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UID:5123cccf05222036b6114db2b8768c08
CATEGORIES:Seminars
CREATED:20260204T140209
SUMMARY:Joshua Weiss - University of Bristol
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nMore Than the Sum of Its Parts? Markups and the Role of Establishments 
 (with Markus Kondziella)\n\n\nAbstract:\nWe study distortions to firm produ
 ction along the intensive margin---how much to produce at each establishmen
 t or of each product---and the extensive margin---how many establishments o
 r products to operate. Using data on the universe of Swedish establishments
  in services industries, we show that 1) size-dependent firm markups are ju
 st a symptom of size-dependent establishment markups, i.e., firms with larg
 er establishments set higher markups but firms with more establishments do 
 not, and 2) each successive establishment at a firm tends to be smaller rel
 ative to its municipality-industry. In a model of competition between firms
  through establishments, we characterize the distortions implied by establi
 shment-level market power: firms inefficiently undervalue 1) production at 
 larger establishments, 2) opening larger establishments, and 3) production 
 at existing establishments relative to opening new establishments. Calibrat
 ed to our Swedish data, it is optimal to tax large high markup firms becaus
 e they open too many establishments, contrary to findings from models with 
 firm-level market power. Although a high markup indicates that a firm ineff
 iciently produces too little at its existing establishments, it is a poor i
 ndicator of the efficiency of the firm's extensive margin.\n
DTSTAMP:20260509T071824Z
DTSTART:20260511T163000Z
DTEND:20260511T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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