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Gasoline Price Dispersion And Consumer Search
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Book Synopsis Consumer Search and Dynamic Price Dispersion by : Ambarish Chandra
Download or read book Consumer Search and Dynamic Price Dispersion written by Ambarish Chandra and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the role of imperfect information in explaining price dispersion. We use a new panel dataset on the U.S. retail gasoline industry, and propose a new test of temporal price dispersion to establish the importance of consumer search. We show that price rankings vary significantly over time; however, they are more stable among stations at the same street intersection. We establish the equilibrium relationships between price dispersion and key variables from consumer search models. Price dispersion increases with the number of firms in the market, decreases with the production cost and increases with search costs.
Book Synopsis Gasoline Price Dispersion and Consumer Search by : Michael D. Noel
Download or read book Gasoline Price Dispersion and Consumer Search written by Michael D. Noel and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The vast majority of empirical studies examining the link between consumer search and price dispersion focus on how changes in consumer search impact price dispersion. This article does the reverse--it examines how a shock to price dispersion impacts consumer search. A direct measure of search is used and an exogenous shock to price dispersion is found in a refinery fire that caused decades-old retail gasoline price cycles, and the nonlinear high-frequency price dispersion pattern generated by them, to stop. Identifying effects from this shock, the results show a substantial response of consumer search to changes in price dispersion.
Book Synopsis Consumer Search, Price Dispersion, and Asymmetric Pricing by : Mariano Emilio Tappata
Download or read book Consumer Search, Price Dispersion, and Asymmetric Pricing written by Mariano Emilio Tappata and published by . This book was released on 2006 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter I, I explore the theoretical implications of consumer search on price dynamics. Previous empirical work established that in most markets "prices rise like rockets but fall like feathers." I show that a model with competitive firms and rational partially-informed consumers can generate such asymmetric response to costs by firms. In contrast to public opinion and past work, collusion is not necessary to explain such stylized fact.
Book Synopsis Asymmetric Price Adjustment and Consumer Search by : Matthew S. Lewis
Download or read book Asymmetric Price Adjustment and Consumer Search written by Matthew S. Lewis and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article proposes a new explanation for why retail prices respond more quickly to cost increases than cost decreases. I develop a search model that assumes consumers' expectations of prices are based on prices observed during previous purchases. This model predicts that consumers search less when prices are falling, which results in higher profit margins and a slower price response to cost changes. I then empirically examine patterns of retail gasoline price response and price dispersion to show that this model predicts observed price behavior better than previously suggested explanations.
Book Synopsis Geographical Dispersion of Consumer Search Behavior by : Hakan Yilmazkuday
Download or read book Geographical Dispersion of Consumer Search Behavior written by Hakan Yilmazkuday and published by . This book was released on 2018 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether consumer search behavior differs across zip codes within the U.S.. As an application, daily gasoline price data covering virtually all gas stations within the U.S. are employed to estimate the distribution of search costs in each zip code. The results show that there are significant differences across zip codes regarding the expected number of searches achieved before consumers purchase gasoline. In order to have a systematic explanation, such differences are further connected to geographic, demographic and economic conditions of the zip codes in a secondary analysis. The corresponding results imply several strategies for gas stations in order to maximize profits/markups; suggestions follow for policy makers and regulators to reduce redistributive effects of information barriers across locations.
Book Synopsis Search, Price Dispersion, and Local Competition by : Mitsukuni Nishida
Download or read book Search, Price Dispersion, and Local Competition written by Mitsukuni Nishida and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants and Consequences of Search Cost Heterogeneity by : Mitsukuni Nishida
Download or read book The Determinants and Consequences of Search Cost Heterogeneity written by Mitsukuni Nishida and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information frictions play a key role in an array of economic activities and are frequently incorporated into formal models as search costs. However, little is known about the underlying source of consumer search costs and how heterogeneous they are across consumers and markets. This paper documents the sources and magnitude of heterogeneity in consumer search costs and analyzes how the heterogeneity shapes firms' pricing and consumers' search behavior. By identifying hundreds of geographically isolated markets, we are the first to estimate the distribution of consumer search costs for many geographic markets. We directly recover the distribution of consumer search costs market by market using retail gasoline price data in the United States. We find that the distribution of consumer search costs varies significantly across geographic markets and that the distribution of household income is closely associated with the search cost distribution. We find that a policy that reduces both the standard deviation and mean of the search cost distribution has heterogeneous and potentially unintended consequences on prices across markets.
