search query: @indexterm Antitrust / total: 371
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| Author: | Spiller, P. T. Huang, C. J. |
| Title: | On the extent of the market : wholesale gasoline in the northeastern United States. |
| Journal: | Journal of Industrial Economics
1986 : DEC, VOL. 35:2, p. 131-145 |
| Index terms: | INDUSTRIAL ECONOMICS COSTS PETROLEUM INDUSTRY USA ANTITRUST STATISTICAL METHODS |
| Language: | eng |
| Abstract: | A methodology is developed to estimate the transaction costs required to arbitrage among a set of products and the probability of observing binding arbitrage. The estimation is based on a switching regimes model,identified by a truncation in the error structure. The antitrust implications are analyzed and it is applied to wholesale gasoline in the Northeastern United States. The model discriminates well between regimes,suggesting its usefulness for other applications. Transaction costs are below 5% of price,increasing with distance and depend on the direction of arbitrage,arbitrage probabilities fall with distance and transaction costs. |
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