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Brantley Liddle - One of the best experts on this subject based on the ideXlab platform.

  • the systemic long run relation among Gasoline demand Gasoline Price income and vehicle ownership in oecd countries evidence from panel cointegration and causality modeling
    Social Science Research Network, 2013
    Co-Authors: Brantley Liddle
    Abstract:

    This paper analyzes Gasoline consumption per capita, income (GDP per capita), Gasoline Price, and car ownership per capita for a panel of OECD countries by employing panel unit root and cointegration testing, panel Dynamic and Fully Modified OLS estimations, and panel Granger-causality tests. The four variables are determined to be panel I(1) and cointegrated. Estimated long-run and short-run income elasticities are smaller than what typically had been found previously. Lastly, Gasoline consumption is Granger-caused by Gasoline Price, but not by car ownership or income; whereas, car ownership is Granger-caused by income and at the margin by Gasoline consumption, but not by Gasoline Price.

  • the systemic long run relation among Gasoline demand Gasoline Price income and vehicle ownership in oecd countries evidence from panel cointegration and causality modeling
    Transportation Research Part D-transport and Environment, 2012
    Co-Authors: Brantley Liddle
    Abstract:

    This paper looks at relationships between Gasoline consumption per capita, income, Gasoline Price, and car ownership for a panel of OECD countries. Estimated long-run and short-run income elasticities are smaller than typically found and Gasoline consumption is Granger-caused by Gasoline Price, but not by car ownership or income. Car ownership is Granger-caused by income and at the margin by Gasoline consumption, but not by Gasoline Price.

  • long run relationship among transport demand income and Gasoline Price for the us
    Transportation Research Part D-transport and Environment, 2009
    Co-Authors: Brantley Liddle
    Abstract:

    Energy used in transport is a particularly important focus for environment-development studies because it is increasing in both developed and developing countries and is largely carbon-intensive. This paper examines whether a systemic, mutually causal, cointegrated relationship exists among mobility demand, Gasoline Price, income, and vehicle ownership using US data from 1946 to 2006. We find that those variables co-evolve in a transport system; and thus, they cannot be easily disentangled in the short-run. However, estimating a long-run relationship for motor fuel use per capita was difficult because of the efficacy of the CAFE standards to influence fleet fuel economy. The analysis shows that the fuel standards program was effective in improving the fuel economy of the US vehicle fleet and in temporarily lessening the impact on fuel use of increased mobility demand. Among the policy implications are a role for efficiency standards, a limited impact for fuel tax, and the necessity of using a number of levers simultaneously to influence transport systems.

  • long run relation among motor fuel use vehicle miles travelled income and gas Price for the us
    Developing & Delivering Affordable Energy in the 21st Century 27th USAEE IAEE North American Conference Sept 16-19 2007, 2007
    Co-Authors: Brantley Liddle
    Abstract:

    Energy used in transport is a particularly important focus for environment-development studies since such use is increasing in both developed and developing countries and is a carbon-intensive activity everywhere. Gasoline Price and per capita motor fuel consumption (and therefore CO2 emissions) are highly correlated, but it may be too simplistic to assume that higher Prices will lead to lower use and thus emissions since there may be a systemic relationship among Price, technology, and mobility demand. This paper examines whether a systemic, cointegrated relationship exists among Gasoline Price, income, and both per capita motor fuel consumption and per capita vehicle-miles traveled, using US yearly data from 1919-2004 and the Johansen cointegration test. The paper’s finding of a cointegrating relationship means that Gasoline Price, technology, and fuel consumption cannot be easily disentangled in the short-run. JEL classification: Q43

Matthew S Lewis - One of the best experts on this subject based on the ideXlab platform.

  • asymmetric Price adjustment and consumer search an examination of the retail Gasoline market
    Journal of Economics and Management Strategy, 2011
    Co-Authors: Matthew S Lewis
    Abstract:

    This article proposes a new explanation for why retail Prices respond more quickly to cost increases than cost decreases. I develop a search model that assumes consumers’ expectations of Prices are based on Prices observed during previous purchases. This model predicts that consumers search less when Prices are falling, which results in higher profit margins and a slower Price response to cost changes. I then empirically examine patterns of retail Gasoline Price response and Price dispersion to show that this model predicts observed Price behavior better than previously suggested explanations.

  • temporary wholesale Gasoline Price spikes have long lasting retail effects the aftermath of hurricane rita
    The Journal of Law and Economics, 2009
    Co-Authors: Matthew S Lewis
    Abstract:

    Abstract I study U.S. Gasoline Prices following Hurricane Rita to show that short‐lived geographical differences in the severity of wholesale Gasoline Price spikes are associated with long‐lasting geographical differences in retail Prices. In most U.S. cities, wholesale Prices spiked significantly for roughly 2 weeks following the hurricane. However, in cities where this spike was particularly large, retail margins remained higher than in other cities for nearly 2 months. High retail margins dissipated more quickly after the hurricane in cities where competition between stations tends to generate cyclical retail Price fluctuations independent of wholesale cost movements. I discuss why Prices may have fallen faster in cities exhibiting retail Price cycles and present additional results identifying differences in market characteristics between cities with and without Price cycles. I find that cycling cities tend to have higher population density and have independent (nonrefinery brand) stations that are mor...

