Publications

Browse through Dr. Noel's academic research publications. Dr. Noel has published forty-plus research articles, book chapters, and other publications relating to Competition and Antitrust Economics in leading professional journals in Economics and Law. His work has been extensively cited by scholars in fifty-plus countries, as well as by competition authorities (in the U.S., Europe, and Australia), courts, and a wide range of U.S. governmental agencies. Dr. Noel's research was prominently cited in the U.S. Supreme Court's landmark decision in Ohio v. American Express (2018). Dr. Noel has presented his competition research at major universities and conferences on six continents around the globe. Browse through a list of Dr. Noel's research presentations following the list of publications.

A Selection of Dr. Noel's Publications with Synopses


Click or hover on the boxes for a short synopsis of each publication, and follow the links in the synopses to read the full articles. The links point to pre-publication working paper versions of Dr. Noel's research articles (due to copyright restrictions). For the definitive and final published versions, contact the listed journals.

For an alternate and complete listing of publications in plain text form, with links to the full articles, click here.

For a list of Dr. Noel's research presentations at universities and conferences, click here.

For Dr. Noel's CV, click here.

Price Fixing and Conspiracy

Noel, M.D.

In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust
(forthcoming)

Dr. Noel discusses price fixing and other forms of conspiracies, their effects on competition, and how courts have handled price fixing and conspiracy antitrust cases over the past 135 years. In the new Elgar Encyclopedia of Competition, Regulation, and Antitrust, also edited by Dr. Noel.

Read the Article

Collusion and Supergames
 

Noel, M.D.& Papazyan, F.

In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust
(forthcoming)

Dr. Noel and a co-author discuss the theory of tacit collusion and the challenges to antitrust law that it imposes. Complements the "Price Fixing and Conspiracy" entry in the same book written by Dr. Noel. In the new Elgar Encyclopedia of Competition, Regulation, and Antitrust, also edited by Dr. Noel.

Read the Article

Mergers: Unilateral Effects
 

Noel, M.D.

In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust
(forthcoming)

Dr. Noel discusses horizontal merger analysis, how the FTC and the DOJ currently evaluate the potential for unilateral effects from a merger, how this approach has changed over time, and how it could be further improved. In the new Elgar Encyclopedia of Competition, Regulation, and Antitrust, also edited by Dr. Noel.

Read the Article

 

The Impact of Missing Price Information on Price Dispersion: Lessons from Gasoline Signboards

Noel, M.D. & Qiang, H.

Published in: Journal of Industrial Economics (2023)
Vol. 71:3 pp. 814-854.

It should be easier to make good buying decisions when it is also easier to learn what businesses are charging. So how does more information in the hands of consumers affect market outcomes? Dr. Noel and a co-author invesigate, using those large gasoline price signboards as a natural experiment.

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Open Price Contracts, Locked-in Consumers, and Opportunism
 

Noel, M.D. & Qiang, H.

Published in: International Journal of Industrial Organization (2022)
Vol. 85, 102877

Would you sign a contract that locks you into buying something from someone at a price they alone will decide and tell you later? It may surprise you that these kinds of contracts are ubiquitous in the economy. Dr. Noel examines the wholesale gasoline industry and how buyers with open price contracts fare.

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Competitive Responses in a Devastated Industry: Evidence from Hotels during COVID-19

Noel, M.D.

Published in: Journal of Economics and Management Strategy (2022)
Vol. 31:1, pp. 3-24

The collapse of the U.S. economy triggered by the COVID-19 coronavirus in 2020 was less of an economic meltdown and more of an economic flash fire. Demand fell by 90% in some industries. So how did firms adjust in the face of collapsing demand? Dr. Noel takes a look the hotel industry and finds out who lost the least and why.

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What's in a Name?
The Incidence of Gasoline Excise Taxes versus Carbon Levies

Ahundjanov, B. & Noel, M.D.

Published in: International Journal of Industrial Organization (2021)
Vol. 76, 102733

Excise taxes and carbon levies are both taxes on gasoline. The difference is that the first disappears into general revenues and the second is meant for environmental protection programs. But do consumers care what it is called? Using a natural experiment from Alberta, Dr. Noel and a co-author figure it out.

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Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part II - Market Definition Issues

Noel, M.D.

