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| Tekijä: | Bacon, R. W. |
| Otsikko: | Rockets and feathers: the asymmetric speed of adjustment of UK retail gasoline prices to cost changes. |
| Lehti: | Energy Economics
1991 : JUL, VOL. 13:3, p. 211-218 |
| Asiasana: | PRICE POLICY MATHEMATICAL MODELS PETROLEUM INDUSTRY UNITED KINGDOM |
| Kieli: | eng |
| Tiivistelmä: | In the recent Monopolies and Mergers Comission Report, the hypothesis is put forward, that the speed of adjustment of UK retail gasoline prices to cost changes is more rapid when costs rise than when they fall, and that the adjustment path is more concentrated around the mean value on the upswing. A quadratic quantity adjustment model is developed to test this hypothesis. Using fortnightly data from the UK from 1982 to 1989 evidence was found that the upward adjustment process is slightly faster and the period of adjustment more concentrated than was the case when costs fell. |
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