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Essays On Vertical Relationships Competition And Regulation In The Gasoline Industry
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Book Synopsis Essays on Vertical Relationships, Competition and Regulation in the Gasoline Industry by : Justine Shirin Hastings
Download or read book Essays on Vertical Relationships, Competition and Regulation in the Gasoline Industry written by Justine Shirin Hastings and published by . This book was released on 2001 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Vertical Restraints and Competition Policy by : Chia-Wen Chen
Download or read book Essays on Vertical Restraints and Competition Policy written by Chia-Wen Chen and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Vertical restraints between firms, such as exclusive dealing contracts that forbid a dealer from promoting other manufacturers' products, are controversial in competition policy because of their potential anticompetitive effects. This dissertation addresses three issues in competition policy and vertical relationships between firms: (1) what are the effects of exclusive dealing on competitiveness of brands? (2) does exclusive dealing foreclose new entrants out of a market? (3) what is the effect of retail competition on market price in a vertically integrated industry when upstream firms face capacity constraints? Chapter 1 examines the impact of allowing more brands access to exclusive distribution networks on brand and market level outcomes. In the U.S., Anheuser Busch is the dominant firm in the beer industry and has exclusive dealing arrangements with many of its distributors. I looked at a recent beer distribution deal between Anheuser Busch and InBev that moved InBev brands into Anheuser Busch distribution networks. I collected beer distributor data before and after the event and matched them with a panel scanner dataset from a major grocery chain in Northern California. Using a difference-in-differences approach, I compared the changes in InBev market shares in markets in which InBev switched to Anheuser Busch distributors, to the changes in market shares in markets in which InBev switched to Anheuser Busch exclusive distributors. The results suggest that exclusive dealing matters in the beer industry: I find InBev market shares to be higher once allowed access to Anheuser Busch exclusive distribution networks. In addition, I do not find overall market quantity to be larger when more brands have access to Anheuser Busch exclusive networks. Instead, the results show cannibalization effects on existing brands' market share when a distributor acquires more brands. These results are more consistent with an incentive-based explanation for firms preferring exclusive contracts. Chapter 2 examines the effect of exclusive dealing on rival firms' entry decisions. I estimated an entry model of specialty beer producers in Northern California and tested whether exclusive dealing raises a firm's fixed costs. I modeled each firm's entry decision as a static entry game of incomplete information that allows for strategic interactions and employed a new panel scanner dataset from a major grocery chain in Northern California. Given that both firm and location profitability are heterogeneous, I controlled for post-entry demand conditions by estimating the demand for beer using a discrete choice model. Using the demand estimates and the predicted entry probabilities, I recovered a firm's fixed costs using a two-step estimator. I find some spillover effects on specialty beer producers' entry decisions. After taking strategic interactions into account, the results indicate that a firm has higher fixed costs at locations with exclusive distributors. The estimates also show that a firm is less likely to enter a location that is farther from its brewery, has lower expected demand or is smaller in store size. Finally, I implemented counter-factual experiments to study the effect of banning exclusive dealing. The results show that the welfare improvement associated with banning exclusive contracts is very small. Chapter 3 (joint with Christopher R. Knittel) considers a model of oligopolistic competition when upstream firms face capacity constraints. We studied the optimality conditions of upstream firms under vertical separation and vertical integration when firms compete on quantity. We illustrated the properties of the equilibrium wholesale and retail prices when the downstream market becomes less competitive with a numerical example. Using data on gasoline demand and refineries' capacity levels in California, we generated equilibrium wholesale and retail prices when the number of downstream firms varies. We find that whether a higher degree of retail market concentration results in higher retail price depends on market structure and the effectiveness of the capacity constraints. When independent refineries' capacity constraints are binding, the effect of a decrease in the number of independent retailers on retail gasoline price is very small.
Book Synopsis Vertical Relationships and Competition in Retail Gasoline Markets by : Justine S. Hastings
Download or read book Vertical Relationships and Competition in Retail Gasoline Markets written by Justine S. Hastings and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how much, if any, of the differences in retail gasoline prices between markets is attributable to differences in the composition of vertical contract types at gasoline stations in each market. The purchase of the independent retail gasoline chain, Thrifty, by ARCO provides a unique opportunity to examine the effects of changes in different vertical contract types on local retail prices. This event caused sharp changes in the market share of i) fully vertically integrated stations, and ii) independent stations; differentially affecting local markets in the Los Angeles and San Diego Metropolitan areas. Using unique and detailed station-level data, this study examines how these sharp changes affected local retail prices. The detailed data and the research design based on the Thrifty station conversions allow for credible estimation of the effects of the market share of independent retailers and vertically integrated retailers on local market prices, controlling for any omitted factors at the station level, and the city level over time. Results for the Los Angeles and San Diego metropolitan areas indicate that a decrease in the market share of independent stations has a significant positive impact on local retail price. However, a change in the market share of refiner owned and operated branded stations does not have a significant impact on local market price. These results have important implications as policy makers consider the regulation of vertical contracts as a means to increase competition in gasoline markets. The research design and detailed data also allow for inference on the underlying nature of retail gasoline competition.