Published in:
Banking Law Journal (2021)
Vol. 138:4, pp. 196-213

The 1995 Banking Merger Guidelines, published by the Department of Justice Antitrust Division to explain how it evaluates banking mergers, has long fallen out of date. Dr. Noel shows how the market definition exercise set out in the guidelines produces incorrect results, and how to fix it.

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Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part I - A Changed Industry

Noel, M.D.

Published in:
Banking Law Journal (2021)
Vol. 138:3, pp. 150-164

The 1995 Banking Merger Guidelines, published by the Department of Justice Antitrust Division to explain how it evaluates banking mergers, has long fallen out of date. Dr. Noel explains how the banking industry has transformed over the past 30 years and why the guidelines should be replaced.

Read the Article

 

The Role of Information in Retail Gasoline Price Dispersion
 

Noel, M.D. & Qiang, H.

Published in:
Energy Economics (2019)
Vol. 80, pp. 173-187

Gasoline prices are among the most visible prices on the street, posted on large signboards that make it easy for consumers to price compare. Some stations post the price of all grades, others do not. So how important are these signboards for gasoline competition? Dr. Noel and a co-author take a look.

Read the Article

Gasoline Price Dispersion and Consumer Search: Evidence from a Natural Experiment

Noel, M.D.

Published in:
Journal of Industrial Economics (2018)
Vol. 66:3, pp. 701-738

It is well known that prices become more compressed when consumers price search more, and more disperse when they search less. But what about the reverse? Do consumers search less when prices are more compressed, and more when prices are more dispersed? Dr. Noel sorts it out and discusses the implications.

Read the Article

Calendar Synchronization of Gasoline Price Increases


Noel, M.D.

Published in: Journal of Economics and Management Strategy (2018)
Vol. 28:2, pp. 355-370

Sometimes gasoline prices can be very predictable. Like in Perth, Australia, where in the early 2010s prices rose the equivalent of 25 U.S. cents per gallon every Thursday morning, and then fell by 3 cpg every other day of the week. Sounds Strange? Dr. Noel explains why this happens, and who benefits.

Read the Article

 

Marginal Reductions in Vehicle Emissions Following an Ethanol Mandate: Evidence from a Natural Experiment

Noel, M.D. & Roach, T.

Published in:
Energy Economics (2017)
Vol.  64, pp. 45-54

When the state of New South Wales, in Australia, imposed a 10% ethanol mandate on drivers in the state (similar to that in the United States), the response was overwhelmingly negative and many consumers paid a significant cost to avoid it.  Dr. Noel and a co-author add up the costs, add up the emissions savings, and determine a net cost to the regulation.

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Pricing Strategies and Litigation Risks: An Economic Analysis of the Downstream Petroleum Industry

Noel, M.D.

Published in: Journal of Competition Law and Economics (2016)
Vol. 12:2, pp. 287-311

Petroleum wholesalers and retailers face a variety of antitrust litigation risks - from pricing too high (price gouging) to pricing too low (predatory pricing) to pricing too similar (price fixing) to pricing too differently (price discrimination). Dr. Noel discusses how normal price competition is often mistaken for something more nefarious.

Read the Article

Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate

Noel, M.D. & Roach, T.

Published in:
Economic Inquiry (2016)
Vol. 54:2, pp. 1150-1166

Policy actions can have unintended consequences. When a New South Wales law mandated ethanol in gasoline before consumers were ready for it, the unintended consequences were severe. Dr. Noel and a co-author document the consumer backlash and estimate the costs of the law, in a study that made national headlines in Australia.

Read the Article

 

Do Edgeworth Price Cycles Lead to Higher or Lower Prices?

Noel, M.D.

Published in: International Journal of Industrial Organization (2015)
Vol. 42:3, pp. 81-93

In many cities in the U.S. and around the world, gasoline prices follow a high-frequency price cycle in which prices rise and fall as much as 20% every single week, or even every day. While some argue it  must be collusion, Dr. Noel shows that the volatility is competitive and beneficial to consumers.

Read the Article

Forecasting Gasoline Prices in the Presence of Edgeworth Price Cycles

Noel, M.D. & Chu, L.

Published in:
Energy Economics (2015)
Vol. 51, pp. 204-214

When gasoline prices follow a high frequency price cycle, as occurs in many cities around the world, gasoline price changes are largely predictable. Dr. Noel and a co-author develop a set of purchase timing strategies, i.e. "rules of thumb", that Australian consumers can use to buy at the trough time and time again.

