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This paper incorporates inventory dynamics into a standard conjectural variations analysis of market power. Using a model which incorporates closed-loop equilibrium strategies, we show that measures of market power that ignore inventory dynamics are biased. We then apply the model to the beef-packing industry using annual data on cattle stocks, slaughter and prices from 1933-1999.  Our estimates suggest that static measures overestimate the amount of market power exerted by beef-packing firms.

Inventory Constraints in a Dynamic Model of Imperfect Competition: An Application to Beef Packing