| dc.contributor.advisor | Brümmer, Bernhard Prof. Dr. | |
| dc.contributor.author | Fahlbusch, Markus | |
| dc.date.accessioned | 2014-02-27T10:25:39Z | |
| dc.date.available | 2014-02-27T10:25:39Z | |
| dc.date.issued | 2014-02-27 | |
| dc.identifier.uri | http://hdl.handle.net/11858/00-1735-0000-0022-5E42-C | |
| dc.identifier.uri | http://dx.doi.org/10.53846/goediss-4390 | |
| dc.language.iso | eng | de |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/ | |
| dc.subject.ddc | 630 | de |
| dc.title | Price Formation and the Measurement of Market Power on the International Dairy Markets | de |
| dc.type | doctoralThesis | de |
| dc.contributor.referee | Brümmer, Bernhard Prof. Dr. | |
| dc.date.examination | 2014-02-05 | |
| dc.description.abstracteng | In the recent years, the international dairy markets have become more and more the focus of public attention. This was primarily due to a higher degree of price volatility that also spilled over to the prices in the European Union after the export subsidies were suspended. Under these circumstances, it is increasingly important to understand the price formation on the international dairy markets. Since the international supply side on these markets is highly concentrated, the price formation can be expected to be influenced by market power. In this context, especially New Zealand is worth mentioning. The New Zealand dairy co-operative Fonterra is the most important player on the dairy markets holding world market shares of more than fifty percent in some cases. In this PhD thesis – that is composed of three papers – the pricing-to-market and the residual demand approach are used to analyze the New Zealand dairy exports with regard to market power. In doing so, both approaches are extended or modified. In the first paper, simulated data is used to show that the empirical pricing-to-market model proposed by Knetter can be expected to provide biased estimates of the prevailing degree of pricing-to-market. This is because the way of how the model controls for the export country’s overall marginal cost implicitly assumes that changes in the marginal cost affect prices equally across destination countries. However, since the destination-specific pass-through of cost and exchange rates are equal for a profit-maximizing firm, the pricing-to-market coefficients of the Knetter model can be expected to be biased toward the average coefficient in the sample – around fifty percent under realistic conditions. Therefore, in the second paper, an alternative approach to control for the marginal cost is proposed – the usage of the so-called “stochastic” marginal cost; this procedure also allows the inference of pricing-to-market through changes in the marginal cost. At the same time, the Knetter model is extended to an oligopolistic model of pricing-to-market that a) provides an index of product differentiation and additionally b) identifies the source of pricing-to-market – a task that had not been solved until now. In the third paper, the concept of the stochastic marginal cost is applied to the residual demand approach in order to replace cost shifting variables that often reflect only a small proportion of the marginal cost. The results of both approaches show that Fonterra has a moderate degree of market power on the international dairy markets with estimated markups that amount to nine percent on average. These markups vary much more across destination countries than across the products analyzed. As the pattern can hardly be explained by observable factors, the prevailing degrees of market power seem to be caused by unobservable and qualitative factors. The results also show that Fonterra uses its markup in order to smooth out changes in the marginal cost – on average 40% – in order to maintain its market share in the destination countries. | de |
| dc.contributor.coReferee | Cramon-Taubadel, Stephan von Prof. Dr. | |
| dc.contributor.thirdReferee | Loy, Jens-Peter Prof. Dr. | |
| dc.subject.eng | pricing-to-market | de |
| dc.subject.eng | exchange rate pass-through | de |
| dc.subject.eng | residual demand | de |
| dc.subject.eng | market power | de |
| dc.subject.eng | price discrimination | de |
| dc.subject.eng | competition | de |
| dc.subject.eng | international dairy markets | de |
| dc.subject.eng | unit values | de |
| dc.subject.eng | exchange rates | de |
| dc.identifier.urn | urn:nbn:de:gbv:7-11858/00-1735-0000-0022-5E42-C-5 | |
| dc.affiliation.institute | Fakultät für Agrarwissenschaften | de |
| dc.subject.gokfull | Land- und Forstwirtschaft (PPN621302791) | de |
| dc.identifier.ppn | 77959634X | |