エックス効率と市場構造

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  • X-EFFICIENCY AND MARKET STRUCTURE
  • エックス コウリツ ト シジョウ コウゾウ

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In his stimulating article in the American Economic Review (1966) and several subsequent papers, Harvey Leibenstein developed the X-efficiency concept. The purpose of this address is to examine the hypothesis that X-inefficiency is an increasing function of market power, and to assess its validity empirically in Japanese manufacturing industries. The method used here is, at first, to measure the residuals between estimated and actual 'price-cost margin' based on census totals at the four-digit level. Then, the relation between these residuals and four-firm concentration ratios is investigated. This is much the same approach as that utilized by W. G. Shepherd in some recent econometric studies on market structure and performance. This approach is also on the assumption that these residuals are likely to be associated with the degree of X-efficiency.<br>Almost all the variables used in 'price-cost margin' equations are derived from the 1970 Census of Manufactures, except for R & D and advertising expenditures. Values for R & D and advertising intensities are taken from the 1970 input-output table and the related materials. I found that there existed a statistically significant difference in the average of negative residuals between the high-concentration-in-dustry group and the low-concentration group. This result suggests that competition tends to lessen X-inefficiency. In another paper, I and Iwasaki estimated the frontier production function. There we found that technical efficiency declined as concentration increased in the high-concentration-industry group.<br>The conclusion resulting from these investigations is clear: If economic efficiency is the most important goal of the competition policy at all, it is natural to strengthen rigorous antimonopoly actions.

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