期刊
AMERICAN ECONOMIC REVIEW
卷 110, 期 12, 页码 3705-3747出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.20171397
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资金
- NSF Graduate Research Fellowship - Centre for Economic Policy Research (CEPR)
- research initiative Private Enterprise Development in -Low-Income Countries - Centre for Economic Policy Research (CEPR) [EG 1764, MRG004_3854]
- Department for International Development (DFID)
African agricultural markets are characterized by low farmer revenues and high consumer food prices. Many have worried that this wedge is partially driven by imperfect competition among intermediaries. This paper provides experimental evidence from Kenya on intermediary market structure. Randomized cost shocks and demand subsidies are used to identify a structural model of market competition. Estimates reveal that traders act consistently with joint profit maximization and earn median markups of 39 percent. Exogenously induced firm entry has negligible effects on prices, and low -take-up of subsidized entry offers implies large fixed costs. We estimate that traders capture 82 percent of total surplus.
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