Does "Rockets and Feathers" show up elsewhere?

Why can't the supply chain slow upward prices?

What even *is* price gouging?

What policy tools exist for price gouging?

Do apps like Gas Buddy facilitate collusion?

Pulse check on midterm gas price bet

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?

Subscribe on YouTube https://youtube.com/platypuseconomics 
Subscribe on Substack 👉 https://newsletter.platypuseconomics.com

Follow on Social Media @PlatypusEconomics and @JustinWolfers

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&mdash;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&mdash;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&rsquo;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?
Subscribe on YouTube https://youtube.com/platypuseconomics&nbsp; Subscribe on Substack 👉 https://newsletter.platypuseconomics.com
Follow on Social Media @PlatypusEconomics and @JustinWolfers

From world events to everyday decisions, economics explains it all. Platypus Economics makes it clear, useful, and actually fun.

From world events to everyday decisions, economics explains it all. Platypus Economics makes it clear, useful, and actually fun.

Platypus Economics with Justin Wolfers

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

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3bab8178-73c2-4912-99f4-b4830139273d/transcript