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Author: Bart J. Wilson
Publisher:
ISBN:
Category : Gasoline industry
Languages : en
Pages : 37
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Author: Bart J. Wilson
Publisher:
ISBN:
Category : Gasoline industry
Languages : en
Pages : 37
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Book Description
Author: Justus Haucap
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
Petrol prices tend to be subject to regular changes, often changing more than once a day in many countries, and the number of changes appears to increase. For example, a recent sector inquiry by Germany's competition authority has found that the number of price changes has almost tripled between 2007 and 2010. At the same time, economic theory suggests that gasoline retail markets are prone to collusive behavior. Oligopoly market structures prevail, market interactions occur frequently, prices are highly transparent, and demand is rather inelastic. As a result, a public debate has emerged whether or not to adopt regulatory pricing rules for gas stations similar to those implemented in Austria, parts of Australia, Luxembourg or parts of Canada. In order to increase consumer welfare these rules either restrict the number of price changes per day or they limit the mark-up for gasoline retail prices. As theoretical predictions about the impact of these measures are mixed and empirical studies rare, we analyze the effects, using an experimental gasoline market in the lab. Our results reveal that two of the suggested rules rather decrease consumer welfare: The Austrian rule which only allows one price increase per day (while price cuts are always possible) and the Luxembourg rule which introduces a maximum markup for retailers. While no rule tends to induce lower retail prices, the Western Australian rule which allows at most one daily price change (no matter whether up or down) does at least not harm consumers.
Author: Roman Glikman
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 78
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Author: David P. Byrne
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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How does the Internet effect retail pricing? In contrast to previous empirical research that focuses on price dispersion and static margins, this paper examines how the Internet and web-based price clearing houses effect dynamic asymmetric pricing adjustment (e.g., "rockets and feathers"). We exploit a unique policy intervention in the context of the retail gasoline market that introduced a price clearinghouse in some markets but not others. We find stark evidence that the policy eliminated asymmetric price adjustment and increase the rate of passthrough of falling costs to retail prices. These results support search-based explanations for asymmetric price adjustment.
Author: Timothy Cason
Publisher: Springer Science & Business Media
ISBN: 3642564488
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
Experimental methods are now a mainstream empirical methodology in economics. The papers in this volume represent some recent developments in research on experimental markets. The articles span a variety of topics related to experimental markets, including auctions, taxation, institutional differences, coordination in markets, and learning. Contributors to the volume include many of the most distinguished researchers in the area.
Author: Justus Haucap
Publisher:
ISBN: 9783863040468
Category :
Languages : en
Pages : 0
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Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 54
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Author: Woo-Hyung Hong
Publisher:
ISBN:
Category :
Languages : en
Pages : 89
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Book Description
This dissertation studies the role of information in market performance, and pricing dynamics observed in the retail gasoline market. In Chapter 1, we empirically test whether smartphones, as information-providing devices, can improve market performance and reduce price dispersion. We treat the introduction of smartphones in the Korean gasoline market as a natural experiment to investigate the impact of smartphones on competition among gas stations. Smartphones provided consumers with direct access to price information through OPINET, a government-sponsored Internet website. Our results indicate that the adoption of smartphones is associated with dramatic decreases in price dispersion and average price-cost margins, thereby creating consumer gains. Additionally, we found a sudden decline in entries and a slow increase in exits after the introduction of smartphones. Chapter 2 investigates how and why a link between market power and asymmetric pricing occurs. Exploiting unique island panel data from the Korean gasoline market, we propose geographical separation as a reliable measure of market power. Our findings confirm a positive correlation between market power and price-response asymmetry. We provide direct evidence of tacit collusion by investigating sticky pricing behaviors and suggest that the tacit collusion is the main channel through which market power influences asymmetric pricing. Additionally, we examine the effect of station heterogeneity on asymmetric pricing to provide further evidence of tacit collusion even in relatively competitive environments.
Author: United States. Bureau of Mines
Publisher:
ISBN:
Category : Animal experimentation
Languages : en
Pages : 482
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Author: Jennifer Ruth Thompson
Publisher:
ISBN:
Category :
Languages : en
Pages : 264
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