The Heterogeneous Effects of Entry on Prices

• 成果类型: Article; Early Access
• 署名作者: Fischer, Kai; Martin, Simon; Schmidt-Dengler, Philipp
• 署名单位: Vienna University of Economics & Business; University of Vienna
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvaf061
• 发表日期: 2026
• 关键词: retail gasoline; minimum-wages; COMPETITION; MARKETS; search; Rationalization; dispersion; inference; impacts; respond

摘要

We study the effect of entry on the price distribution in the German retail gasoline market. Exploiting several hundred entries over five years in an event study design, we find that entry causes a persistent first-order stochastic shift in the price distribution for at least three years after entry. Prices at the top of the distribution change moderately or not at all, but prices at the left tail decrease by up to 13% (9%) of stations' gross margins after entry within a 1 km (2 km) radius. The value of information (VOI) increases by 29% (15%) in 1 km (2 km) markets, suggesting larger savings for consumers with easy access to information.