Comments on "Market Structure and Interfirm Integration"

JOHN W. WILSON'S ARTICLE IS THE LATEST COMPREHENSIVE EFFORT TO EMPIRICALLY DELINEATE MARKET STRUCTURE CHARACTERISTICS IN THE PETROLEUM INDUSTRY. IN HIS ASSESSMENT OF INADEQUATE SELLER COMPETITION IN THE PETROLEUM INDUSTRY, THERE IS A STRESS IN BOTH THE POLITICAL AND ECONOMIC POWER OF THE OIL IN...

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Bibliographic Details
Published inJournal of economic issues Vol. 9; no. 2; pp. 337 - 340
Main Author Schwartz, David S.
Format Journal Article
LanguageEnglish
Published Lincoln Routledge 01.06.1975
Division of Research and Department of Economics, Graduate School of Business Administration, Michigan State University
Dept. of Economics, California State University
Association for Evolutionary Economics
Subjects
Antitrust
Attorneys general
Competition
Critiques
Empirical evidence
Energy industry
Energy policy
Financial market structures
Gasoline prices
Interdependence
Joint ventures
Natural gas industry
Natural gas prices
Natural gas production
Natural gas supply
Oil companies
Oil industry
Petroleum industry
Profits
Regulation D
Structure
Supply
Uranium
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Summary:JOHN W. WILSON'S ARTICLE IS THE LATEST COMPREHENSIVE EFFORT TO EMPIRICALLY DELINEATE MARKET STRUCTURE CHARACTERISTICS IN THE PETROLEUM INDUSTRY. IN HIS ASSESSMENT OF INADEQUATE SELLER COMPETITION IN THE PETROLEUM INDUSTRY, THERE IS A STRESS IN BOTH THE POLITICAL AND ECONOMIC POWER OF THE OIL INTEREST. A MAJOR AREA FOR WHICH WILSON PROVIDES EXTENSIVE EVIDENCE OF ANTICOMPETITIVE ARRANGEMENTS RELATES TO THE INTERLOCKING DIRECTORATES BETWEEN AND AMONG MAJOR OIL COMPANIES AND MAJOR INDUSTRIAL COMPANIES. THE MASSIVE EVIDENCE OF JOINT-VENTURE ARRANGEMENTS POINTS TO THE UNIQUE INSTITUTIONAL CHARACTERISTICS OF THE PETROLEUM INDUSTRY. IT UNDERMINES THE RELIANCE BY VARIOUS ACADEMICS ON CONCENTRATION RATIOS AS A GAUGE OF WILSON'S STUDY LEADING OVERWHELMINGLY TO THE CONCLUSION THAT THE PETROLEUM INDUSTRY IS NOT WORKABLY COMPETITIVE.
ISSN:0021-3624
1946-326X
DOI:10.1080/00213624.1975.11503287