  • the speed of Gasoline Price response in markets with and without edgeworth cycles
    Research Papers in Economics, 2009
    Co-Authors: Matthew S Lewis, Michael D Noel
    Abstract:

    Retail Gasoline Prices are known to respond fairly slowly to wholesale Price changes. This does not appear to be true for markets with Edgeworth Price cycles. Recently, many retail Gasoline markets in the midwestern U.S. and in other countries have been shown to exhibit Price cycles, in which competition generates rapid cyclical retail Price movements. We show that cost changes in cycling markets are passed on 2 to 3 times faster than in markets without cycles. We argue that the constant Price movement inherent within the Edgeworth cycle eliminates Price frictions and allows firms to pass on cost fluctuations more easily.

Zhongmin Wang - One of the best experts on this subject based on the ideXlab platform.

  • a comparison of regular Price cycles in Gasoline and liquefied petroleum gas
    Energy Economics, 2014
    Co-Authors: Sean Isakower, Zhongmin Wang
    Abstract:

    Regular and asymmetric Gasoline Price cycles are observed in a number of countries. While most studies found that such Price cycles are well characterized by the theoretical Edgeworth Price cycle, some studies suggest alternative explanations. This paper contributes to this literature by being the first to compare regular Price cycles in a nonGasoline product—liquefied petroleum gas (LPG)—with Gasoline Price cycles. Our main finding is that LPG Price cycles in the Perth area of Western Australia are much longer and more asymmetric than Gasoline Price cycles in the same market. This finding is consistent with Noel's (2008) prediction that Edgeworth cycles are longer and more asymmetric when aggregate demand is more elastic—the aggregate demand for LPG is presumably more elastic than the demand for Gasoline.

  • mixed strategy in oligopoly pricing evidence from Gasoline Price cycles before and under a timing regulation
    Journal of Political Economy, 2009
    Co-Authors: Zhongmin Wang
    Abstract:

    This paper studies oligopoly firms’ dynamic pricing strategies in a Gasoline market before and after the introduction of a unique law that constrains firms to set Price simultaneously and only once per day. The observed Gasoline pricing behavior, both before and under the law, is well captured by the Edgeworth Price cycle equilibrium in the Maskin and Tirole dynamic oligopoly model. My results highlight the importance of Price commitment in tacit collusion. I also find evidence that the Price leadership outcome under the law is better predicted by mixed strategies play than by alternative hypotheses.

  • station level Gasoline demand in an australian market with regular Price cycles
    Australian Journal of Agricultural and Resource Economics, 2009
    Co-Authors: Zhongmin Wang
    Abstract:

    Regular and frequent Gasoline Price cycles are being observed in many Australian and Canadian markets. What is driving these Price cycles has been the subject of academic studies and government investigations. The existing explanations for these Price cycles all rely on the presumption that drivers are intensively sensitive to Gasoline Price differentials at the station level. However, no empirical evidence exists in the literature to support this presumption. This paper provides the first piece of empirical evidence. This paper uses a unique Price and quantity data set and novel instruments to estimate the station level Gasoline demand in the cycling market of Perth, Australia. The elasticity estimates confirm that drivers in the Perth area are indeed very sensitive to Gasoline Price differentials.

David Levinson - One of the best experts on this subject based on the ideXlab platform.

  • Gasoline Price effects on traffic safety in urban and rural areas evidence from minnesota 1998 2007
    Safety Science, 2013
    Co-Authors: Guangqing Chi, Mohammed A Quddus, Arthur Huang, David Levinson
    Abstract:

    A large literature base has found that economic factors have important effects on traffic crashes. A small but growing branch of literature also examines the role of Gasoline Prices in the occurrence of traffic crashes. However, no studies have investigated the possible difference of these effects between urban and rural areas. In this study, we used the monthly traffic crash data from 1998 to 2007 at the county level in Minnesota to investigate the possibly different effects Gasoline Prices may have on traffic crashes per million vehicle miles traveled in urban versus rural areas. The results indicate that Gasoline Price effects on total crashes, property-damage-only crashes, and injury crashes are stronger in rural areas than in urban areas. Gasoline Prices also significantly affect fatal crashes in both urban and rural areas; however, the difference is not significant. The results concerning the differences between urban and rural areas have important policy implications for traffic safety planners and decision makers.