Download or read book Journal of Economic Literature written by and published by . This book was released on 2002 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Vertical Relationships and Competition in Retail Gasoline Markets :. by : Christopher T. Taylor
Download or read book Vertical Relationships and Competition in Retail Gasoline Markets :. written by Christopher T. Taylor and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Vertical Relationships and Competition in Retail Gasoline Markets by : Justine Hastings
Download or read book Vertical Relationships and Competition in Retail Gasoline Markets written by Justine Hastings and published by . This book was released on 2001 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Author :United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law Publisher : ISBN 13 : Total Pages :472 pages Book Rating :4.:/5 (327 download)
Book Synopsis Exclusive Territorial and Customer Restrictions by : United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law
Download or read book Exclusive Territorial and Customer Restrictions written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law and published by . This book was released on 1976 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis American Doctoral Dissertations by :
Download or read book American Doctoral Dissertations written by and published by . This book was released on 2001 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2005 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Applied Microeconomics by : Lori Lynn Parcel
Download or read book Three Essays in Applied Microeconomics written by Lori Lynn Parcel and published by . This book was released on 2008 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reforming Infrastructure by : Ioannis Nicolaos Kessides
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Book Synopsis Vertical Control of Markets by : Frederick R. Warren-Boulton
Download or read book Vertical Control of Markets written by Frederick R. Warren-Boulton and published by . This book was released on 1978 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Book Synopsis The Theory of Competitive Price by : George Joseph Stigler
Download or read book The Theory of Competitive Price written by George Joseph Stigler and published by . This book was released on 1946 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Interaction Between Competition Law and Corporate Governance by : Florence Thépot
Download or read book The Interaction Between Competition Law and Corporate Governance written by Florence Thépot and published by Cambridge University Press. This book was released on 2019-02-14 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Florence Thépot provides the first systematic account of the interaction between competition law and corporate governance. She challenges the 'black box' conception of the firm- or 'undertaking' - in competition law, as applied to increasingly complex corporate relations. The book opens the 'black box' of the firm to understand the internal drivers of collusive behaviour, and proposes a unified approach to cartel enforcement, based on the agency theory. It explores key issues including corporate compliance programmes, the attribution of liability in corporate groups, and structural links between competitors, and should be read by anyone interested in how the evolution of the corporate landscape impacts competition law.
Book Synopsis Antitrust and Regulation by : Franklin M. Fisher
Download or read book Antitrust and Regulation written by Franklin M. Fisher and published by MIT Press. This book was released on 1985 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of original essays by economists and lawyers addresses important aspects of antitrust and regulation, such as the U.S. government's merger guidelines, antitrust in regulated industries, the connection between profitability and market share, and the question of what constitutes anticompetitive behavior. The book combines economic and legal analysis to inform policymaking with theory as well as the lessons of experience in the petroleum, electric power, computer, retail food, and telecommunications industries. Antitrust and Regulationopens with John McGowan's previously unpublished background paper, "Mergers for Power or Progress," for the merger guidelines taskforce which recommended the rules adopted by the Antitrust Division of the Justice Department in 1982. This is followed by "Competition and Antitrust in the Petroleum Industry: An Application of the Merger Guidelines," by George A. Hay and Robert J. Reynolds; "Anticompetitive Mergers: Prevention and Cure," by William J. Kolasky, Jr., Philip A. Proger, and Roy T Englert, Jr.; "Industrial Markets: Another Look at the SIC Approach," by James W McKie; "Profitability and Market Share," by Morris A. Adelman and Bruce E. Stangle; "Non-Price Anticompetitive Behavior by Dominant Firms Toward the Producers of Complementary Products," by J. A. Ordover, A. O. Sykes, and R. D. Willig; "Market Conduct: When is it Anticompetitive?" by Robin C. Landis and Ronald S. Rolfe; "Can Exclusive Franchises Be Bad?" by F. M. Fisher; "Mixing Regulatory and Antitrust Policies in the Electric Power Industry: The Price Squeeze and Retail Market Competition," by Paul L. Joskow; "Preferences of Policy Makers for Alternative Allocations of the Broadcast Spectrum," by Forrest Nelson and Roger Noll; "The Financial Interest and Syndication Rules in Network Television: Regulatory Fantasy and Reality," by F. M. Fisher; and "Borrowing from Peter to Pay Paul: More on Departures of Price from Marginal Cost," by Almarin Phillips and Gary L. Roberts. Franklin M. Fisher is Professor of Economics at MIT. He is a coauthor with John McGowan and Joen Greenwood of Folded, Spindled, and Mutilated: Economic Analysis and U.S. v IBM, an MIT Press paperback.
