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Inventories And Wholesale Gasoline Price Dynamics
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Book Synopsis Inventories and Wholesale Gasoline Price Dynamics by : Gerard H. Kuper
Download or read book Inventories and Wholesale Gasoline Price Dynamics written by Gerard H. Kuper and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sheds new light on the asymmetric short-run dynamics of US gasoline prices. The odel is inspired by Pindyck's inventory model of commodity price dynamics, that stresses the importance of volatility in crude oil markets for short-run market dynamics. We show that after February 1999 asymmetry in gasoline price dynamics is caused by changes in the net marginal convenience yield: higher costs of marketing and storage lead to rising gasoline prices, whereas a drop in these costs hardly affects gasoline prices.
Book Synopsis Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets by : Severin Borenstein
Download or read book Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets written by Severin Borenstein and published by . This book was released on 1996 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present and test an explanation for lags in the adjustment of wholesale gasoline prices to changes in crude oil prices. Our simple model with costly adjustment of production and inventories implies that output prices will respond with a lag to cost shocks even in the absence of menu costs, imperfect information, and long-term buyer/seller relationships. The model predicts that futures prices for gasoline will adjust incompletely to crude oil price shocks occurring close to the expiration date of the futures contract. We test and confirm this implication. The model also predicts that firms with market power will choose a different price adjustment path than would perfectly competitive firms. We examine the responses of prices in 188 local wholesale gasoline markets and find evidence that greater market power leads to slower output price adjustment
Book Synopsis Inventories and Sales of Fuel Oil and Motor Gasoline, Wholesale Distributors by : United States. Bureau of the Census
Download or read book Inventories and Sales of Fuel Oil and Motor Gasoline, Wholesale Distributors written by United States. Bureau of the Census and published by . This book was released on 1980 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventories and Sales of Fuel Oil and Motor Gasoline, Wholesale Distributors by :
Download or read book Inventories and Sales of Fuel Oil and Motor Gasoline, Wholesale Distributors written by and published by . This book was released on 1980 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why are Prices Sticky? by : Michael C. Davis
Download or read book Why are Prices Sticky? written by Michael C. Davis and published by . This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that this prediction is broadly consistent with the behavior of 9 Philadelphia gasoline wholesalers. We nevertheless reject the menu-cost model as a literal description of these firms' behavior, arguing instead that price stickiness arises from strategic considerations of how customers and competitors will react to price changes.
Book Synopsis Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes? by : Severin Borenstein
Download or read book Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes? written by Severin Borenstein and published by . This book was released on 1992 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our empirical investigation confirms the common belief that retail gasoline prices react more quickly to increases in crude oil prices than to decreases. Nearly all of the response to a crude oil price increase shows up in the pump price within 4 weeks, while decreases are passed along gradually over 8 weeks. The asymmetry could indicate market power of some producers or distributors, or it could result from inventory adjustment costs. By analyzing price transmission at different points in the distribution chain we investigate these theories. We find that some asymmetry occurs at the level of the competitive spot market for gasoline, perhaps reflecting inventory costs. Wholesale gasoline prices, however, exhibit no asymmetry in responding to crude oil price changes, indicating that refiners who set wholesale prices are not the source of the asymmetry. The most significant asymmetry appears in the response of retail prices to wholesale price changes. We argue that this probably reflects short run market power among retail gasoline sellers.
Book Synopsis Retail Gasoline Price Dynamics and Local Market Power by : George Deltas
Download or read book Retail Gasoline Price Dynamics and Local Market Power written by George Deltas and published by . This book was released on 2008 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 more asymmetric response. Since gasoline is the only variable input, average margins in a state likely reflect the degree of retail market power. This suggests that sticky prices and response asymmetries in the gasoline market are, at least partially, a consequence of retail market power.
Book Synopsis Why are Prices Stricky? by : Michael C. Davis
Download or read book Why are Prices Stricky? written by Michael C. Davis and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Refinery Costs on Wholesale Gasoline Prices and the Margin Between Whole Sale Gasoline Prices and Crude Oil Prices by : John H. Clark
Download or read book The Effect of Refinery Costs on Wholesale Gasoline Prices and the Margin Between Whole Sale Gasoline Prices and Crude Oil Prices written by John H. Clark and published by . This book was released on 1948 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Pricing in Retail Gasoline Markets by : Severin Borenstein
Download or read book Dynamic Pricing in Retail Gasoline Markets written by Severin Borenstein and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supergame models of tacit collusion show that supportable price-cost margins increase with expected future collusive profits, ceteris paribus. As a result, collusive margins will be larger when demand is expected to increase or marginal costs are expected to decline. Using panel data on sales volume and gasoline prices in 43 cities over 72 months, we find behavior consistent with tacit collusion in retail gasoline markets. Controlling for current demand and cost, current margins increase with expected next-month demand and decrease with expected next-month cost. The results are not consistent with intertemporal linkages due to inventory behavior or customer loyalty.
Book Synopsis Commodity Price Dynamics by : Craig Pirrong
Download or read book Commodity Price Dynamics written by Craig Pirrong and published by Cambridge University Press. This book was released on 2011-10-31 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Book Synopsis Basis Variation and the Role of Inventories by : Bassam Fattouh
Download or read book Basis Variation and the Role of Inventories written by Bassam Fattouh and published by . This book was released on 2009 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Gasoline price changes the dynamic of supply, demand, and competition. by :
Download or read book Gasoline price changes the dynamic of supply, demand, and competition. written by and published by DIANE Publishing. This book was released on 2005 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EIA Publications Directory written by and published by . This book was released on 1980 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventories and the Short-run Dynamics of Commodity Prices by : Robert S. Pindyck
Download or read book Inventories and the Short-run Dynamics of Commodity Prices written by Robert S. Pindyck and published by . This book was released on 1990 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis System Dynamics by : Bilash Kanti Bala
Download or read book System Dynamics written by Bilash Kanti Bala and published by Springer. This book was released on 2016-10-28 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the broad spectrum of system dynamics methodologies for the modelling and simulation of complex systems: systems thinking, causal diagrams, systems structure of stock and flow diagrams, parameter estimation and tests for confidence building in system dynamics models. It includes a comprehensive review of model validation and policy design and provides a practical presentation of system dynamics modelling. It also offers numerous worked-out examples and case studies in diverse fields using STELLA and VENSIM. The system dynamics methodologies presented here can be applied to nearly all areas of research and planning, and the simulations provided make the complicated issues more easily understandable. System Dynamics: Modelling and Simulation is an essential system dynamics and systems engineering textbook for undergraduate and graduate courses. It also offers an excellent reference guide for managers in industry and policy planners who wish to use modelling and simulation to manage complex systems more effectively, as well as researchers in the fields of modelling and simulation-based systems thinking.
Download or read book Gasoline Prices written by and published by DIANE Publishing. This book was released on with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
