Market Power, Vertical Integration and the Wholesale Price of Gasoline

Market Power, Vertical Integration and the Wholesale Price of Gasoline
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市场力量、纵向一体化与汽油批发价格

DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
R. Gilbert
R. Gilbert
中科院分区：
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文献类型：
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作者：
Justine S. Hastings;R. Gilbert

文献摘要

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本文实证检验了垂直一体化与汽油批发价格之间的关系。我们使用西海岸汽油精炼和零售市场合并产生的垂直整合程度的离散和差异变化来测试提高竞争对手成本的动机。研究设计使我们能够测试垂直整合和批发价格之间的关系，控制横向市场结构、成本冲击和趋势。我们发现了与提高竞争对手投入成本的战略动机一致的证据。这表明，垂直整合可以对批发价格产生重大影响。
This paper examines empirically the relationship between vertical integration and wholesale gasoline prices. We use discrete and differential changes in the extent of vertical integration generated by mergers in West Coast gasoline refining and retailing markets to test for incentives to raise rivals' costs. The research design allows us to test for a relationship between vertical integration and wholesale prices, controlling for horizontal market structure, cost shocks and trends. We find evidence consistent with the strategic incentive to raise competitors' input costs. This suggests that vertical integration can have a significant impact on wholesale prices.