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DOI | 10.1016/j.enpol.2018.11.016 |
Price transmission in the presence of a vertically integrated dominant firm: Evidence from the gasoline market | |
Farkas, Richard1,2; Yontcheva, Biliana3 | |
2019-03-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 126页码:223-237 |
文章类型 | Article |
语种 | 英语 |
国家 | Hungary; Austria |
英文摘要 | The present paper provides an empirical examination of cost pass-through on a market with a vertically integrated firm which has substantial market power in wholesale and faces competition in retail. Our investigation focuses on gasoline pricing in Hungary, where a court-case against the dominant firm on the market provides us with detailed evidence regarding the price-setting behavior of the vertically integrated agent. We find that when market power is stronger at the wholesale level, the company is likely to raise prices in response to cost increases faster than it adjusts them downwards in case of cost decreases on the wholesale market. This process is known as "asymmetric cost pass-through". Our findings suggest that regulatory efforts on the market should not only encompass differences in firm mark-ups between franchisees of the firm and competitors in order to prevent foreclosure, but should also seek to evaluate the wholesale price margins applied to all firms. We supplement our results with an analysis of the behavior of the firm after an investigation into its pricing behavior and find that pass-through asymmetry decreases substantially on the wholesale level in the period after the investigation. |
英文关键词 | Gasoline market Cost pass-through Dominant firm Vertical integration |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000457952000021 |
WOS关键词 | ERROR-CORRECTION ; RISE FASTER ; ADJUSTMENT ; FEATHERS ; ROCKETS ; ASYMMETRY ; COLLUSION |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18633 |
专题 | 气候变化 |
作者单位 | 1.Univ Pecs, Dept Econ & Econometr, Fac Business & Econ, 80 Rakoczi St, H-7622 Pecs, Hungary; 2.Univ Pecs, Fac Business & Econ, RIERC, Pecs, Hungary; 3.Vienna Univ Econ & Business, Dept Econ, 1 Welthandelspl, A-1020 Vienna, Austria |
推荐引用方式 GB/T 7714 | Farkas, Richard,Yontcheva, Biliana. Price transmission in the presence of a vertically integrated dominant firm: Evidence from the gasoline market[J]. ENERGY POLICY,2019,126:223-237. |
APA | Farkas, Richard,&Yontcheva, Biliana.(2019).Price transmission in the presence of a vertically integrated dominant firm: Evidence from the gasoline market.ENERGY POLICY,126,223-237. |
MLA | Farkas, Richard,et al."Price transmission in the presence of a vertically integrated dominant firm: Evidence from the gasoline market".ENERGY POLICY 126(2019):223-237. |
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