Schmalensee's study was innovative and technically sophisticated. Nevertheless, there are
difficulties with it traceable to the use of a single year of data. In this article I perform a new variance components analysis of the FTC LB data that corrects this weakness. I analyze the four years (1974-1977) of data available and include components for overall business cycle effects, stable and transient industry effects, as well as stable and transient business-unit effects. 2 Like Schmalensee, I find that corporate effects are negligible. However, I draw dramatically different conclusions about the importance of industry effects, the existence and importance of business-level effects, and the validity of industry level analysis
Schmalensee's study was innovative and technically sophisticated. Nevertheless, there are difficulties with it traceable to the use of a single year of data. In this article I perform a new variance components analysis of the FTC LB data that corrects this weakness. I analyze the four years (1974-1977) of data available and include components for overall business cycle effects, stable and transient industry effects, as well as stable and transient business-unit effects. 2 Like Schmalensee, I find that corporate effects are negligible. However, I draw dramatically different conclusions about the importance of industry effects, the existence and importance of business-level effects, and the validity of industry level analysis
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