{'fraction_non_alphanumeric': 0.018072289156626505, 'fraction_numerical': 0.0030120481927710845, 'mean_word_length': 5.333333333333333, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Market Structure, Oligopsony Power, and Productivity

I study how ownership consolidation affects productivity and market power in both factor and product markets. I develop a model to separately identify markups, markdowns, and productivity using production and cost data. I use the model to examine the effects of consolidation in the Chinese cigarette manufacturing industry. I find that consolidation led to an increase in intermediate input price markdowns of 30%, but to only a slight drop in cigarette price markups. Although industry consolidation was defended as a means to spur productivity growth, I find that it actually lowered aggregate productivity.