Table 3. Structural Auction Estimates of Cattle Price Markups
|
Packer__________ |
Price |
Interquartile |
Herfindahl |
|
before merger (optimal bandwidth |
= 0.36) | ||
|
packer 1 |
1.06 |
1.15 | |
|
packer 2 |
1.33 |
0.78 | |
|
packer 3 |
2.77 |
0.81 | |
|
packer 4 |
2.41 |
1.12 | |
|
all four packers |
2.00 |
0.91 |
0.264 |
|
after merger (optimal bandwidth |
= 0.69) | ||
|
Packers 1&2 |
5.78 |
1.10 | |
|
Packers 3&4 |
3.89 |
2.26 | |
|
all two packers |
4.71 |
1.54 |
0.512 |
Industry (before & after mergers)
Note: Optimal bandwidths of 0.28 before merger and 0.81 after were selected using
Sheather-Jones plug in method.
35
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