Read the Article

Strategic Patenting and Software Innovation


Noel, M.D. & Schankerman, M.

Published in: Journal of Industrial Economics (2013)
Vol. 61:3, pp. 481-520

Strategic patenting, or "patent thickets", can potentially raise the costs of innovation, especially in industries where cumulative innovation is important, Dr. Noel and a co-author take a closer look at patent thickets in the software industry, and find that excessive patenting in the industry can indeed dampen innovation.

Read the Article

 

The 2012 Abuse of Dominance Guidelines: An Economic Review

Noel, M.D.

Published in: Canadian Competition Law Review (2013)
Vol. 26:1, pp. 59-77

In 2012, the Canadian Competition Bureau updated its guidance for how it will approach Abuse of Dominance matters under Sections 78 and 79 under the Competition Act. Dr. Noel provides a critique of five aspects of the new guidelines, including the Bureau's updated approach to joint dominance.

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Edgeworth Price Cycles and Intertemporal Price Discrimination

Noel, M.D.

Published in:
Energy Economics (2012)
Vol. 34:4, pp. 942-954

When gasoline prices follow a high frequency price cycle, as occurs in many cities around the world, gasoline price changes are largely predictable. Dr. Noel and a co-author develop a set of purchase timing strategies, i.e. "rules of thumb", that Canadian consumers can use to buy at the trough time and time again.

Read the Article

Blowing Up the Rockets and Feathers Conspiracy


Noel, M.D.

Published in:
Law 360 (2012)
Jan. 2012

It is well known that gas prices tend to rise faster after a cost increase than they fall after a cost decrease. Some have speculated that this is evidence of market power and harms consumers. Dr. Noel sets the record straight, explains why this happens, why competition actually causes it, and shows consumers are not harmed.

Read the Article

 

Excessive Volatility in Gasoline Prices?


Noel, M.D.

Published in:
American Bar Association Antitrust Law, T&E Newsletter (2012)

Gasoline prices tend to change a lot, and some have suggested that these price changes, often large and in parallel, show a lack of competition. Dr. Noel takes the mystery out of gasoline prices, explains how competition leads to volatility and parallel price swings, and debunks various other misconceptions about gas prices.

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Market Definition Does Not Yield Evidence of Class-Wide Impact

Noel, M.D. & Normann, P.

Published in:
Antitrust Practitioner (2012)
Vol. 9, pp. 14-18

An earlier article published in an American Bar Association newsletter made the claim that a market definition exercise could itself provide evidence of common harm to a proposed class of plaintiffs at the class certification stage. Dr. Noel and a co-author raise a red flag and show why such an argument has no merit.

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The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles

Lewis, M. & Noel, M.D.

Published in: Review of Economics and Statistics (2011)
Vol. 92:3, pp. 672-682

In some U.S. cities, gasoline prices follow a high-frequency cycle in which prices rise by as much as 20% in a single day and then fall back down over the next week or so, before jumping again. The price increases have been cited as evidence of collusion, but Dr. Noel and a co-author show that consumers actually benefit from the price cycle.

Read the Article

 

Upward Price Pressure, Merger Simulation, and Merger Simulation Light

Noel, M.D.

Published in:
Antitrust Chronicle (2011)
Vol 3:1

The federal agencies review thousands of proposed mergers each year, and rely on a variety of screening techniques to help identify potentially problematic ones. Dr. Noel reviews a popular screen, known as Upward Price Pressure, and discusses its advantages and disadvantages vis-a-vis a "Merger Simulation Light" screen.

Read the Article

Edgeworth Price Cycles



Noel, M.D.

Published in: New Palgrave Dictionary of Economics (2011)
Palgrave Macmillan

In many cities around the world, gasoline prices follow a high-frequency cycle in which prices rise by a large amount in a very short time (often an hour or a day) and then fall back a little more slowly (often a few weeks) before jumping up again. In this non-technical article, Dr. Noel surveys the literature that has studied these cycles.

Read the Article

Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles

Noel, M.D.

Published in: RAND Journal of Economics (2009)
Vol. 40:3, pp. 582-595

It is well known that gasoline prices tend to rise faster after a cost increase than they fall after a cost decrease, and many reasons for this have been offered. Dr. Noel shows that the presence of asymmetric gasoline price cycles, so-called Edgeworth Price Cycles, recently discovered in many cities, can create such a result as well.

