Abstract

First, we analyze how regular days off from competition and a time-dependent price pattern affect firm performance. Second, we examine the effects on firms' profitability from consumers’ changing search- and timing behavior. We use microdata from gasoline retailing in Norway. From 2004 to 2017, firms practiced an industry-wide day off from competition, starting on Mondays at noon, by increasing prices to a common level given by the recommended prices (decided and published in advance). In turn, a foreseeable low-price window is open before every restoration. During the data period, we observe an additional weekly restoration on Thursdays at noon. The additional day off from competition increases firm performance. As expected, a conventional price search of where to buy reduces firms’ profitability. In contrast, consumers who are aware of the cycle and spend effort on when to buy have a positive impact on firms’ profitability. If consumers spend effort on when to buy, they attempt to tank during low price windows. By its very nature, this shrink consumers’ ability to compare prices at several outlets. Consequently, more attention to when to buy may soften price competition.

摘要

首先，我们分析了定期休假和时间依赖性价格模式如何影响企业绩效。其次，我们研究了消费者不断变化的搜索和计时行为对公司盈利能力的影响。我们使用挪威汽油零售的微数据。从2004年到2017年，公司通过将价格提高到建议价格（预先确定和发布）所设定的共同水平，在整个行业的竞争中休假，从星期一中午开始。相应地，在每次恢复之前都会打开一个可预见的低价窗口。在数据期间，我们在每周四中午观察到每周的额外恢复。竞争带来的额外休假可提高公司绩效。不出所料，对购买地点的常规价格搜索会降低企业的盈利能力。相比之下，意识到周期并花时间购买的消费者会对公司的盈利能力产生积极影响。如果消费者在购买时花了很多功夫，他们会尝试在低价时段购买商品。从本质上讲，这削弱了消费者比较多个商店的价格的能力。因此，更多地关注何时购买可以减轻价格竞争。