Essays on cartels and market distortions

This dissertation is a conjunction of three essays on the Industrial Organization field, this empirical work is applied to the Brazilian retail gasoline market. The first essay investigates the existence of spillover effects from cartel activity. The second essay relates the well-known economic puzzle of asymmetric cost pass through to prices with the existence of horizontal coordination - cartels - in the relevant market. Finally, the third essay investigates the effectiveness of antitrust interventions inside the offenders and the consequences of its disclosure in related markets.

Evidence for an anomalous like-sign dimuon charge asymmetry

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Evidence for an Anomalous Like-Sign Dimuon Charge Asymmetry

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Measurement of sin(2)theta(l)(eff) and Z-light quark couplings using the forward-backward charge asymmetry in p(p)over-bar -> Z/gamma* -> e(+)e(-) events with L=5.0 fb(-1) at root s=1.96 TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Measurement of the anomalous like-sign dimuon charge asymmetry with 9 fb(-1) of p(p)over-bar collisions

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Forward-backward asymmetry in top quark-antiquark production

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Measurement of the semileptonic charge asymmetry in B0 meson mixing with the D0 detector

We present a measurement of the semileptonic mixing asymmetry for B0 mesons, asld, using two independent decay channels: B0→μ +D -X, with D -→K +π -π -; and B0→μ +D *-X, with D * -→D ̄0π -, D ̄0→ K +π - (and charge conjugate processes). We use a data sample corresponding to 10.4fb -1 of pp̄ collisions at √s=1.96TeV, collected with the D0 experiment at the Fermilab Tevatron collider. We extract the charge asymmetries in these two channels as a function of the visible proper decay length of the B0 meson, correct for detector-related asymmetries using data-driven methods, and account for dilution from charge-symmetric processes using Monte Carlo simulation. The final measurement combines four signal visible proper decay length regions for each channel, yielding asld=[0.68±0.45(stat)±0.14(syst)]%. This is the single most precise measurement of this parameter, with uncertainties smaller than the current world average of B factory measurements. © 2012 American Physical Society.

Asymmetric price transmission in EU petroleum markets

This research investigates the determinants of asymmetric price transmission (APT) in European petroleum markets. APT is the faster response of retail prices to cost increases than to cost decreases; resulting in a welfare transfer from consumers to fuel retailers. I investigate APT at 3 different levels: the EU, the UK and at the Birmingham level. First, I examine the incidence of asymmetries in the retail markets of six major EU countries; significant asymmetries are found in all countries except from the UK. The market share data suggest that asymmetries are more important in more concentrated markets; this finding supports the collusion theory. I extend the investigation to 12 EU countries and note that APT is greater in diesel markets. The cross-country analysis suggests that vertical and horizontal concentration at least partly explains the degree of asymmetry. I provide evidence justifying scrutiny over retail markets’ pricing and structure. Second daily data unveil the presence of APT in the UK fuel markets. I use break tests to identify segments with different pricing regimes. Two main types of periods are identified: periods of rising oil price exhibit significant asymmetries whilst periods of recession do not. Our results suggest that oligopolistic coordination between retailers generate excess rents during periods of rising oil price whilst the coordination fails due to price wars when oil prices are going downwards. Finally I investigate the pricing behaviour of petroleum retailers in the Birmingham (UK) area for 2008. Whilst the market structure data reveals that the horizontal concentration is higher than the national UK average, I find no evidence of APT. In contrast, I find that retail prices are sticky upwards and downwards and that firms with market power (majors and supermarkets) adjust their prices slower than other firms.

Price discrimination in asymmetric Cournot oligopoly

In this article we examine the eects of third degree price discrimination in asymmetric Cournot oligopolies. We show that the average price is not affected by the extent of price discrimination. We nd that the asymmetry between firms is reflected only by the output produced for the lowest-valuation consumers and firms produce equal quantities to the other consumer groups.

Price discrimination in asymmetric Cournot oligopoly

In this article we examine the eects of third degree price discrimination in asymmetric Cournot oligopolies. We show that the average price is not affected by the extent of price discrimination. We nd that the asymmetry between firms is reflected only by the output produced for the lowest-valuation consumers and firms produce equal quantities to the other consumer groups.