Read the Article

 

The Evolving Food Chain: Competitive Effects of Wal-Mart's Entry into the Supermarket Industry

Basker, E. & Noel, M.D.

Published in: Journal of Economics and Management Strategy (2009)
Vol 18:4, pp. 977-1009

Big Box stores like Wal-Mart and Costco and big online retailers like Amazon have revolutionized the retail industry in recent decades. Dr. Noel and a co-author take a look at one such transformative event - Wal-Mart's expansion into the supermarket industry in the early 2000s, i.e. the effects of "superstore" entry.

Read the Article

Edgeworth Cycles and Focal Prices: Computational Dynamic Markov Equilibria

Noel, M.D.

Published in: Journal of Economics and Management Strategy (2008)
Vol 17:2, pp. 345-377

Dr. Noel was among the first to observe an interesting phenomenon in retail gasoline prices in many cities - a high-frequency price cycle in which prices rise and fall 20% every week irrespective of costs. In this theoretical article, Dr. Noel explains what causes the cycles, how they function, and how they affect consumers.

Read the Article

The Analysis of Mergers that Involve Multi-sided Platform Businesses

Evans, D. & Noel, M.D.

Published in: Journal of Competition Law and Economics (2008)
Vol. 2008:4, pp. 663-695

Two-sided firms are firms whose business success depends on its ability to match two distinct groups of customers together, e.g. Google matches internet users with internet advertisers. Dr. Noel and a co-author show how traditional merger analysis must be adapted for mergers of two-sided firms.

Read the Article

 

Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market

Noel, M.D.

Published in:
Journal of Industrial Economics (2007)
Vol. 55:1, pp. 69-92

Today, it is well known that gasoline prices in many cities follow a high-frequency asymmetric cycle known as an "Edgeworth Price Cycle". In this early article that pioneered the modern literature on gas price cycles, Dr. Noel tracks the day-to-day movements along the cycle as never before seen, and explains how they function.

Read the Article

Edgeworth Price Cycles, Cost-based Pricing and Sticky Pricing in Retail Gasoline Markets

Noel, M.D.

Published in: Review of Economics and Statistics (2007)
Vol 89:2, pp. 324-334

Today, it is well known that gasoline prices in many cities follow a high-frequency asymmetric cycle known as an "Edgeworth Price Cycle". In this early article that pioneered the literature on gas price cycles, Dr. Noel identifies the competitive forces behind the price cycle and shows where the cycles are most likely to surface.

Read the Article

Defining Antitrust Markets when Firms Operate Multi-Sided Platforms

Evans, D. & Noel, M.D.

Published in:
Columbia Business Law Review (2005)
Vol.  2005:3, pp. 667-702

Two-sided firms are firms whose business success depends on its ability to match two distinct groups of customers together. Dr. Noel and a co-author review the economics of two-sided markets and show how traditional antitrust analysis needs to be adapted to account for the unique constraints faced by two-sided firms.

Read the Article

 

A Complete Listing of Dr. Noel's Publications


Peer-Reviewed Publications:

Noel, Michael D. (Editor) (forthcoming). Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust. Cheltenham, UK: Elgar Publishing.

Noel, Michael D. (forthcoming). "Price Fixing and Conspiracy", In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust, Michael D. Noel (Editor). Cheltenham, UK: Elgar Publishing.

Noel, Michael D. (forthcoming). "Collusion and Supergames", In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust, Michael D. Noel (Editor). Cheltenham, UK: Elgar Publishing.

Noel, Michael D. (forthcoming). "Mergers: Unilateral Effects", In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust, Michael D. Noel (Editor). Cheltenham, UK: Elgar Publishing.

Noel, Michael D. (forthcoming). "Introduction", In the Elgar Encyclopedia on the Economics of Competition, Regulation and Antitrust, Michael D. Noel (Editor). Cheltenham, UK: Elgar Publishing.

Noel, Michael D. and Qiang, Hongjie 2023). "The Impact of Missing Information on Price Dispersion: Lessons from Gasoline Signboards", Journal of Industrial Economics 71:3, pp. 814-854.

Noel, Michael D. and Qiang, Hongjie (2022). "Open Price Contracts, Locked-in Customers, and Opportunism", International Journal of Industrial Organization 85m 102877.

