id	sid	tid	token	lemma	pos
dem-8595	1	1	microsoft	microsoft	PROPN
dem-8595	1	2	word	word	NOUN
dem-8595	1	3	dem_2015_111to128.docx	dem_2015_111to128.docx	PROPN
dem-8595	1	4	©	©	PROPN
dem-8595	1	5	2015	2015	NUM
dem-8595	1	6	nicolaus	nicolaus	PROPN
dem-8595	1	7	copernicus	copernicus	PROPN
dem-8595	1	8	university	university	PROPN
dem-8595	1	9	.	.	PUNCT
dem-8595	2	1	all	all	DET
dem-8595	2	2	rights	right	NOUN
dem-8595	2	3	reserved	reserve	VERB
dem-8595	2	4	.	.	PUNCT
dem-8595	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-8595	4	1	d	d	PUNCT
dem-8595	4	2	y	y	PROPN
dem-8595	4	3	n	n	PROPN
dem-8595	4	4	a	a	PRON
dem-8595	4	5	m	m	VERB
dem-8595	5	1	i	i	NOUN
dem-8595	5	2	c	c	NOUN
dem-8595	5	3	e	e	NOUN
dem-8595	5	4	c	c	NOUN
dem-8595	5	5	o	o	X
dem-8595	6	1	n	n	INTJ
dem-8595	6	2	o	o	NOUN
dem-8595	6	3	m	m	VERB
dem-8595	7	1	e	e	NOUN
dem-8595	7	2	t	t	NOUN
dem-8595	7	3	r	r	NOUN
dem-8595	7	4	i	i	NOUN
dem-8595	7	5	c	c	NOUN
dem-8595	7	6	m	m	VERB
dem-8595	7	7	o	o	NOUN
dem-8595	7	8	d	d	X
dem-8595	7	9	e	e	X
dem-8595	7	10	l	l	NOUN
dem-8595	7	11	s	s	X
dem-8595	7	12	doi	doi	NOUN
dem-8595	7	13	:	:	PUNCT
dem-8595	7	14	http://dx.doi.org/10.12775/dem.2015.007	http://dx.doi.org/10.12775/dem.2015.007	ADJ
dem-8595	7	15	vol	vol	NOUN
dem-8595	7	16	.	.	PROPN
dem-8595	7	17	15	15	NUM
dem-8595	7	18	(	(	PUNCT
dem-8595	7	19	2015	2015	NUM
dem-8595	7	20	)	)	PUNCT
dem-8595	7	21	111−128	111−128	NUM
dem-8595	7	22	submitted	submit	VERB
dem-8595	7	23	october	october	PROPN
dem-8595	7	24	23	23	NUM
dem-8595	7	25	,	,	PUNCT
dem-8595	7	26	2015	2015	NUM
dem-8595	7	27	issn	issn	X
dem-8595	7	28	(	(	PUNCT
dem-8595	7	29	online	online	ADJ
dem-8595	7	30	)	)	PUNCT
dem-8595	7	31	2450	2450	NUM
dem-8595	7	32	-	-	SYM
dem-8595	7	33	7067	7067	NUM
dem-8595	7	34	accepted	accept	VERB
dem-8595	7	35	december	december	PROPN
dem-8595	7	36	15	15	NUM
dem-8595	7	37	,	,	PUNCT
dem-8595	7	38	2015	2015	NUM
dem-8595	7	39	issn	issn	X
dem-8595	7	40	(	(	PUNCT
dem-8595	7	41	print	print	NOUN
dem-8595	7	42	)	)	PUNCT
dem-8595	7	43	1234	1234	NUM
dem-8595	7	44	-	-	SYM
dem-8595	7	45	3862	3862	NUM
dem-8595	7	46	sylwester	sylwester	NOUN
dem-8595	7	47	bejger	bejger	NOUN
dem-8595	7	48	*	*	PUNCT
dem-8595	7	49	testing	test	VERB
dem-8595	7	50	parallel	parallel	ADJ
dem-8595	7	51	pricing	pricing	NOUN
dem-8595	7	52	behavior	behavior	NOUN
dem-8595	7	53	in	in	ADP
dem-8595	7	54	the	the	DET
dem-8595	7	55	polish	polish	ADJ
dem-8595	7	56	wholesale	wholesale	ADJ
dem-8595	7	57	fuel	fuel	NOUN
dem-8595	7	58	market	market	NOUN
dem-8595	7	59	:	:	PUNCT
dem-8595	7	60	an	an	DET
dem-8595	7	61	ardl	ardl	NOUN
dem-8595	7	62	–	–	PUNCT
dem-8595	7	63	bound	bind	VERB
dem-8595	7	64	testing	testing	NOUN
dem-8595	7	65	approach	approach	VERB
dem-8595	7	66	a	a	DET
dem-8595	7	67	b	b	PROPN
dem-8595	7	68	s	s	ADP
dem-8595	7	69	t	t	PROPN
dem-8595	7	70	r	r	NOUN
dem-8595	7	71	a	a	DET
dem-8595	7	72	c	c	NOUN
dem-8595	7	73	t.	t.	NOUN
dem-8595	7	74	in	in	ADP
dem-8595	7	75	this	this	DET
dem-8595	7	76	study	study	NOUN
dem-8595	7	77	,	,	PUNCT
