Results of relative welfare analysis conducted in this paper indicate that a large proportion of welfare losses in the past have been shouldered by the consumers. In addition, this article shows that the hypothesis of cartel-like behavior is consistent with the adverse results obtained.
The Philippine Journal of Development (PJD) is a multidisciplinary, peer-reviewed journal published biannually by the Philippine Institute for Development Studies (PIDS). It serves as a platform for disseminating policy-oriented research on development issues, including the economy, business, public administration, foreign relations, sociology, and political dynamics.
P-ISSN 2508-0954 • E-ISSN 2508-0849 • https://doi.org/10.62986/pjd