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American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
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The Lerner Index of Monopoly Power: Origins and Uses
Article Citation
Elzinga, Kenneth G., and
David E. Mills. 2011. "The Lerner Index of Monopoly Power: Origins and Uses."
American Economic Review,
101(3): 558-64.
DOI: 10.1257/aer.101.3.558
DOI: 10.1257/aer.101.3.558
Abstract
Abba Lerner's paper in the Review of Economic Studies (1934) is the source of what is now referred to as the Lerner Index of monopoly power. The Lerner Index has become the standard measure of monopoly power and one of the most widely cited indexes in the discipline of economics. This paper traces the origins of the index, sets out its strengths and weaknesses, and examines its role in antitrust enforcement. The Index is a better indicator of a firm's price-setting discretion than its ability to sustain monopoly prices.
Article Full-Text Access
Full-text Article
Additional Materials
Online Appendix (62.13 KB)
Authors
Elzinga, Kenneth G. (U VA)
Mills, David E. (U VA)
Mills, David E. (U VA)
JEL Classifications
C82: Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
N33: Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: Europe: Pre-1913
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
N33: Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: Europe: Pre-1913
