The Consumer’s Micro-Micro Gasoline Buying Decision |
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| Authors: | Jannett Highfill Michael McAsey |
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| Affiliation: | (1) Department of Economics, Bradley University, Peoria, IL 61625, USA;(2) Department of Mathematics, Bradley University, Peoria, IL 61625, USA |
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| Abstract: | A “micro-micro” consumer problem of gasoline purchases is examined using daily price data. Comparing the optimizing consumer with one who buys gasoline at random, the paper finds optimizers save about 4% of their annual gasoline bill. The paper also provides some evidence about the costs of non-optimal gasoline buying strategies. |
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| Keywords: | Gasoline Consumer Value of information |
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