Ocean Carriers’ Collusion Under Antitrust Immunity: Evidence of Asymmetric Pass-Through

作者: Michael K. Fung

DOI: 10.1007/S11151-014-9422-3

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摘要: As fuel costs are the largest component of shipping industry’s operating costs, this study examines whether ocean carriers pass cost increases through to freight rates more quickly than they decreases. The focal price collusion theory suggests that such asymmetric pass-through could be a result collusive behavior because is easier sustain when falling rising. Using lag-adjustment model as econometric framework, findings from show strong evidence for adjustments US inbound in response changes. Such asymmetry persisted after passage Ocean Shipping Reform Act 1998. Moreover, do not support consumer search an alternative explanation rate asymmetry.

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