Data and code for "Product Differentiation and Oligopoly: a Network Approach"

I present a new theory of oligopoly and markups in general equilibrium, based on an innovative, scalable hedonic demand system, which I take to the data for the universe of US public firms. In my model, firms compete in a network of product market rivalries that emerge endogenously out of the characteristics of the products they supply. I estimate that consumer surplus is at least three times as large as profits, I decompose firm-level markups into metrics of quality-adjusted productivity and market centrality, and analyze the extent, evolution and drivers of monopoly power in the USA between 1995 and 2021.