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DO ROCKETS RISE FASTER AND FEATHERS FALL SLOWER IN AN ATMOSPHERE OF LOCAL MARKET POWER? EVIDENCE FROM THE RETAIL GASOLINE MARKET -super-*

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  • JEREMY A. VERLINDA
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    Abstract

    This study explores the possibility that local market power influences the observed asymmetric relationship between changes in wholesale gasoline costs and changes in retail gasoline prices. I exploit an original data set of weekly gas station prices in Southern California from September, 2002 to May, 2003, and take advantage of detailed station and local market level characteristics to determine the extent to which geographic and product differentiation influence price response asymmetry. I find that brand identity, proximity to rival stations and local market features and demographics each influence a station's predicted price-response asymmetry. Copyright 2008 Blackwell Publishing Ltd. and the Editorial Board of The Journal of Industrial Economics. No claim to original US government works.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal The Journal of Industrial Economics.

    Volume (Year): 56 (2008)
    Issue (Month): 3 (09)
    Pages: 581-612

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    Handle: RePEc:bla:jindec:v:56:y:2008:i:3:p:581-612

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821

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    Cited by:
    1. Perdiguero-García, Jordi, 2013. "Symmetric or asymmetric oil prices? A meta-analysis approach," Energy Policy, Elsevier, vol. 57(C), pages 389-397.
    2. Mark J. Holmes & Jesus Otero & Theodore Panagiotidis, 2012. "On the Dynamics of Gasoline Market Integration in the United States: Evidence from a Pair-wise Approach," Koç University-TUSIAD Economic Research Forum Working Papers 1230, Koc University-TUSIAD Economic Research Forum.
    3. Bachmeier, Lance, 2013. "Identification in models of gasoline pricing," Economics Letters, Elsevier, vol. 120(1), pages 71-73.
    4. Jordi Perdiguero-García, 2010. "“Symmetric or asymmetric gasoline prices? A metaanalysis approach”," IREA Working Papers 201013, University of Barcelona, Research Institute of Applied Economics, revised Nov 2010.

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