to instrument station density, used in classical price estimation models, (partly) with demand factors. We find that … demand influences prices mainly through the number of stations. There is some local price variation across chains, and the …, has an effect on price determination. …

to instrument station density, used in classical price estimation models, (partly) with demand factors. We find that … demand influences prices mainly through the number of stations. There is some local price variation across chains, and the …, has an effect on price determination. -- geographical markets ; retail gasoline ; 2SLS estimation …

We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual …