The argument that posted leaded gasoline prices have been used to inform or misinform
consumers of a station's prices on other types of fuel is much more difficuh to analyze. The
extensive attention that this technique has received by the industry publications and by
consumer protection organizations gives some credence to this theory. Still, the pattern of
margin or markup differences evident in the data is not easy to explain as resulting from
variations over time and across cities in the use of leaded gasohne as a "loss leader" or
"fighting brand." Though these marketing techniques are probably part of the explanation,
they are surely not the whole story.