Media, Political Pressure, and the Firm: The Case of Petroleum Pricing in the Late 1970s
AbstractThis paper empirically examines whether major domestic oil companies held down product prices relative to their less visible counterparts during the 1979 oil crisis. The authors compare company prices on unregulated fuel oil with a measure of political pressure--the level of television coverage of the energy crisis. They find that media coverage influenced home heating oil price ratios, but did not influence residual fuel oil price ratios for the same companies. The authors argue that this differential pricing pattern is rational in a politically sensitive period. Copyright 1990, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Bibliographic InfoArticle provided by MIT Press in its journal Quarterly Journal of Economics.
Volume (Year): 105 (1990)
Issue (Month): 1 (February)
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- Magnus Söderberg & Makoto Tanaka, 2012. "Spatial price homogeneity as a mechanism to reduce the threat of regulatory intervention in locally monopolistic sectors," Working Papers hal-00659458, HAL.
- Baron, David P., 2003. "Competing for the Public through the News Media," Research Papers 1808, Stanford University, Graduate School of Business.
- Makoto Tanaka, 2011. "The Effects of Uncertain Divestiture as Regulatory Threat," Journal of Industry, Competition and Trade, Springer, vol. 11(4), pages 385-397, December.
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