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Author : Riemer P. Faber
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (477 download)
Download or read book Asymmetric Price Responses of Gasoline Stations written by Riemer P. Faber and published by . This book was released on 2009 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jeremy A. Verlinda
Publisher : BiblioGov
ISBN 13 : 9781289031015
Total Pages : 62 pages
Book Rating : 4.0/5 (31 download)
Download or read book Price-Response Asymmetry and Spatial Differentiation in Local Retail Gasoline Markets written by Jeremy A. Verlinda and published by BiblioGov. This book was released on 2013-06 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the possibility that local market power influences the observed asymmetric relationship between changes in wholesale gasoline costs and changes in retail gasoline prices. I exploit an original data set of weekly gas station prices in Southern California from September 2002 to May 2003, and take advantage of detailed station and local market level characteristics to determine the extent to which spatial differentiation influences price response asymmetry. I find that brand identity, proximity to rival stations, bundling and advertising, operation type, and local market features and demographics each influence a station's predicted price-response asymmetry.
Author : Jeremy A. Verlinda
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.F/5 ( download)
Download or read book Price-response Asymmetry and Spatial Differentiation in Local Retail Gasoline Markets written by Jeremy A. Verlinda and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anna Olga Smolnik
Publisher : Cuvillier Verlag
ISBN 13 : 3736984669
Total Pages : 124 pages
Book Rating : 4.7/5 (369 download)
Download or read book Essays on Market Response to Changes in Costs and Price Transparency written by Anna Olga Smolnik and published by Cuvillier Verlag. This book was released on 2017-01-25 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three empirical studies and takes a closer look at price fluctuations using German gasoline prices as an example for a homogenous good. It analyzes consumers’ reaction to price fluctuations and respectively the pricing behavior of firms. The first paper, which was developed with co-authorship, explores consumers’ online price search effects on the pricing behavior of firms (gasoline price level and price dispersion). As regulators have recently implemented a mechanism for reporting all price changes to a central data base, the core assumption of this price reporting scheme is that the increase in price transparency will lead to a decline in the price level and a reduction in price dispersion. The second study addresses the question whether German gas stations adjust their retail prices asymmetrically in response to crude oil price changes, i.e., whether gas stations react quicker to crude oil price increases than to crude oil price decreases. The third study aims to analyze whether consumers react more strongly to gasoline price increases or to price decreases when considering buying a new vehicle.
Author : Felipe Balmaceda
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetric Dynamic Pricing in a Local Gasoline Retail Market written by Felipe Balmaceda and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asymmetric-price adjustment is a common phenomenon in many markets around the world, particularly in retail gasoline markets. This paper studies the existence of this phenomenon in the retail gasoline market in the city of Santiago, Chile, using a data set of weekly gas station prices that covers a period of almost four years. We found that prices adjust asymmetrically, and the asymmetry is different for branded gas stations and unbranded stations. In addition, we found that the asymmetry for high-margin stations is statistically equivalent to that for low-margin stations. This evidence is suggestive of collusion as a rationale for the asymmetric pricing policy observed.
Author : Riemer Pieter Faber
Publisher : Rozenberg Publishers
ISBN 13 : 9036101654
Total Pages : 157 pages
Book Rating : 4.0/5 (361 download)
Download or read book Prices and Pricesetting written by Riemer Pieter Faber and published by Rozenberg Publishers. This book was released on 2010 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : B. Bhaskara Rao
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.3/5 (91 download)
Download or read book Further Evidence on Asymmetric US Gasoline Price Responses written by B. Bhaskara Rao and published by . This book was released on 2005 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Connelly Davis
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.:/5 (318 download)
Download or read book Dynamic Models of Price Changes written by Michael Connelly Davis and published by . This book was released on 2001 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George Deltas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetries in Retail Gasoline Price Dynamics and Local Market Power written by George Deltas and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using monthly data from the 48 contiguous states (except Nevada) for the 1988-2002 period, it is shown that retail gasoline prices respond faster to wholesale price increases than to equivalent wholesale price decreases. Moreover, markets with high average retail-wholesale margins experience a slower adjustment and a higher degree of asymmetry. These results are robust to whether or not an error correction term is used, and to a number of other specifications. Since gasoline is the only variable input, one could reasonably assume that average margins in a state reflect the degree of market power at the retail level. This suggests that sticky prices and response asymmetries in the gasoline market are, at least partially, a consequence of retail market power, raising the possibility that slow price adjustments and asymmetric price responses could be used as an indicator of potential departure from perfect competition. It is also shown that out-of-sample forecasts based on asymmetric models yield substantially better predictions for the path of retail prices than forecasts based on the symmetric models. This result is robust to different measures of forecast accuracy. The higher accuracy of the out-of-sample forecasts based on asymmetric models indicates that these asymmetries are not just an outcome of fitting to a particular sample but represent the underlying data generating process.
