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Abstract ▼ AI-Helper

In general price competition drives the price difference between firms to disappear. Before 2002 the price difference for bunker-c between Korea and Singapore had approached to zero on average, but after 2002 it is known that there exist a price difference. Does it imply that the price competition b...

In general price competition drives the price difference between firms to disappear. Before 2002 the price difference for bunker-c between Korea and Singapore had approached to zero on average, but after 2002 it is known that there exist a price difference. Does it imply that the price competition between Korea and Singapore has been weakened since 2002? The paper attempts to identify the existence of price competition in the bunker-c market by estimating short-run demand function. The empirical results from demand sensitivity and short-run price elasticity of demand analysis using error-correction model show that the effects of price difference on demand is very weak and since 2002 the price elasticity becomes more inelastic. These results are consistent with the possibility that Korea may strategically give up the sea route shared by Singapore, resulting in weakening price competition in bunker-c market.

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