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Why do gas prices vary, or towards understanding the micro-structure of competition

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  • Philip Bromiley

    (Department of Strategic Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455, USA)

  • Chris Papenhausen

    (Department of Strategic Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455, USA)

  • Patricia Borchert

    (Department of Strategic Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455, USA)

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    Abstract

    Strategic management work on competition considers industry segments or industries for the most part. We argue that real competition occurs at much lower levels of aggregation in many industries: what we term the micro-structure of competition. Micro-structures arise from boundedly rational firms searching imperfectly for business opportunities and boundedly rational consumers searching in a behaviorally determined manner for products and services. This paper lays out the basics of the micro-structural approach to competitive analysis and presents initial propositions from that approach. Copyright © 2002 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/mde.1060
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

    Volume (Year): 23 (2002)
    Issue (Month): 4-5 ()
    Pages: 171-186

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    Handle: RePEc:wly:mgtdec:v:23:y:2002:i:4-5:p:171-186

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    Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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    1. Shepard, Andrea, 1990. "Pricing Behavior and Vertical Contracts in Retail Markets," American Economic Review, American Economic Association, American Economic Association, vol. 80(2), pages 427-31, May.
    2. Bettman, James R & Luce, Mary Frances & Payne, John W, 1998. " Constructive Consumer Choice Processes," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 25(3), pages 187-217, December.
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    Cited by:
    1. Daniel Albalate & Jordi Perdiguero, 2012. "“Entry Regulation Asymmetries and Gasoline Competition in a Mixed Motorway Network”," IREA Working Papers, University of Barcelona, Research Institute of Applied Economics 201218, University of Barcelona, Research Institute of Applied Economics, revised Nov 2012.

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