气候变化领域集成服务门户(CCPortal): Price coordination in the Spanish oil market: The monday effect

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DOI	10.1016/j.enpol.2020.112016
	Price coordination in the Spanish oil market: The monday effect
	Perdiguero J.; Jiménez J.L.
发表日期	2021
ISSN	03014215
卷号	149
英文摘要	Spanish premium oil operators have been accused of coordinating gasoline price cuts on Mondays. The objective of this practice, known as the “Monday effect” was to lower the official prices of automotive fuels - that was collected on Mondays - so as Spain was not at the top of the European price ranking. This behavior presumably ceased in May 2013 when Government began to consider the average prices of the entire week instead of Mondays prices. In order to test whether this anticompetitive behavior existed and ceased after the change in the data collection methodology, we employ a novel database that includes retail prices for all petrol stations in Spain in the period 2012–2013. Using a difference-in-difference estimator, we exploit this regulatory change to econometrically identify and confirm that: i) the three main companies, with 70% of the market share, have systematically established lower prices on Mondays, and that this is unjustified by either cost or demand; ii) this price reduction was small during 2012, but increased significantly in the first half of 2013. iii) following the change in the collection of price data by the government, the average Monday effect ‘disappeared’ from the Spanish gasoline market. Our results highlight the price coordination capacity of dominant oil operators in Spain and suggest that authorities that monitor cartels should be much more active in promoting competition in this sector, for example, by facilitating the entry of low-cost or independent stations and/or by being particularly alert to evidence of collusive behavior. Likewise, this coordination capacity must be taken into account when evaluating mergers in this sector and/or imposing fines. © 2020 Elsevier Ltd
关键词	Antitrust Coordination Monday effect Petrol
英文关键词	Automotive fuels; Commerce; Competition; Crude oil price; Data acquisition; Gasoline; Data collection; Difference-in-differences; European prices; Gasoline prices; Price reductions; Promoting competition; Regulatory change; Spanish gasoline market; Costs; energy market; oil supply; price determination; price dynamics; retailing; Spain; Varanidae
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205295
作者单位	Department D'Economia Aplicada, Universitat Autònoma de Barcelona, Grup de Recerca en Economia Aplicada (GEAP), Institut D'Economia de Barcelona (IEB), Edifici B. Campus de La UAB, Bellaterra, Cerdanyola Del Vallès08193, Spain; Universidad de Las Palmas de Gran Canaria, Departamento de Análisis Económico Aplicado, Despacho D. 2-12, Campus de TafiraLas Palmas 35017, Spain
推荐引用方式 GB/T 7714	Perdiguero J.,Jiménez J.L.. Price coordination in the Spanish oil market: The monday effect[J],2021,149.
APA	Perdiguero J.,&Jiménez J.L..(2021).Price coordination in the Spanish oil market: The monday effect.Energy Policy,149.
MLA	Perdiguero J.,et al."Price coordination in the Spanish oil market: The monday effect".Energy Policy 149(2021).