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Platypus Economics with Justin Wolfers Podcast
Could Price Comparison Apps Be Making Gas MORE Expensive? | The Professor Is In

Could Price Comparison Apps Be Making Gas MORE Expensive? | The Professor Is In

Platypus Economics with Justin Wolfers vor 1 Monat

0:00

18:09

Justin is back for another episode of The Professor Is In,
answering questions, responding to comments, and clarifying his
previous takes. The gas price story is not just about your local
station—it runs through refining, production constraints,
inventories, retail competition, and consumer behavior. When oil
prices rise, gas prices can adjust within days, but when they
fall, the trip back down is slower—and there are several possible
reasons, from tacit collusion to slower consumer search to real
production asymmetries.

The conversation also widens into one of the biggest ideas in
macroeconomics: sticky prices. Across much of the economy,
businesses don’t constantly update prices when demand or costs
change, and this stickiness can keep markets from quickly
returning to equilibrium. Justin also tackles the slippery
question of price gouging. Is there a technical definition? Not
really. He explains why economists struggle to define it cleanly,
even though ordinary people often feel they know it when they see
it. That tension matters for policy debates, including anti-price
gouging laws and investigations into unfair pricing.

Chapters
00:35 Does the "Rockets and Feathers" pattern show up in other
places?
05:05 Why don't supply chain factors slow prices on the way
up?
07:35 What even *is* price gouging?
10:13 What policy tools exist to prevent price gouging?
11:42 Do apps like Gas Buddy help facilitate collusion?
14:18 How are you feeling about your bet on midterm gas prices?

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