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U.S. Midwest Gasoline Pricing and the Spring 2000 Price Spike

Jeremy I. Bulow, Jeffrey H. Fischer,Jay S. Creswell, Jr. and Christopher T. Taylor

Year: 2003
Volume: Volume24
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol24-No3-5
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Abstract:
Gasoline prices increased dramatically in the U.S. Midwest in the summer of 2000, generating allegations of collusion among gasoline marketers. We examine the causes of the price increase, and find no evidence to support the collusion story. Instead, a combination of industry characteristics and unanticipated problems in switching to a new, federally-mandated gasoline specification caused the spike. Once prices rose, firms responded as quickly as possible to get additional supplies to affected markets.



More New Evidence on Asymmetric Gasoline Price Responses

Riemer P. Faber

Year: 2015
Volume: Volume 36
Number: Number 3
DOI: 10.5547/01956574.36.3.rfab
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Abstract:
There exist two possible aggregation issues in studies to asymmetric price responses: (i) an issue due to aggregation over time, and (ii) an issue due to aggregation over space. Empirical studies already confirm the existence of the first issue. This paper confirms the existence of the second issue by studying daily retail prices of individual gasoline stations. I find that 38% of the stations respond asymmetrically to changes in the gasoline spot market price. Hence, asymmetric pricing is a feature of individual firms.





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