Noel, Michael D. (2022). "Competitive Responses in a Devastated Industry: Evidence from Hotels during COVID-19", Journal of Economics and Management Strategy 31:1, pp. 3-24.

Noel, Michael D. and Roach, Travis (2022). "Accounting for Aversion: Costs of the Renewable Fuel Standard After Reaching the Blendwall", Review of Regional Studies 51, pp. 282-300.

Noel, Michael D. and Ahundjanov, Behzod (2021). "What's in a Name? The Incidence of Gasoline Excise Taxes and Gasoline Carbon Levies", International Journal of Industrial Organization 76, 102733.

Noel, Michael D. (2021). "Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part II - Market Definition Issues", Banking Law Journal 138:4, pp. 196-213.

Noel, Michael D. (2021). "Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part I - a Changed Industry", Banking Law Journal 138:3, pp. 150-164.

Noel, Michael D. and Qiang, Hongjie (2019). "The Role of Information in Retail Gasoline Price Dispersion", Energy Economics 80, pp. 173-187.

Noel, Michael D. (2018). "Gasoline Price Dispersion and Consumer Search: Evidence from a Natural Experiment", Journal of Industrial Economics 66:3, pp. 701-738.

Noel, Michael D. (2018). "Calendar Synchronization of Gasoline Price Increases", Journal of Economics and Management Strategy 28:2, pp. 355-370.

Noel, Michael D. and Roach, Travis (2017). "Marginal Reductions in Vehicle Emissions Following an Ethanol Mandate: Evidence from a Natural Experiment", Energy Economics 64, pp. 45-54.

Noel, Michael D. (2016). "Pricing Strategies and Litigation Risks: An Economic Analysis of the Downstream Petroleum Industry", Journal of Competition Law and Economics 12:2, pp. 287-311.

Noel, Michael D. and Roach, Travis (2016). Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate", Economic Inquiry 54:2, pp. 1150-1166.

Noel, Michael D. (2016). "Retail Gasoline Markets" in the Handbook on the Economics of Retail and Distribution, E. Basker (ed.), Edward Edgar Publishing.

Noel, Michael D. (2015). "Do Edgeworth Price Cycles Lead to Higher or Lower Prices?", International Journal of Industrial Organization 42:3, pp. 81-93.

Noel, Michael D. and Chu, Lanlan (2015). "Forecasting Gasoline Prices in the Presence of Edgeworth Price Cycles.", Energy Economics 51, pp. 204-214.

Noel, Michael D. et al. (2014). "Consumer Market Study on the Functioning of the Market for Vehicle Fuels from a Consumer Perspective". Report for the Executive Agency for Health and Consumers (EAHC) on behalf of the European Commission.

Noel, Michael D. and Schankerman, Mark (2013). "Strategic Patenting and Software Innovation", Journal of Industrial Economics 61:3, pp. 481-520.

Noel, Michael D. (2013). "The 2012 Abuse of Dominance Guidelines: An Economic Review", Canadian Competition Law Review 26:1, pp. 59-77.

Basker, Emek and Noel, Michael D. (2013). "Competition Challenges in the Supermarket Sector with an Application to Latin American Markets", Report for the World Bank and the Regional Competition Center for Latin America.(Published in Spanish as "Desafios de la Competencia en el Sector de Supermercados con Aplicacion a los Mercados de America Latina" (2014).)

Noel, Michael D. (2012). "Edgeworth Price Cycles and Intertemporal Price Discrimination", Energy Economics 34(4), pp. 942-954.

Noel, Michael D. (2012). "Market Definition Does Not Yield Evidence of Class-Wide Impact", The Antitrust Practitioner, Vol. 9, June 2012, pp. 14-18.

Lewis, Matthew S. and Noel, Michael D. (2011). "The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles", Review of Economics and Statistics 92(3), pp. 672-682.

Noel, Michael D. (2011). "Upward Price Pressure, Merger Simulation, and Merger Simulation Light", CPI Antitrust Chronicle Spring 2011 3:1.

Noel, Michael D. (2011). "Edgeworth Price Cycles", New Palgrave Dictionary of Economics, Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan.

Noel, Michael D. (2009). "Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles", RAND Journal of Economics 40:3, pp.582-595.