dem-8595	7	78	we	we	PRON
dem-8595	7	79	investigated	investigate	VERB
dem-8595	7	80	whether	whether	SCONJ
dem-8595	7	81	the	the	DET
dem-8595	7	82	observed	observed	ADJ
dem-8595	7	83	series	series	NOUN
dem-8595	7	84	of	of	ADP
dem-8595	7	85	fuel	fuel	NOUN
dem-8595	7	86	prices	price	NOUN
dem-8595	7	87	can	can	AUX
dem-8595	7	88	be	be	AUX
dem-8595	7	89	compatible	compatible	ADJ
dem-8595	7	90	with	with	ADP
dem-8595	7	91	a	a	DET
dem-8595	7	92	specific	specific	ADJ
dem-8595	7	93	theoretical	theoretical	ADJ
dem-8595	7	94	model	model	NOUN
dem-8595	7	95	of	of	ADP
dem-8595	7	96	strategic	strategic	ADJ
dem-8595	7	97	player	player	NOUN
dem-8595	7	98	interaction	interaction	NOUN
dem-8595	7	99	.	.	PUNCT
dem-8595	8	1	our	our	PRON
dem-8595	8	2	primary	primary	ADJ
dem-8595	8	3	interest	interest	NOUN
dem-8595	8	4	is	be	AUX
dem-8595	8	5	in	in	ADP
dem-8595	8	6	determining	determine	VERB
dem-8595	8	7	whether	whether	SCONJ
dem-8595	8	8	a	a	DET
dem-8595	8	9	parallel	parallel	ADJ
dem-8595	8	10	pricing	pricing	NOUN
dem-8595	8	11	policy	policy	NOUN
dem-8595	8	12	,	,	PUNCT
dem-8595	8	13	implied	imply	VERB
dem-8595	8	14	by	by	ADP
dem-8595	8	15	a	a	DET
dem-8595	8	16	theoretical	theoretical	ADJ
dem-8595	8	17	model	model	NOUN
dem-8595	8	18	of	of	ADP
dem-8595	8	19	strategic	strategic	ADJ
dem-8595	8	20	interactions	interaction	NOUN
dem-8595	8	21	,	,	PUNCT
dem-8595	8	22	can	can	AUX
dem-8595	8	23	be	be	AUX
dem-8595	8	24	an	an	DET
dem-8595	8	25	industry	industry	NOUN
dem-8595	8	26	-	-	PUNCT
dem-8595	8	27	observed	observe	VERB
dem-8595	8	28	pricing	pricing	NOUN
dem-8595	8	29	mechanism	mechanism	NOUN
dem-8595	8	30	.	.	PUNCT
dem-8595	9	1	therefore	therefore	ADV
dem-8595	9	2	,	,	PUNCT
dem-8595	9	3	we	we	PRON
dem-8595	9	4	first	first	ADV
dem-8595	9	5	calculated	calculate	VERB
dem-8595	9	6	various	various	ADJ
dem-8595	9	7	descriptive	descriptive	ADJ
dem-8595	9	8	statistics	statistic	NOUN
dem-8595	9	9	of	of	ADP
dem-8595	9	10	the	the	DET
dem-8595	9	11	price	price	NOUN
dem-8595	9	12	series	series	NOUN
dem-8595	9	13	to	to	PART
dem-8595	9	14	discover	discover	VERB
dem-8595	9	15	any	any	DET
dem-8595	9	16	common	common	ADJ
dem-8595	9	17	patterns	pattern	NOUN
dem-8595	9	18	of	of	ADP
dem-8595	9	19	individual	individual	ADJ
dem-8595	9	20	series	series	NOUN
dem-8595	9	21	.	.	PUNCT
dem-8595	10	1	next	next	ADV
dem-8595	10	2	,	,	PUNCT
dem-8595	10	3	we	we	PRON
dem-8595	10	4	determined	determine	VERB
dem-8595	10	5	whether	whether	SCONJ
dem-8595	10	6	parallel	parallel	ADJ
dem-8595	10	7	co	co	NOUN
dem-8595	10	8	-	-	NOUN
dem-8595	10	9	movement	movement	NOUN
dem-8595	10	10	of	of	ADP
dem-8595	10	11	the	the	DET
dem-8595	10	12	price	price	NOUN
dem-8595	10	13	levels	level	NOUN
dem-8595	10	14	exist	exist	VERB
dem-8595	10	15	using	use	VERB
dem-8595	10	16	an	an	DET
dem-8595	10	17	ardl	ardl	NOUN
dem-8595	10	18	–	–	PUNCT
dem-8595	10	19	bound	bind	VERB
dem-8595	10	20	testing	testing	NOUN
dem-8595	10	21	approach	approach	NOUN
dem-8595	10	22	.	.	PUNCT
dem-8595	11	1	this	this	DET
dem-8595	11	2	study	study	NOUN
