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Spatial Price Competition: A Semiparametric Approach

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Author Info
Joris Pinkse () (Dept. of Economics, The University of British Columbia, Canada)
Margaret E. Slade () (Dept. of Economics, The University of British Columbia, Canada)
Craig Brett () (Dept. of Economics, Royal Holloway College, University of London, United Kingdom)

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Abstract

We investigate the nature of price competition among firms that produce differentiated products and compete in markets that are limited in extent. We propose an instrumental variables series estimator for the matrix of cross price response coefficients, demonstrate that our estimator is consistent, and derive its asymptotic distribution. Our semiparametric approach allows us to discriminate among models of global competition, in which all products compete with all others, and local competition, in which products compete only with their neighbors. We apply our semiparametric estimator to data from U.S. wholesale gasoline markets and find that, in this market, competition is highly localized. Copyright The Econometric Society 2002.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 70 (2002)
Issue (Month): 3 (May)
Pages: 1111-1153
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Handle: RePEc:ecm:emetrp:v:70:y:2002:i:3:p:1111-1153

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  1. Patrick Paul Walsh & Franco Mariuzzo & Ciara Whelan, 2005. "Merger Control in Differentiated Product," Trinity Economics Papers tep10, Trinity College Dublin, Department of Economics. [Downloadable!]
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  2. Gerhard Clemenz & Klaus Gugler, 2006. "Locational choice and price competition: some empirical results for the austrian retail gasoline market," Empirical Economics, Springer, vol. 31(2), pages 291-312, June. [Downloadable!] (restricted)
  3. Davis, Peter J, 2006. "The Discrete Choice Analytically Flexible (DCAF) Model of Demand for Differentiated Products," CEPR Discussion Papers 5880, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Gerard J. van den Berg & Aico van Vuuren, 2006. "The Effect of Search Frictions on Wages," Tinbergen Institute Discussion Papers 06-077/3, Tinbergen Institute. [Downloadable!]
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  5. Kristian Behrens & Cem Ertur & Wilfried Koch, 2007. "Dual' gravity: Using spatial econometrics to control for multilateral resistance," CIRJE F-Series CIRJE-F-501, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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  6. Asplund, Marcus & Friberg, Richard & Wilander, Fredrik, 2005. "Demand and Distance: Evidence on Cross-Border Shopping," CEPR Discussion Papers 4983, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Francesco Caselli & Silvana Tenreyro, 2005. "Is Poland the Next Spain?," CEP Discussion Papers dp0668, Centre for Economic Performance, LSE. [Downloadable!]
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  8. Muehlegger, Erich, 2006. "Gasoline Price Spikes and Regional Gasoline Content Regulation: A Structural Approach," Working Paper Series rwp06-015, Harvard University, John F. Kennedy School of Government. [Downloadable!]
  9. Damme, E. van & Pinkse, J., 2005. "Merger simulation analysis : an academic perspective," Discussion Paper 13, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
  10. Emin M. Dinlersoz, 2000. "Firm Organization and Retail Industry Dynamics," Econometric Society World Congress 2000 Contributed Papers 0005, Econometric Society. [Downloadable!]
  11. Gerhard Clemenz & Klaus Gugler, 2002. "Locational choice and price competition: Some empirical results for the Austrian retail gasoline market," Vienna Economics Papers 0206, University of Vienna, Department of Economics. [Downloadable!]
  12. Marcel Canoy & Sander Onderstal, . "Tight Oligopolies: In Search of Proportionate Remedies," CPB Documents 29, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  13. Ongena, S. & Degreyse, H.A., 2003. "Distance, lending relationships, and competition," Discussion Paper 123, Tilburg University, Center for Economic Research. [Downloadable!]
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  14. Franco Mariuzzo & Patrick Paul Walsh & Ciara Whelan, 2004. "EU Merger Control in Differentiated Product Industries," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  15. Nick Bloom & Mark Schankerman & John Van Reenen, 2005. "Identifying Technology Spillovers and Product Market Rivalry," CEP Discussion Papers dp0675, Centre for Economic Performance, LSE. [Downloadable!]
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  16. Reiss, Peter C. & Wolak, Frank A., 2003. "Structural Econometric Modeling: Rationales and Examples from Industrial Organization," Research Papers 1831, Stanford University, Graduate School of Business. [Downloadable!]
  17. Slade, Margaret E., 2006. "Merger Simulations of Unilateral Effects : What Can We Learn from the UK Brewing Industry?," The Warwick Economics Research Paper Series (TWERPS) 767, University of Warwick, Department of Economics. [Downloadable!]
  18. Joris Pinkse & Margaret Slade & Lihong Shen, 2006. "Dynamic Spatial Discrete Choice Using One-step GMM: An Application to Mine Operating Decisions," Spatial Economic Analysis, Taylor and Francis Journals, vol. 1(1), pages 53-99, June. [Downloadable!] (restricted)
  19. Erich J. Muehlegger, 2004. "Gasoline Price Spikes and Regional Gasoline Content Regulations - A Structural Approach," Working Papers 0421, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
  20. repec:tcd:wpaper:tep10 is not listed on IDEAS
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