Secondary production is defined and its role in the estimation of an extended vertical market model b examined. Two impacts on the subject industry are identified, called primary product dominance and primary product focus. A simultaneous equations model consisting of a profit equation and two secondary production equations is estimated using data from the interindustry transactions accounts. The profit equation captures the impact on industry profit of secondary production and of extended market structure. The dominance equation captures the relationship between secondary production and industry profit and scale of production. The focus equation captures the relationship between secondary production and industry profit and excess capacity. The model is estimated for all industries, and the common specification is then applied to industries grouped by type.
Strategic Management Journal – Wiley
Published: Mar 1, 1992
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