ABSTRACT I examine consumer stockpiling behavior in the retail gasoline market and factors that affect consumer stockpiling. Past research such as Hendel and Nevo (2006b) found evidence that implies stockpiling behavior. However, they did not observe actual inventory or consumption and have to rely on simplifying assumptions about these quantities. I collected a novel data set of gasoline purchase history of consumers with actual inventory and consumption to test several hypotheses that relate consumer stockpiling to price, duration between purchases, and consumption. I found that consumers purchase more gasoline when their inventory is low and those holding high inventory are more price sensitive. Consumption habits after a purchase may change due to two forces: previous consumption habit and purchase price. The exact change in consumption and duration between purchases depends on which force is stronger.

中文翻译：

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汽油零售市场中的消费者库存行为

摘要我研究了零售汽油市场中的消费者库存行为以及影响消费者库存的因素。诸如Hendel和Nevo（2006b）之类的以往研究发现了暗示储存行为的证据。但是，他们没有观察到实际的库存或消耗，不得不依靠简化这些数量的假设。我收集了具有实际库存和消耗量的消费者的汽油购买历史记录的新数据集，以检验将消费者的储存量与价格，购买间隔时间和消耗量相关联的几种假设。我发现，消费者在库存较低时购买更多的汽油，而库存较高的消费者则对价格更为敏感。购买后的消费习惯可能由于两个因素而改变：以前的消费习惯和购买价格。