Author : Kim Seon-Yong
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book How Retail Gasoline Price Responds to Cost Shocks written by Kim Seon-Yong and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how daily retail prices of gasoline stations in Seoul Korea responded to changes in costs from 2009 to 2019. During the sample period we find a substantial shift in the composition of Seoul gas stations and in the pattern of pass-through of wholesale price increase and decrease. In 2009-2014 price adjustment of most stations exhibited a slight ``rockets and feathers'' type of ``speed asymmetry'': retail gasoline price rose faster after a wholesale price increase than it dropped after a wholesale price decrease. But in 2015-2019 we find an uncommon ``size asymmetry'': price rose about 0.8 unit after a unit cost increase but dropped by roughly 1 unit after a unit cost decrease. The uncommon size-asymmetry is most prevalent among stations that serve price conscious consumers, a market segment that experienced more intensive competition in 2015-19. We also find the retail price response to infrequent and large changes in fuel taxes differs from that to frequent cost shocks driven by daily oil price fluctuations.
Author : Dermot Gately
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (848 download)
Download or read book Imperfect Price-reversibility of US Gasoline Demand written by Dermot Gately and published by . This book was released on 1991 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael D. Noel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Confounding Effect of Edgeworth Cycles written by Michael D. Noel and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asymmetric price cycles which look similar to Edgeworth Cycles are appearing in increasingly many retail gasoline markets in the U.S. and worldwide. The cycles can give the appearance of asymmetric price responses to cost shocks under traditional methodologies. This article shows how to remove the confounding effect of the cycles and test for any true underlying asymmetry in price responses. Designing the correct counterfactual is key. The methodology is demonstrated for one strongly cycling market and some asymmetry to cost shocks is found. Covert collusion is unlikely, but the ability to coordinate cyclical price increases may play a role. Consumers can still reduce expenditures on gasoline up to 7.7% with simple timing rules of thumb.
Author : Patrick M. Emerson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)
Download or read book Intermediate Microeconomics written by Patrick M. Emerson and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309373913
Total Pages : 812 pages
Book Rating : 4.3/5 (93 download)
Download or read book Cost, Effectiveness, and Deployment of Fuel Economy Technologies for Light-Duty Vehicles written by National Research Council and published by National Academies Press. This book was released on 2015-09-28 with total page 812 pages. Available in PDF, EPUB and Kindle. Book excerpt: The light-duty vehicle fleet is expected to undergo substantial technological changes over the next several decades. New powertrain designs, alternative fuels, advanced materials and significant changes to the vehicle body are being driven by increasingly stringent fuel economy and greenhouse gas emission standards. By the end of the next decade, cars and light-duty trucks will be more fuel efficient, weigh less, emit less air pollutants, have more safety features, and will be more expensive to purchase relative to current vehicles. Though the gasoline-powered spark ignition engine will continue to be the dominant powertrain configuration even through 2030, such vehicles will be equipped with advanced technologies, materials, electronics and controls, and aerodynamics. And by 2030, the deployment of alternative methods to propel and fuel vehicles and alternative modes of transportation, including autonomous vehicles, will be well underway. What are these new technologies - how will they work, and will some technologies be more effective than others? Written to inform The United States Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and Environmental Protection Agency (EPA) Corporate Average Fuel Economy (CAFE) and greenhouse gas (GHG) emission standards, this new report from the National Research Council is a technical evaluation of costs, benefits, and implementation issues of fuel reduction technologies for next-generation light-duty vehicles. Cost, Effectiveness, and Deployment of Fuel Economy Technologies for Light-Duty Vehicles estimates the cost, potential efficiency improvements, and barriers to commercial deployment of technologies that might be employed from 2020 to 2030. This report describes these promising technologies and makes recommendations for their inclusion on the list of technologies applicable for the 2017-2025 CAFE standards.
