Theoretical explanations for asymmetric relationships between gasoline and crude oil prices with focus on the US market
Bibliographic record
Abstract
Abstract Asymmetric movements of gasoline and crude oil prices have been the focus of many studies since 1990s. Recent volatile crude oil prices in the global market have reignited interest in the link between gasoline and crude oil prices. Asymmetry between gasoline and crude oil prices is defined as the process of non‐symmetric response of gasoline prices to changes in crude oil prices. This study presents a survey of papers which address various aspects and explanations of asymmetry between gasoline and crude oil prices. The studies in this literature cover different stages of the market between retail gasoline and crude oil. Although the different studies employ different methodologies to uncover asymmetry, the reliability of some of the methods has been questioned. Several explanations are offered for asymmetry like retailer's market power, asymmetric role of inventories, consumer search costs and so on. With the exception of market power explanation, the explanations are compatible with competitive market hypothesis. The review, highlights inconsistencies between economic theories and employed models, and identifies importance of distinguishing between margin and pass‐through rate in future investigation.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.001 |
| Bibliometrics | 0.003 | 0.002 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.002 | 0.003 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.009 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".