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MULTIMARKET CONTACT AND SALES GROWTH: EVIDENCE FROM INSURANCE

机译:多市场联系和销售增长:来自保险的证据

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摘要

Research on pricing, profits, and firm survival has shown that multimarket contact causes mutual forbearance against competition, but has not considered the consequences of imperfect observability of competitive moves. Here, predictions are developed to explain how mutual forbearance occurs-but sometimes fails-in markets with imperfect observability. Mutual forbearance means that firms do not seek to take market share from each other through price cuts or nonprice competition, and thus that sales grow at uniform rates. Firms defect from mutual forbearance, and hence have higher sales growth, if the potential rewards are high and the likelihood of being discovered is low. This theory is tested on a panel of firms operating in the Norwegian general insurance industry. The evidence suggests that sales growth is most rapid in firms that do not meet many multimarket competitors in a given market and firms that are economically troubled. Growing or highly concentrated markets have higher heterogeneity of growth rates.
机译:对价格,利润和企业生存的研究表明,多市场接触会导致相互抵制竞争,但并未考虑竞争行为可观察性不完善的后果。在这里,发展了一些预测来解释相互容忍是如何发生的,但在可观察性不完善的市场中有时会失败。相互忍让意味着公司不会通过降价或非价格竞争来寻求彼此之间的市场份额,因此销售将以统一的速度增长。如果潜在的报酬很高,而被发现的可能性很低,则企业会因为相互忍受而背叛,从而实现更高的销售增长。挪威一般保险业的多家公司对该理论进行了检验。有证据表明,在给定市场中未遇到许多多市场竞争对手的公司和经济困难的公司,销售增长最快。成长中或高度集中的市场具有更高的增长率异质性。

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