Author : Apostolos Serletis
Publisher : World Scientific Publishing Company Incorporated
ISBN 13 : 9789814390675
Total Pages : 142 pages
Book Rating : 4.3/5 (96 download)
Download or read book Oil Price Uncertainty written by Apostolos Serletis and published by World Scientific Publishing Company Incorporated. This book was released on 2012 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between the price of oil and the level of economic activity is a fundamental issue in macroeconomics. There is an ongoing debate in the literature about whether positive oil price shocks cause recessions in the United States (and other oil-importing countries), and although there exists a vast empirical literature that investigates the effects of oil price shocks, there are relatively few studies that investigate the direct effects of uncertainty about oil prices on the real economy. The book uses recent advances in macroeconomics and financial economics to investigate the effects of oil price shocks and uncertainty about the price of oil on the level of economic activity.
Author : Dennis C. Mueller
Publisher : Springer Science & Business Media
ISBN 13 : 1461555590
Total Pages : 397 pages
Book Rating : 4.4/5 (615 download)
Download or read book Competition, Efficiency, and Welfare written by Dennis C. Mueller and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition, Efficiency and Welfare contains a collection of papers in honor of Manfred Neumann. This collection was prepared as a tribute to a teacher and scholar, whose accomplishments have enriched various fields of economics. The magnitude of his interests is reflected in the breadth of topics covered in this volume: industrial economics, competition policy and related topics. However, if one unifying principle runs through Manfred Neumann's work, it is the belief in the power of competition. Born on May 16, 1933, Manfred Neumann studied economics at the University of Cologne. He graduated in 1960. In 1969 Manfred Neumann was appointed Professor of Economics at Nürnberg University. He was Dean of the Faculty of Economics and Social Sciences of the University of Erlangen-Nürnberg, President of the European Association for Research in Industrial Economics (EARIE) and Chairman of Industrial Organization Study Group of the Verein für Sozialpolitik. Most of his professional career has been spent at Nürnberg, where he has helped to make the Economic Institute one of the leading research centers in Industrial Organization. He has also been involved in various advisory activities. The volume contains 18 essays. The first twelve are grouped into four categories: Innovation and R&D (Part I), Cartels (Part II), Mergers and Merger Policy (Part III), and Methodological Issues in Industrial Organization (Part IV). These papers fall within the bounds of industrial economics, which has been Manfred Neumann's primary research interest throughout his career. Part V includes two papers on theories of international trade, which has been a recurring topic of interest for Manfred Neumann through the years. The last three papers look at broader policy and macroeconomic issues. Contributors to this volume include Karl Aiginger, David B. Audretsch, Paul A. Geroski, Stephen Martin and Dennis Mueller.
Author : Kent Moors
Publisher : John Wiley & Sons
ISBN 13 : 1118077091
Total Pages : 324 pages
Book Rating : 4.1/5 (18 download)
Download or read book The Vega Factor written by Kent Moors and published by John Wiley & Sons. This book was released on 2011-04-12 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: How oil volatility is affecting the global political scene, and where the oil market is heading The world is rapidly moving towards an oil environment defined by volatility. The Vega Factor: Oil Volatility and the Next Global Crisis takes an in-depth look at the most important topics in the industry, including strategic risk, why traditional pricing mechanisms will no longer govern the market, and how the current government approaches have only worsened an already bad situation. Details the industry's players, including companies, traders, and governments Describes the priorities that will need to be revised, and the policies needed to achieve stability Explains how today's oil market is fundamentally different from the pre-crisis market Oil prices affect everyone. The Vega Factor explains the new international oil environment of increasing consolidation and decreasing competition, and reveals how consumers and investors can navigate price volatility and new government policies.
