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We revisit conduct parameter estimation in homogeneous goods markets toresolve the conflict between Bresnahan (1982) and Perloff and Shen (2012)regarding the identification and the estimation of conduct parameters. We pointout that Perloff and Shen's (2012) proof is incorrect and its simulationsetting is invalid. Our simulation shows that estimation becomes accurate whendemand shifters are properly added in supply estimation and sample sizes areincreased, supporting Bresnahan (1982).

Resolving the Conflict on Conduct Parameter Estimation in Homogeneous Goods Markets between Bresnahan (1982) and Perloff and Shen (2012)