Basker, Emek and Noel, Michael D. (2009). "The Evolving Food Chain: Competitive Effects of Wal-Mart's Entry into the Supermarket Industry", Journal of Economics and Management Strategy 18:4, pp. 977-1009.

Noel, Michael D. (2008). "Edgeworth Cycles and Focal Prices: Computational Dynamic Markov Equilibria", Journal of Economics and Management Strategy 17:2, pp. 345-377.

Evans, David E. and Noel, Michael D. (2008). "The Analysis of Mergers that Involve Multi-sided Platform Businesses", Journal of Competition Law and Economics 2008:4, pp. 663-695. Reprinted as "Defining Markets that Involve Two-Sided Platforms" in Platform Economics: Essays on Multi-Sided Businesses, D. Evans (ed.), CPI Policy International e-book, 2011.

Noel, Michael D. (2007). "Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market", Journal of Industrial Economics 55:1, pp. 69-92.

Noel, Michael D. (2007). "Edgeworth Price Cycles, Cost-based Pricing and Sticky Pricing in Retail Gasoline Markets", Review of Economics and Statistics 89:2, pp. 324-334.

Evans, David S. and Noel, Michael D. (2005). "Defining Antitrust Markets when Firms Operate Multi-Sided Platforms", Columbia Business Law Review, 2005:3 pp. 667-702.

Conference Proceedings and Other Publications:

Noel, Michael D. (2020). “Comments in Response to the Department of Justice Antitrust Division Request for Public Comments on Updated Bank Merger Review Analyses”. Report for the Department of Justice Antitrust Division.

Noel, Michael D. (2013) "Pricing Patterns and Behaviors that Cause Litigation Risks", 2013 Petroleum Marketing Attorneys' Meeting, Washington, DC.

Basker, Emek and Noel, Michael D. (2013) "Regional Competition Center for Latin America Presents: Competition Challenges in the Supermarket Sector", CPI Policy International Newsletter.

Noel, Michael D. (2012). "Excessive Volatility in Gasoline Prices? Economic Research Shows that Many Price Spikes and Other Patterns, Often the Subject of Antitrust Concern, Are in Fact Consistent with Competition", American Bar Association, Section of Antitrust Law, Transportation and Energy Committee Newsletter, Spring 2012.

Noel, Michael D. (2012). "Blowing Up the Rockets and Feathers Conspiracy", Law360 (Competition and Energy Law), online, January 19, 2012.

Noel, Michael D. (2011). "The Promise of Unconventional Oil", Oil & Gas Monitor, online, December 19, 2011.

Noel, Michael D. (2005). "Is the City's Recently Passed Gas-Gouging Bill Responsible Public Policy?", San Diego Daily Transcript, San Diego: September 14, 2005, p. A9.

Working Papers and Works in Progress:

Noel, Michael D., Travis Roach, and Madison Hill. "Is Inflation Relief Passed-through? Evidence from Excise Taxes." Working Paper.

Nawaz, Muhammad, and Michael D. Noel. "Risk, Credit Constraints, and Self-Employment in the U.S.". Working Paper.

Noel, Michael D., and Roach, Travis. "Market Signaling and The Risk of Raising Prices First." In progress.

Noel, Michael D., and Syed I. Osman. "Negative Sentiment Contagion: Fallout from the Wells Fargo Cross-Selling Scandal." In progress.

Noel, Michael D. "When Loyalty Programs Matter: Rethinking Public Merger Policy". In progress.

A Listing of Dr. Noel's Research Presentations


International Industrial Organization Conference, Washington D.C., 2023. "Open Price Contracts, Locked-in Consumers, and Opportunism".

Texas Tech University, 2023. "Open Price Contracts, Locked-in Consumers, and Opportunism".

Eastern Economics Association Conference, New York, 2023. "Open Price Contracts, Locked-in Consumers, and Opportunism".

Central South University, Department of Economics, Changsha, China, 2020. "Gasoline Price Dispersion and Search: Evidence from a Natural Experiment". (Online due to COVID-19).

Central South University, Department of Economics, Changsha, China, 2020. "Gasoline Price Dispersion and Search: Evidence from a Natural Experiment". (Online due to COVID-19).

International Industrial Organization Conference, Philadelphia, PA, 2020. "Open Price Contracts, Locked-in Consumers, and Opportunism". (In-person cancelled due to COVID-19).

