Market Structure, Entry, and Performance in Korea

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Abstract
This paper applies a recursive model of structure-entry--performance with structural feedbacks to 62 Korean manufacturing industries for 1976-81. The results strongly support the market power hypothesis. The results also indicate that, despite active government intervention, the invisible hand is working: structure is evolving as expected with high profits leading to entry and consequently lower profits. However, there is little support for limit pricing hypotheses in this explosively growing economy.

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