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Competition and Oligopoly A Case of UK Grocery Retailing.doc

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Competition and Oligopoly A Case of UK Grocery Retailing

CompetitionandOligopoly: ACaseof??GroceryRetailing KevinA.Lawler Chih-ChengYang InthispaperwedevelopamodelofBertrandpricecompetitionwith uncertaintyastothenumberofbidders.Theauctionmodelspredict retailpricedispersionasanobservablefeatureofpricediscrimination. Theimplicationsoftheauctionmodelsaretestedusingalogitmodel onprimarydata.Somesimulationsofthelogitmodelfurtherenrich andcapturecriticalstatesofchain-storerivalry.The?ndingsshowthat consumercharacteristicsde?netypeofstorechoiceandthatanauction modelofpricecompetitionwithuncertaintyisanappropriatewayto modelretailgrocerycompetition. Introduction Inthispaper,weusetheterm‘discountstores’toapplytothosewhich o?erawideselectionofprimaryshoppingvenuesandwhicharechar- acterisedbylowpricesandlowserviceattributes.Withparticularrefer- encetotheNorthEast,thedominantdiscountformatsarerepresented byAldi,Lidl,Netto,KwikSaveandSomer?eld.Thequalitysupermarket retailersthatfeaturehigherqualityservicelevelsandhigherpricesare Asda,Morrisons,Sainsbury’sSafewayandTesco.Competitionbetween thesetwostrategicgroupscreatespricedispersioninurbangrocerymar- kets.Theaimofthepaperistoexplainthisphenomenonintermsof marketsegmentationandauctiontheory.Hypothesesconcerningprice dispersionderivedfromtheauctionmodelaretestedusinglogitanalysis. Intheory,discountstoresmayenhancepricecompetitioningrocery sub-marketsbecause: ?. theyrepresentasigni?cantinnovationappealingtopricesensitive buyers, ?. theyareameansoflowcostentryinsupermarketsub-marketsin metropolitanareas, DrKevinA.LawlerisHeadoftheHigherEducation, EuropeanSchoolofManagement,??. Chih-ChengYangisaPhDcandidateinAppliedEconometrics attheUniversityofSunderland,??. ManagingGlobalTransitions?(?):???–??? ??? KevinA.LawlerandChih-ChengYang ?. discount stores constitute new strategic groups in Porter’s (????) sense,potentiallyreducingtheabilityofincumbentstocoordinate competition, ?. theystresslowpricessotheirentryislikelytostimulatepricerivalry withatleastsomeincumbents. Apartfromthepercept