relative to expected future profit: collusive prices are higher when predictable changes in demand or cost lead firms to expect … and wholesale prices in 59 cities over 72 months, we find results consistent with these predictions. Controlling for …

We present and test an explanation for lags in the adjustment of wholesale gasoline prices to changes in crude oil … prices. Our simple model with costly adjustment of production and inventories implies that output prices will respond with a … model predicts that futures prices for gasoline will adjust incompletely to crude oil price shocks occurring close to the …