E pluribus unum? Political fractionalization and deviations from the law of one price in the USA
Abstract The magnitude of deviations from the Law of One Price (LOP) across cities depends on a number of characteristics, including language differences, distance, and other correlates of trade costs. We show that in the USA, political differences between cities are an equally important determinant...
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| Veröffentlicht in: | Oxford economic papers 2022-01, Vol.74 (1), p.194-214 |
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| container_title | Oxford economic papers |
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| creator | Antonini, Massimo Fielding, David Pires, Jacinta |
| description | Abstract
The magnitude of deviations from the Law of One Price (LOP) across cities depends on a number of characteristics, including language differences, distance, and other correlates of trade costs. We show that in the USA, political differences between cities are an equally important determinant of LOP deviations. LOP deviations are smaller if the cities are both strongly Democrat or both strongly Republican. These effects are of a similar order of magnitude to those of distance, and suggest that political differences represent a substantial barrier to competition. |
| doi_str_mv | 10.1093/oep/gpab007 |
| format | Article |
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The magnitude of deviations from the Law of One Price (LOP) across cities depends on a number of characteristics, including language differences, distance, and other correlates of trade costs. We show that in the USA, political differences between cities are an equally important determinant of LOP deviations. LOP deviations are smaller if the cities are both strongly Democrat or both strongly Republican. These effects are of a similar order of magnitude to those of distance, and suggest that political differences represent a substantial barrier to competition.</description><identifier>ISSN: 0030-7653</identifier><identifier>EISSN: 1464-3812</identifier><identifier>DOI: 10.1093/oep/gpab007</identifier><language>eng</language><publisher>Oxford University Press</publisher><subject>Kommunalpolitik ; Marktsegmentierung ; Preiskonvergenz ; Preisniveau ; Stadt ; USA</subject><ispartof>Oxford economic papers, 2022-01, Vol.74 (1), p.194-214</ispartof><rights>Oxford University Press 2021. All rights reserved. 2021</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><cites>FETCH-LOGICAL-c279t-41ec59c9d4c8a7ca86602426d56decfcc18af554a0f2df14480df0eb916304cb3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,1584,27924,27925</link.rule.ids></links><search><creatorcontrib>Antonini, Massimo</creatorcontrib><creatorcontrib>Fielding, David</creatorcontrib><creatorcontrib>Pires, Jacinta</creatorcontrib><title>E pluribus unum? Political fractionalization and deviations from the law of one price in the USA</title><title>Oxford economic papers</title><description>Abstract
The magnitude of deviations from the Law of One Price (LOP) across cities depends on a number of characteristics, including language differences, distance, and other correlates of trade costs. We show that in the USA, political differences between cities are an equally important determinant of LOP deviations. LOP deviations are smaller if the cities are both strongly Democrat or both strongly Republican. These effects are of a similar order of magnitude to those of distance, and suggest that political differences represent a substantial barrier to competition.</description><subject>Kommunalpolitik</subject><subject>Marktsegmentierung</subject><subject>Preiskonvergenz</subject><subject>Preisniveau</subject><subject>Stadt</subject><subject>USA</subject><issn>0030-7653</issn><issn>1464-3812</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2022</creationdate><recordtype>article</recordtype><recordid>eNp9kE1LxDAQhoMouK6e_AM5eZG6kzZN0pMsy_oBgoLuuaaTRCPdpjStor_e7gd48zQzLw8vw0PIOYMrBkU2C7advbW6ApAHZMK44EmmWHpIJgAZJFLk2TE5ifEDADjkckJel7Sth85XQ6RDM6yv6VOofe9R19R1GnsfGl37H71ZqG4MNfbTb684AmFN-3dLa_1Fg6OhsbTtPFrqm22-ep6fkiOn62jP9nNKVjfLl8Vd8vB4e7-YPySYyqJPOLOYF1gYjkpL1EoISHkqTC6MRYfIlHZ5zjW41DjGuQLjwFYFExlwrLIpudz1Yhdi7Kwrx0_WuvsuGZQbOeUop9zLGWm6oy2Gxsc_VirBueRqg1zskDC0_3b9AuG8cYw</recordid><startdate>20220101</startdate><enddate>20220101</enddate><creator>Antonini, Massimo</creator><creator>Fielding, David</creator><creator>Pires, Jacinta</creator><general>Oxford University Press</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope></search><sort><creationdate>20220101</creationdate><title>E pluribus unum? Political fractionalization and deviations from the law of one price in the USA</title><author>Antonini, Massimo ; Fielding, David ; Pires, Jacinta</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c279t-41ec59c9d4c8a7ca86602426d56decfcc18af554a0f2df14480df0eb916304cb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2022</creationdate><topic>Kommunalpolitik</topic><topic>Marktsegmentierung</topic><topic>Preiskonvergenz</topic><topic>Preisniveau</topic><topic>Stadt</topic><topic>USA</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Antonini, Massimo</creatorcontrib><creatorcontrib>Fielding, David</creatorcontrib><creatorcontrib>Pires, Jacinta</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><jtitle>Oxford economic papers</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Antonini, Massimo</au><au>Fielding, David</au><au>Pires, Jacinta</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>E pluribus unum? Political fractionalization and deviations from the law of one price in the USA</atitle><jtitle>Oxford economic papers</jtitle><date>2022-01-01</date><risdate>2022</risdate><volume>74</volume><issue>1</issue><spage>194</spage><epage>214</epage><pages>194-214</pages><issn>0030-7653</issn><eissn>1464-3812</eissn><abstract>Abstract
The magnitude of deviations from the Law of One Price (LOP) across cities depends on a number of characteristics, including language differences, distance, and other correlates of trade costs. We show that in the USA, political differences between cities are an equally important determinant of LOP deviations. LOP deviations are smaller if the cities are both strongly Democrat or both strongly Republican. These effects are of a similar order of magnitude to those of distance, and suggest that political differences represent a substantial barrier to competition.</abstract><pub>Oxford University Press</pub><doi>10.1093/oep/gpab007</doi><tpages>21</tpages><oa>free_for_read</oa></addata></record> |
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| ispartof | Oxford economic papers, 2022-01, Vol.74 (1), p.194-214 |
| issn | 0030-7653 1464-3812 |
| language | eng |
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| source | Oxford University Press Journals All Titles (1996-Current) |
| subjects | Kommunalpolitik Marktsegmentierung Preiskonvergenz Preisniveau Stadt USA |
| title | E pluribus unum? Political fractionalization and deviations from the law of one price in the USA |
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