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| Author: | Taylor, C. T. Hosken, D. S. |
| Title: | The economic effects of the Marathon-Ashland joint venture: The importance of industry supplu shocks and vertical market structure |
| Journal: | Journal of Industrial Economics
2007 : SEP, VOL. 55:3, p. 419-451 |
| Index terms: | joint business ventures market structure petroleum industry price determination retail price index |
| Language: | eng |
| Abstract: | This paper examines the Marathon/Ashland Petroleum (MAP) joint venture and its impacts on rack and retail reformulated (RFG) gasoline prices. The analysis is based on data from four cities where both companies sold RFG also before the joint venture. The authors find that in the year following the joint venture two cities experienced higher wholesale prices. However, the transaction did not affect the retail prices. In addition, this work emphasizes the significance of identifying the marginal source of supply in order to measure merger effects correctly. |
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