Western Economic Association International Conference, Shanghai, China, 2020. "Gasoline Price Dispersion and Search: Evidence from a Natural Experiment". (In-person cancelled due to COVID-19).

Western Economic Association International Conference, Tokyo, Japan, 2019. "Gasoline Price Dispersion and Search: Evidence from a Natural Experiment".

Western Economic Association International Conference, Tokyo, Japan, 2019. “The Role of Information in Retail Gasoline Price Dispersion”.

University of Oklahoma Department of Economics, 2018. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

Oklahoma State University Spears School of Business, 2018. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

Tulsa University Department of Economics, 2018. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

University of Central Oklahoma Department of Economics, 2018. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

Oklahoma City University Meinders School of Business, 2018. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

University of Oklahoma Department of Economics, 2018. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

Oklahoma State University Spears School of Business, 2018. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

Tulsa University Department of Economics, 2018. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

University of Central Oklahoma Department of Economics, 2018. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

Oklahoma City University Meinders School of Business, 2018. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

Baylor University Department of Economics 2017. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

Econometric Society Africa Conference, Algiers, Algeria, 2017. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

University of Dusseldorf DICE Institute, Germany, 2017. “Gasoline Price Dispersion and Search: Evidence from a Natural Experiment”.

Baylor University Department of Economics, 2017. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

University of Dusseldorf DICE Institute, Germany, 2017. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

Energy and Environmental Conference, Dubai, United Arab Emirates, 2017. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

American University in Dubai, UAE, 2017 . “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

Energy and Environmental Conference, Dubai, United Arab Emirates, 2017. “Marginal Reductions in Vehicle Emissions Under a Dual-Blend Ethanol Mandate: Evidence from a Natural Experiment”.

American University in Dubai, UAE, 2017. “Marginal Reductions in Vehicle Emissions Under a Dual-Blend Ethanol Mandate: Evidence from a Natural Experiment”

University of Dusseldorf DICE Institute, Germany, 2017. “Competition and Pricing in Retail Gasoline Markets”. 

University of Dusseldorf DICE Institute, Germany, 2017. “Calendar Synchronization of Gasoline Prices”.

Universidad Dinamica das Cataratas, Foz do Iguacu, Brazil, 2016. “Marginal Reductions in Vehicle Emissions Under a Dual-Blend Ethanol Mandate: Evidence from a Natural Experiment”.

Universidad Dinamica das Cataratas, Foz do Iguacu, Brazil, 2016. “Language, Education, and Mobility”

Universidad Dinamica das Cataratas, Foz do Iguacu, Brazil, 2016. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

International Association for Energy Economics Conference, Perth, Australia, 2016. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

CAED Conference, Istanbul, Turkey, 2015. “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”

National Association of Energy Service Companies Conference, New Orleans, LA, 2015. “Are We Finally on the Glide Path to a Robust Economy?”

International Industrial Organization Conference, Boston, MA, 2015. “Forecasting Gasoline Prices in the Presence of Edgeworth Price Cycles”.

Texas Tech University Economics Department, 2015. “Forecasting Gasoline Prices in the Presence of Edgeworth Price Cycles”.

Catholic University of Argentina, Rosario, Argentina, 2014. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

University of Texas at Austin Department of Economics, 2014. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

International Industrial Organization Conference, Chicago, IL, 2014. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

Texas Tech University, 2014. “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”.

American Bar Association, Section of Environment, Energy, and Resources, Petroleum Marketing Meeting, Washington D.C., 2013. “Pricing Patterns and Behaviors in Gasoline that Cause Litigation Risks”.

University of North Dakota Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

Rice University Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

Texas Tech University Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of South Alabama School of Business, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of Nebraska Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of South Florida Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

California State University East Bay Economics Department, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of Texas at Dallas Jindal School of Business, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of Haifa Economics Department, Israel, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

Renmin University Business School, China, 2013. “Edgeworth Price Cycles and Intertemporal Price Discrimination”.

University of North Dakota Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Rice University Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Texas Tech University Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of South Alabama School of Business, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Nebraska Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of South Florida Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

California State University East Bay Economics Department, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Texas at Dallas Jindal School of Business, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Haifa Economics Department, Israel, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Renmin University Business School, China, 2013. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

American Bar Association, Section of Antitrust Law seminar series, hosted by Hunton & Williams LLP, Washington, DC, 2012, and broadcast nationally by phone and web. Discussion based on article “Excessive Volatility in Gasoline Prices? Economic Research Shows that Many Price Spikes and Other Patterns, Often the Subject of Antitrust Concern, Are in Fact Consistent with Competition”. “Rockets and Feathers: Are Oil and Gas Price Spikes Actually Pro-Competitive?”

