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Oligopsony/Oligopoly Power and Factor Market Performance: The Case of U.S. Old Newspapers

HEADNOTE

This paper derives price-cost margins for the old newspaper (ONP) input market for newsprint manufacture and then examines the effects of two government policies and two variables measuring the market performances of ONP input

and newsprint output on the oligopsonist's ONP price-cost margins. In the wastepaper recycling market in particular, the ONP input market has not been successful in using the ONP generated. The outcomes of the study are that various degrees of price distortions existed in the ONP input markets in four regions of the United States during 1972-1995. Demand-side policy had a positive effect and supply-side policy had a negative effect on ONP price-cost margins in all regions.

Key Words: buyer and seller market shares, mandated recycling programs, minimum content standards, oligopsony

JEL Classifications: R51, R58, 021, 023, R11, R38

The increasing volume of municipal solid waste (MSW) disposal and limited landfill availability for disposal purposes in the late 1980s and early 1990s raised concerns for the future of landfill space as the number of landfills in operation in the United States declined by almost 75% between 1963 and 1993 (Hervani). As a result of higher costs associated with landfill disposal fees, land filling became less economical. A lack of landfill availability necessitated reducing the volume of the waste stream by source reduction or recycling. Underutilization of old newspaper (ONP) is important because ONP is the second largest component of wastepaper and it makes up 14% of total waste in MSW. The best disposal option for ONP seems to be recycling, and the highest value within recycling is in the manufacture of newsprint.

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