  We revisit conduct parameter estimation in homogeneous goods markets to
resolve the conflict between Bresnahan (1982) and Perloff and Shen (2012)
regarding the identification and the estimation of conduct parameters. We point
out that Perloff and Shen's (2012) proof is incorrect and its simulation
setting is invalid. Our simulation shows that estimation becomes accurate when
demand shifters are properly added in supply estimation and sample sizes are
increased, supporting Bresnahan (1982).