Book Synopsis Price Dispersion and Consumers' Search Under Imperfect Information by : Chiaen John Wu
Download or read book Price Dispersion and Consumers' Search Under Imperfect Information written by Chiaen John Wu and published by . This book was released on 1992 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Prices and Consumer Information by : Alex Maurizi
Download or read book Prices and Consumer Information written by Alex Maurizi and published by . This book was released on 1978 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumer Search in Retail Gasoline Markets by : David P. Byrne
Download or read book Consumer Search in Retail Gasoline Markets written by David P. Byrne and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Market Response to Changes in Costs and Price Transparency by : Anna Olga Smolnik
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.
Book Synopsis Essays on Price Dynamics and Consumer Search by : Matthew Stephen Lewis
Download or read book Essays on Price Dynamics and Consumer Search written by Matthew Stephen Lewis and published by . This book was released on 2004 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Prices and Pricesetting by : Riemer Pieter Faber
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:
Book Synopsis Understanding Gasoline Price Dispersion by : Demet Yilmazkuday
Download or read book Understanding Gasoline Price Dispersion written by Demet Yilmazkuday and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Retail Price Competition by : Taehwan Kim (Ph.D. in Economics)
Download or read book Three Essays on Retail Price Competition written by Taehwan Kim (Ph.D. in Economics) and published by . This book was released on 2018 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters. The first chapter examines price dispersion in retail gasoline and focuses on differentiation along the service dimension: full service versus self service. Consistent with more intensive search by self-service customers, I find that price dispersion always decreases with the number of nearby self-service stations, but does not decrease with the number of nearby full-service stations. When I segment the market by brand, I observe that the estimates are sensitive to how brands are separated into different types. These findings show that the market is more clearly segmented by service level than by brand type and also highlight the importance of product differentiation when modeling price dispersion. In the second chapter, I examine product positioning and pricing strategies of sellers in a market undergoing a significant restructuring using data from the introduction of self-service technology in the Korean gasoline market in the 2000s. I show that the decision of full-service sellers to exit or switch to self service is positively correlated with the intensity of competition they face. The pricing strategies of sellers differ by product position: self-service sellers compete for price-sensitive consumers, whereas full-service sellers differentiate their product by offering a variety of bundled products and services, such as coffee, carwash or even a nail salon, to compete for less-price-sensitive consumers. Taken together, these patterns have led to an increase in the full-service premium during the market transition. In the third chapter, I study the effect of a government contract on price. Since 2013, Korean government officials have been required to refuel at contracted gasoline stations, at about 5% discounts relative to the posted price. The initial contract terminated in November 2015 and a new group of sellers took over the contract. In this paper, I use this natural experiment to examine the impact of the government contract on gasoline prices, using a difference-in-difference analysis and price data on all gasoline stations in Seoul. I find that, all else equal, posted prices of contracted gasoline stations are about 2% higher than those of non-contracted stations. This finding is consistent with the prediction of models of price discrimination that prices decrease when the elasticity of demand falls. The effect on prices is not uniform across all stations, however. The contract leads to larger increases in full-service stations' posted prices than in self-service stations' prices, and larger increases at stations with fewer nearby competitors. The contract also decreases prices of non-contracted stations very close to contracted stations.
Book Synopsis Price Uncertainty and Market Power in Retail Gasoline by : Federico Rossi
Download or read book Price Uncertainty and Market Power in Retail Gasoline written by Federico Rossi and published by . This book was released on 2020 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We quantify the effect of consumers' price uncertainty on gasoline prices and margins on an Italian highway. We observe the change in prices triggered by a longitudinal policy-based change in consumers' price information from one in which drivers on the highway had no information on the prices of stations they encountered to one that allows consumers to observe the prices of four upcoming stations on a single price sign by the side of the highway. Using these data, we estimate a model of consumer search and purchase behavior and a corresponding model of gas station pricing. We then measure the impact of varying degrees of price information on equilibrium prices, including (i) no price information, (ii) the current policy and (iii) full price information. We also compare the current policy with an alternative policy in which stations' prices are advertised with individual price signs. We find that when consumers do not have price information, gas stations are able to charge 31% more, in terms of higher price-cost margins, than when prices are known. Our welfare analysis suggests that price information is worth 57 euro cents to consumers every time they take the highway. Relative to the current mandatory policy, advertising price on individual signs is worth 19 euro cents more to consumers.
Book Synopsis The Oxford Handbook of Economic and Institutional Transparency by : Jens Forssbaeck
Download or read book The Oxford Handbook of Economic and Institutional Transparency written by Jens Forssbaeck and published by Oxford University Press. This book was released on 2014-09-01 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.
