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Sticky Prices Inventories And Market Power In Wholesale Gasoline Markets
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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
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights Publisher : ISBN 13 : Total Pages :192 pages Book Rating :4.0/5 (13 download)
Book Synopsis Crude Oil by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights
Download or read book Crude Oil written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights and published by . This book was released on 2004 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Changes in the Gasoline Market by :
Download or read book Price Changes in the Gasoline Market written by and published by DIANE Publishing. This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they`re rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
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 The Role of Content Regulation on Pricing and Market Power in Regional Retail and Wholesale Gasoline Markets by : Erich J. Muehlegger
Download or read book The Role of Content Regulation on Pricing and Market Power in Regional Retail and Wholesale Gasoline Markets written by Erich J. Muehlegger and published by . This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1999, regional retail and wholesale gasoline markets in the United States have experienced significant price volatility, both intertemporally and across geographic markets. This paper focuses on one potential explanation for regional variations in price levels and volatility, gasoline content regulation. Implemented regionally to address local mobile-source emissions, gasoline content regulations increase cost to refiners, transporters and distributors of gasoline, in addition to reducing the fungibility of gasoline across different regions. This paper first provides a summary of the regional gasoline content regulations and a primer on the refining industry. In addition, this paper specifies the costs regional content regulation imposes on refiners, transporters and distributors of gasoline and the role increasing heterogeneity of gasoline may play in regional price volatility. Finally, this paper surveys the previous literature looking at the effect of gasoline content regulation on prices and price volatility and suggests directions for future research.
Author :United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations Publisher : ISBN 13 : Total Pages :822 pages Book Rating :4.F/5 ( download)
Book Synopsis Gas Prices by : United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
Download or read book Gas Prices written by United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 2002 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Author :Compiled by the British Library of Political and Economic Science Publisher :Routledge ISBN 13 :1134340028 Total Pages :676 pages Book Rating :4.1/5 (343 download)
Book Synopsis IBSS: Economics: 2002 Vol.51 by : Compiled by the British Library of Political and Economic Science
Download or read book IBSS: Economics: 2002 Vol.51 written by Compiled by the British Library of Political and Economic Science and published by Routledge. This book was released on 2013-05-13 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1952, the International Bibliography of the Social Sciences (anthropology, economics, political science, and sociology) is well established as a major bibliographic reference for students, researchers and librarians in the social sciences worldwide. Key features * Authority: Rigorous standards are applied to make the IBSS the most authoritative selective bibliography ever produced. Articles and books are selected on merit by some of the world's most expert librarians and academics. *Breadth: today the IBSS covers over 2000 journals - more than any other comparable resource. The latest monograph publications are also included. *International Coverage: the IBSS reviews scholarship published in over 30 languages, including publications from Eastern Europe and the developing world. *User friendly organization: all non-English titles are word sections. Extensive author, subject and place name indexes are provided in both English and French. Place your standing order now for the 2003 volumes of the the IBSS Anthropology: 2002 Vol.48 December 2003: 234x156: Hb: 0-415-32634-6: £195.00 Economics: 2002 Vol.51 December 2003: 234x156: Hb: 0-415-32635-4: £195.00 Political Science: 2002 Vol.51 December 2003: 234x156: Hb: 0-415-32636-2: £195.00 Sociology: 2002 Vol.52 December 2003: 234x156: Hb: 0-415-32637-0: £195.00
Book Synopsis The Federal Trade Commission Investigation of Gasoline Price Manipulation and Post-Katrina Gasoline Price Increases: A Commission Report to Congress (Spring 2006) by :
Download or read book The Federal Trade Commission Investigation of Gasoline Price Manipulation and Post-Katrina Gasoline Price Increases: A Commission Report to Congress (Spring 2006) written by and published by DIANE Publishing. This book was released on with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price-response Asymmetry and Spatial Differentiation in Local Retail Gasoline Markets by : Jeremy A. Verlinda
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:
Book Synopsis Energy Markets by : United States. General Accounting Office
Download or read book Energy Markets written by United States. General Accounting Office and published by . This book was released on 2004 with total page 246 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 Market Power, Vertical Integration and the Wholesale Price of Gasoline by : Justine S. Hastings
Download or read book Market Power, Vertical Integration and the Wholesale Price of Gasoline written by Justine S. Hastings and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines empirically the relationship between vertical integration and wholesale gasoline prices. We use discrete and differential changes in the extent of vertical integration generated by mergers in West Coast gasoline refining and retailing markets to test for incentives to raise rivals' costs. The research design allows us to test for a relationship between vertical integration and wholesale prices, controlling for horizontal market structure, cost shocks and trends. We find evidence consistent with the strategic incentive to raise competitors' input costs. This suggests that vertical integration can have a significant impact on wholesale prices.
Book Synopsis The Analysis Of Competition Policy And Sectoral Regulation by : Martin Peitz
Download or read book The Analysis Of Competition Policy And Sectoral Regulation written by Martin Peitz and published by World Scientific. This book was released on 2014-07-07 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains a selection of papers that were presented at the CRESSE Conferences held in Chania, Crete, from July 6th to 8th, 2012, and in Corfu from July 5th to 7th, 2013. The chapters address current policy issues in competition and regulation. The book contains contributions at the frontier of competition economics and regulation and provides perspectives on recent research findings in the field. Written by experts in their respective fields, the book brings together current thinking on market forces at play in imperfectly competitive industries, how firms use anti-competitive practices to their advantage and how competition policy and regulation can address market failures. It provides an in-depth analysis of various ongoing debates and offers fresh insights in terms of conceptual understanding, empirical findings and policy implications. The book contributes to our understanding of imperfectly competitive markets, anti-competitive practices and competition policy and regulation.
Book Synopsis Price Changes in the Gasoline Market by :
Download or read book Price Changes in the Gasoline Market written by and published by . This book was released on 1999 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they're rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
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.
