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The dynamics of daily retail gasoline prices

✍ Scribed by Michael C. Davis

Publisher
John Wiley and Sons
Year
2007
Tongue
English
Weight
181 KB
Volume
28
Category
Article
ISSN
0143-6570

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✦ Synopsis

Abstract

Previous research has analyzed the behavior of retail gasoline stations in how they adjust their prices. In this paper we analyze the daily movements in prices of four retail gasoline stations located in Newburgh, New York. We find some evidence to support the notion that the behavior is explained by menu costs. There is substantial evidence that the firms adjust their prices asymmetrically, being more inclined to increase than to decrease prices. We conclude that the pricing behavior is being determined by a combination of search costs for the consumers and menu costs for the producers. Copyright Β© 2007 John Wiley & Sons, Ltd.

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