Canadian Bar Association Annual Meeting, Gatineau, QC, Canada, 2012. “Comments on the 2012 Canadian Abuse of Dominance Guidelines”.

National Association of Energy Service Companies Conference, San Diego, CA, 2011. “It's Still the Economy: Have We Turned a Corner?”

Freehills Law Firm, Sydney, Australia, 2011. “Upward Price Pressure, Merger Simulation and Merger Simulation Light”.

University of Sydney Economics Department, Australia, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Peking University HSBC Business School, China, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Shanghai University School of Finance and Economics, China, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Waikato University Economics Department, New Zealand, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Monash University Economics Department, Australia, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

SUNY Stony Brook Economics Department, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Wilfred Laurier University Economics Department, Canada, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Delaware Economics Department, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

College of William and Mary Economics Department, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Alabama Economics Department, 2011. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Purdue University Economics Department, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Econometric Society Africa Conference, Cairo, Egypt, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Industrial Organization Society Conference, Vancouver, Canada, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

GCBE Conference, Rome, Italy 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

Texas A&M University Economics Department, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of Waterloo Economics Department, Canada, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

University of British Columbia Sauder School of Business, Canada, 2010. “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”.

GCBE Conference, Rome, Italy, 2010. “Edgeworth Price Cycles, Competition and Antitrust”.

University of California Energy Institute POWER Conference, Berkeley, CA, 2009. “Comments on Price Leadership and Coordination”.

Conference on Empirical Legal Studies, University of Southern California Law School, 2009. “Comments on Patent Rights and Economic Growth”.

Yale University Economics Department, 2008. “The Evolving Food Chain: Competitive Effects of Wal-Mart’s Entry into the Supermarket Industry”.

Comparative Analysis of Enterprise Data Conference, Budapest, Hungary, 2008. “Strategic Patenting and Software Innovation”.

International Industrial Organization Conference, Savannah, GA, 2007. “The Evolving Food Chain: Competitive Effects of Wal-Mart’s Entry into the Supermarket Industry”.

Toulouse Conference on the Software and Internet Industries, Toulouse, France, 2007. “Strategic Patenting and Software Innovation”.

University of California Davis Economics Department, 2007. “Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles”.

International Industrial Organization Conference, Savannah, GA, 2007. “Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles”.

University of California San Diego, Dean's Policy Luncheon, 2006. “Gasoline Prices: Why are Canada and the U.S. Different?”

University of California Energy Institute Oil and Gas Conference, Berkeley, CA, 2006. “Comments on Atkinson and Hoskin”.

LECG Conference on Software Patents, Cambridge, MA, 2005. “Strategic Patenting and Software Innovation”.

University of California San Diego Economics Department, 2005. “Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles”.

International Industrial Organization Conference, Atlanta, GA, 2005. “Edgeworth Cycles and Focal Prices: Computational Dynamic Markov Equilibria”.

Massachusetts Institute of Technology Economics Department, 2004. “Strategic Patenting and Software Innovation”.

LECG Conference on Software Patents, Cambridge, MA, 2004. “Strategic Patenting and Software Innovation”.

University of Oregon Economics Department, 2003. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

University of Oregon Economics Department, 2003. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

University of California San Diego Economics Department, 2002. “Edgeworth Cycles and Focal Prices: Computational Dynamic Markov Equilibria”.

Bates White, Washington, DC, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Clemson University Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Charles River Associates, Boston, MA, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Duke University Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Massachusetts Institute of Technology Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Northwestern University Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Stanford University Graduate School of Business, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

University of California Berkeley Haas School of Business, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

University of California San Diego Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

University of Chicago Graduate School of Business, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

University of Michigan Economics Department, 2002. “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”.

Bates White, Washington, DC, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Clemson University Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Charles River Associates, Boston, MA, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Duke University Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Massachusetts Institute of Technology Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Northwestern University Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

Stanford University Graduate School of Business, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

University of California Berkeley Haas School of Business, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

University of California San Diego Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

University of Chicago Graduate School of Business, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.

University of Michigan Economics Department, 2002. “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”.