  • the impact of Gasoline Price changes on traffic safety a time geography explanation
    Journal of Transport Geography, 2013
    Co-Authors: Guangqing Chi, Jeremy R Porter, Arthur G Cosby, David Levinson
    Abstract:

    The impact of Gasoline Price changes on traffic safety has received increasing attention in empirical studies. In this study, we use time geography to provide a theoretical framework for examining the effects of time-varying fluctuations in Gasoline Prices and their relationship to traffic safety in a case study of Mississippi from April 2004 to December 2010. Application of time geography theory suggests that Gasoline Prices act as one type of capability constraint of the space–time path. As Gasoline Prices increase (that is, as the capability constraint becomes stronger), we hypothesize traffic crash rates decrease, and they decrease more for groups for whom the constraint is stronger. The results corroborate the hypotheses and suggest that Gasoline Prices have stronger effects on reducing less severe crashes and negligible effects on reducing fatal crashes. Gasoline Price effects on reducing crashes start at a 9-month lag, peak at a 12-month lag, and diminish after an 18-month lag.

  • Gasoline Price effects on traffic safety in urban and rural areas evidence from minnesota 1998 2007
    Research Papers in Economics, 2011
    Co-Authors: Guangqing Chi, Mohammed A Quddus, Arthur Huang, David Levinson
    Abstract:

    A large literature base has found that economic factors have important effects on traffic crashes. A small but growing branch of literature also examines the role that Gasoline Prices play in the occurrence of traffic crashes. However, no studies have investigated the possible difference of these effects between urban and rural areas. In this study, we used the monthly traffic crash data from 1998–2007 at the county level in Minnesota to investigate the possibly different effects Gasoline Prices may have on traffic crashes in urban versus rural areas. The results indicate significant difference of Gasoline Price effects on total crashes in urban versus rural areas. Gasoline Prices also significantly affect the frequency of injury crashes in both urban and rural areas; however, the difference is not significant. Gasoline Prices have no significant effects on the frequency of fatal crashes in urban and rural areas. Traffic volume plays a bigger role on the incidence of injury and fatal crashes. The results concerning the differences between urban and rural areas have important policy implications for traffic safety planners and decision makers.

  • the impact of Gasoline Price changes on traffic safety a time geography explanation
    Research Papers in Economics, 2009
    Co-Authors: Guangqing Chi, Jeremy R Porter, Arthur G Cosby, David Levinson
    Abstract:

    The impact of Gasoline Price changes on traffic safety has received increasing attention in empirical studies. However, this important relationship has not been explained within a conceptual or theoretical framework. In this study, we examine this relationship within a time geography framework in an attempt to understand the effect of time-varying fluctuations in Gasoline Prices and their relationship to traffic safety in a case study of Mississippi from April 2004 to December 2008. We further extend this work by examining the degree to which this relationship is differential in impact by age, gender, and race. The results suggest that changes in Gasoline Prices have immediate effects on reducing total traffic crashes and crashes of younger drivers, women, and whites. However, changes in Gasoline Prices do not affect total crashes of older drivers, men, or blacks. Within the theoretical framework of time geography, we understand Gasoline Prices as one type of capability constraint of the space-time path and space- time prism. As Gasoline Prices increase (that is, as the capability constraint becomes stronger), traffic crash rates will decrease. However, the effects vary by age, gender, and race because the capability constraint of Gasoline Prices differs across demographic groups.

Peter Wanke - One of the best experts on this subject based on the ideXlab platform.

  • are there multiple bubbles in the ethanol Gasoline Price ratio of brazil
    Renewable & Sustainable Energy Reviews, 2015
    Co-Authors: Ghassen El Montasser, Rangan Gupta, Andre Luis Martins, Peter Wanke
    Abstract:

    This paper tests for the existence of bubbles in the ethanol–Gasoline Price ratio in Brazil from 2000 to 2012 using right-tailed ADF tests. Results suggest the existence of two bubbles: one which has already burst (during the re-election of President Lula); and one which has been ongoing since 2010, thus corroborating empirical and anecdotal evidence in the Brazilian sugarcane industry. Freezing Gasoline Prices not only depressed ethanol Prices but also depressed investments in new sugarcane crops and distillation plants.

  • are there multiple bubbles in the ethanol Gasoline Price ratio of brazil
    Research Papers in Economics, 2014
    Co-Authors: Ghassen El Montasser, Rangan Gupta, Andre Luis Martins, Peter Wanke
    Abstract:

    This paper presents an analysis of ethanol-Gasoline Price ratio in Brazil from 2000 to 2012. Since 2008 Brazilian Government has artificially frozen Gasoline Prices while Prices of ethanol to the consumer were still liberated. Considering that annual inflation in Brazil is around 5% per year and increase in costs is transferred to ethanol Prices this explain why ethanol consumption decays while Gasoline consumption boosts. In Brazil, consumers are often told that ethanol is more advantageous for refueling cars when such Price ration is below 0.70. In this paper, we use right-tailed ADF tests, developed recently by Phillips et al., (2013), to check for bubbles in this ratio. The results obtained suggest the existence of two bubbles: one has already collapsed and the other is still on course since 2010. Policy implications are also derived.