Abstract
This paper addresses the issue of industry concentration and intra-industry variability in rates of return. An inverted U relationship is hypothesized and tested in which one observed low levels of variability both at high and low levels of concentration, in one case as a result of collusion and the other as a result of competition. In the process, the paper highlights the benefits associated with combining both industry and firm levels of analysis. Copyright 1996 by Oxford University Press.
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