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• W3144835429 abstract "A variety of models explains the behavior of prices and price dispersion with the existence of information di erentials between di erent consumer groups. Di erences in model predictions on the e ect of an increase in the number of sellers on the equilibrium price distribution are associated with the triangulation of competition intensity, consumer search and rms' pricing decisions. I analyze the price distribution of diesel in the Austrian retail gasoline market and test predictions of the impact of the fraction of informed and uninformed consumers on the mean price and price variance. Further, introducing two measures of spatial competition, the relation of local competition between stations and the mean and variance are examined. In a pooled cross-section analysis I follow a two step approach. Initially, price levels are estimated with respect to the in uence of competition, search costs, stations' location and further station-speci c characteristics. Controlling for these observable price characteristics, the residuals are used in the second step to investigate the behavior of the price variance. In addition to OLS, to account for spatial spillover e ects a Spatial Error Model (SEM) is applied to estimate the price function. Additionally, tests on model speci cation and robustness checks using di erent weighting matrices, search cost proxies and dispersion measures are carried out. Results reveal a negative (positive) correlation between the fraction of informed (uninformed) consumers and the mean price. Further, price variance shows an inverse U shape with the fraction of informed consumers. Thus, the variance initially increases as the proportion of informed consumers increases and starts to decline after the share of informed exceeds a threshold of roughly 43%. These ndings are in line with predictions of classical search models, most notably Stahl (1989) and empirically support ∗This research paper was supported by the Network for European and United States Urban and Regional Studies (NEURUS) and presented at the NEURUS conference at the School of Geographical Sciences of the Arizona State University (ASU), Tempe, Arizona, April 14, 2012. I am indebted to Katherine Crewe and Luc Anselin for numerous discussions and insightful comments and excellent support during a scholar visit at ASU. I also thank Christoph Weiss and Gunter Maier for helpful comments on the research project and their support for the proceeding of the dissertation project. Further, I wish to thank Paul van Steen, Brian Deal, Chris Silver, Elmar Kulke, Justin Beaumont and participants at workshops at the Rijksuniversiteit Groningen and the ASU who o ered useful suggestions. Any errors remain, of course, the full responsibility of the author. †Vienna University of Economics and Business,Department of Economics, Institute for Economic Policy and Industrial Economics, Augasse 2-6, A-1090, Vienna, Austria, Tel.: +43 6801330273, E-mail address: bernd.jost@gmail.com the meaning of consumer search in context of oligopolistic pricing. Further, the mean price decreases as competition intensi es whereas the price variance increases under increased entry competition (Janssen & Moraga-Gonzalez (2004), Carlson & McAfee (1983)). This suggests stations' tendency to focus more strongly on the lower price segment as competition increases. In conclusion, the ndings of this study highlight the importance of search costs and spatial competition in explaining the comparative static behavior of the diesel price distribution. Further investigations on the relation between the local price competition and consumers search behavior are subject to future research." @default.
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• W3144835429 date "2012-01-01" @default.
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• W3144835429 title "Price Dispersion, Search Costs and Spatial Competition: Evidence from the Austrian Retail Gasoline Market" @default.
• W3144835429 hasPublicationYear "2012" @default.
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