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The Rosse–Panzar revenue test for competitive conditions in banking is based on observation of the impact on bank revenue of variation in factor input prices. We identify the implications for the H-statistic of misspecification bias in the revenue equation, Dr Dre Headphones Canada Cheap arising when adjustment towards market equilibrium is partial and not instantaneous. In simulations, fixed effects estimation produces a measured H-statistic that is severely biased towards zero. Empirical results for the banking sectors of the Group of Seven (G7) countries corroborate our principal finding, that a dynamic formulation of the revenue equation is required for accurate identification of the H-statistic. We compare Euler–Poincaré reduction in principal fibre bundles, as a constrained variational problem on the connections of this fibre bundle and constraint defined by the vanishing of the curvature of the connection, with the corresponding problem of Lagrange. Under certain cohomological condition we prove the Beats Pro Canada equality of the sets of critical sections of both problems with the one obtained by application of the Lagrange multiplier rule. We compute the corresponding Cartan form and characterise critical sections as the set of holonomic solutions of the Cartan equation and, in particular, under a certain regularity condition for the problem, we prove the holonomy of any solution of this equation.