Gas Wars: Retail Gasoline Price Fluctuations

Rick Castanias · Herb Johnson

85 citations0/0 files storedThe Review of Economics and Statistics

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Merger and Competition Analysis Economics of Agriculture and Food Markets Consumer Market Behavior and Pricing

Abstract

This paper examines the retail gasoline price fluctuations known as gas wars. Weekly prices for the Los Angeles area were examined for the period from January 2, 1968 through December 23, 1975. The observed fluctuations were remarkably regular and, apparently, large ly predictable. The data appear consistent with the recent game theory model of E. Maskin and J. Tirole in which competing firms produce Edgeworth cycles by undercutting each other and eventually relenting. Copyright 1993 by MIT Press.

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1984Noncooperative Collusion under Imperfect Price Information 1985Rationing by Waiting and the Value of Time: Results from a Natural Experiment 1985Dealing-Temporary Price Cuts-By Seller as a Buyer Discrimination Mechanism

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