IDEAS home Printed from https://ideas.repec.org/p/ucd/wpaper/200923.html
   My bibliography  Save this paper

Corn Market Dynamics and the Joint Executive Committee (1880 - 1886)

Author

Listed:
  • Franco Mariuzzo

    (The Geary Institute University College Dublin)

  • Patrick Paul Walsh

    (SPIRe and The Geary Institute University College Dublin)

Abstract

We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter’s (1983) analysis of industry demand, conduct and stability of the JEC railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of the JEC in its rate setting to the nature of rate setting, over alternative modes of conveyance, is very much predicted by the theoretical considerations in Haltiwanger and Harrington (1991). Periods of Cartel instability are triggered by unexpected booms in corn markets in New York, amongst other factors. The latter is consistent with the Green and Porter (1984) theory.

Suggested Citation

  • Franco Mariuzzo & Patrick Paul Walsh, 2009. "Corn Market Dynamics and the Joint Executive Committee (1880 - 1886)," Working Papers 200923, Geary Institute, University College Dublin.
    • Handle: RePEc:ucd:wpaper:200923
    as

    Download full text from publisher

    File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp200923.pdf
    File Function: First version, 2009
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Corn Market Spot and Future Weekly Prices in Chicago and New York; Demand Cycles; Inventory Management in New York; JEC Railroad Cartel Pricing; Outside Transportation Options; Structural Modeling.;
    All these keywords.

    JEL classification:

    • L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucd:wpaper:200923. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Geary Tech (email available below). General contact details of provider: https://edirc.repec.org/data/geucdie.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.