evolution of profits, investment and market shares in US industries over the past 40 years. During the 1990's, and at low levels of initial concentration, we find evidence of efficient concentration driven by tougher price competition, intangible investment, and increasing productivity of leaders. After 2000, however, the evidence suggests inefficient concentration, decreasing competition and increasing barriers to entry, as leaders become more entrenched and concentration is associated with lower investment, higher prices and lower productivity growth