Abstract
This paper applies a recursive model of structure-entry-performance with structural feedbacks to sixty-two 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. Copyright 1990 by MIT Press.
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