EDGEWORTH PRICE CYCLES: EVIDENCE FROM THE TORONTO RETAIL GASOLINE MARKET*
利用加油站层面每十二小时的价格数据，研究多伦多汽油市场的强零售价格周期，检验埃奇沃思周期理论关于企业行为在周期中演变的预测，发现证据支持该理论且与竞争假说不符，对政策和福利有重要含义。
I exploit a new station‐level, twelve‐hourly price dataset to examine the strong retail price cycles in the Toronto gasoline market. The cycles appear similar to theoretical Edgeworth Cycles: strongly asymmetric, tall, rapid, and highly synchronous across stations. I test a series of predictions made by the theory about how firm behaviors would differentially evolve over the path of a cycle. The evidence is consistent with the existence of Edgeworth Cycles and inconsistent with competing hypotheses. While the cycles are an interesting phenomenon for study in their own right, the evidence has important policy and welfare implications.