Search Costs, Lags and Prices at the Pump View Full Text


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Article Info

DATE

2002-02

AUTHORS

Ronald N. Johnson

ABSTRACT

Evidence is mounting that long lags and asymmetric price responses to changes in wholesale prices are characteristic of many retail markets. Although long lags are often attributed to search costs, little empirical evidence exists to support this claim. The analysis offered in this paper compares price responses in gasoline and diesel markets in 15 U.S. cities. Search costs vary across these two markets, and the evidence indicates a much faster response in the diesel market where search costs are lower. Asymmetric responses, where prices rise faster than they fall, are also evident in the data. While asymmetric responses have been attributed to oligopolistic behavior, the arguments presented in this paper point to search theory as an alternative explanation. More... »

PAGES

33-50

References to SciGraph publications

Journal

TITLE

Review of Industrial Organization

ISSUE

1

VOLUME

20

Author Affiliations

Identifiers

URI

http://scigraph.springernature.com/pub.10.1023/a:1013364513064

DOI

http://dx.doi.org/10.1023/a:1013364513064

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1011130109


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