제목: Price Asymmetry in the Korean Gasoline Market

저자: 차경수

요약
In this paper, I examine how retail gasoline prices in Korea adjust more quickly to increases than decreases in oil prices. By analyzing price transmission at different points in the distribution chain, I attempt to identify main causes and plausible explanations for the observed price asymmetry. Retail gasoline prices asymmetrically respond to changes in spot gasoline prices of the Singapore spot market, used for oil prices. However, the asymmetry seems to occur only at the price transmission from spot gasoline to retail gasoline, which may reflect costly search of consumers. Finally, the asymmetric pricing turns out to entail substantial loss to consumers in Korea.