dem-8595	11	3	finds	find	VERB
dem-8595	11	4	that	that	SCONJ
dem-8595	11	5	if	if	SCONJ
dem-8595	11	6	we	we	PRON
dem-8595	11	7	restricted	restrict	VERB
dem-8595	11	8	our	our	PRON
dem-8595	11	9	research	research	NOUN
dem-8595	11	10	to	to	ADP
dem-8595	11	11	the	the	DET
dem-8595	11	12	described	describe	VERB
dem-8595	11	13	pricing	pricing	NOUN
dem-8595	11	14	mechanism	mechanism	NOUN
dem-8595	11	15	(	(	PUNCT
dem-8595	11	16	ipp	ipp	NOUN
dem-8595	11	17	pricing	pricing	NOUN
dem-8595	11	18	based	base	VERB
dem-8595	11	19	on	on	ADP
dem-8595	11	20	previous	previous	ADJ
dem-8595	11	21	day	day	NOUN
dem-8595	11	22	fundamentals	fundamental	NOUN
dem-8595	11	23	)	)	PUNCT
dem-8595	11	24	,	,	PUNCT
dem-8595	11	25	the	the	DET
dem-8595	11	26	players	player	NOUN
dem-8595	11	27	will	will	AUX
dem-8595	11	28	have	have	AUX
dem-8595	11	29	chosen	choose	VERB
dem-8595	11	30	the	the	DET
dem-8595	11	31	levels	level	NOUN
dem-8595	11	32	of	of	ADP
dem-8595	11	33	price	price	NOUN
dem-8595	11	34	in	in	ADP
dem-8595	11	35	a	a	DET
dem-8595	11	36	parallel	parallel	ADJ
dem-8595	11	37	mode	mode	NOUN
dem-8595	11	38	;	;	PUNCT
dem-8595	11	39	this	this	PRON
dem-8595	11	40	excludes	exclude	VERB
dem-8595	11	41	2007	2007	NUM
dem-8595	11	42	,	,	PUNCT
dem-8595	11	43	when	when	SCONJ
dem-8595	11	44	lotos	loto	NOUN
dem-8595	11	45	appeared	appear	VERB
dem-8595	11	46	to	to	PART
dem-8595	11	47	be	be	AUX
dem-8595	11	48	the	the	DET
dem-8595	11	49	price	price	NOUN
dem-8595	11	50	leader	leader	NOUN
dem-8595	11	51	.	.	PUNCT
dem-8595	12	1	k	k	PROPN
dem-8595	12	2	e	e	PROPN
dem-8595	12	3	y	y	PROPN
dem-8595	12	4	w	w	NOUN
dem-8595	12	5	o	o	NOUN
dem-8595	12	6	r	r	NOUN
dem-8595	12	7	d	d	NOUN
dem-8595	12	8	s	s	X
dem-8595	12	9	:	:	PUNCT
dem-8595	12	10	wholesale	wholesale	ADJ
dem-8595	12	11	fuel	fuel	NOUN
dem-8595	12	12	market	market	NOUN
dem-8595	12	13	,	,	PUNCT
dem-8595	12	14	parallel	parallel	ADJ
dem-8595	12	15	pricing	pricing	NOUN
dem-8595	12	16	,	,	PUNCT
dem-8595	12	17	cointegration	cointegration	NOUN
dem-8595	12	18	.	.	PUNCT
dem-8595	13	1	j	j	PROPN
dem-8595	13	2	e	e	PROPN
dem-8595	13	3	l	l	PROPN
dem-8595	13	4	classification	classification	NOUN
dem-8595	13	5	:	:	PUNCT
dem-8595	13	6	l1	l1	PROPN
dem-8595	13	7	,	,	PUNCT
dem-8595	13	8	l7	l7	PROPN
dem-8595	13	9	,	,	PUNCT
dem-8595	13	10	c22	c22	PROPN
dem-8595	13	11	.	.	PUNCT
dem-8595	14	1	introduction	introduction	NOUN
dem-8595	14	2	the	the	DET
dem-8595	14	3	general	general	ADJ
dem-8595	14	4	objective	objective	NOUN
dem-8595	14	5	of	of	ADP
dem-8595	14	6	this	this	DET
dem-8595	14	7	paper	paper	NOUN
dem-8595	14	8	was	be	AUX
dem-8595	14	9	to	to	PART
dem-8595	14	10	discover	discover	VERB
dem-8595	14	11	particular	particular	ADJ
dem-8595	14	12	,	,	PUNCT
dem-8595	14	13	strategic	strategic	ADJ
dem-8595	14	14	patterns	pattern	NOUN
dem-8595	14	15	in	in	ADP
dem-8595	14	16	the	the	DET
dem-8595	14	17	price	price	NOUN
dem-8595	14	18	behavior	behavior	NOUN
dem-8595	14	19	of	of	ADP
dem-8595	14	20	the	the	DET
dem-8595	14	21	players	player	NOUN
dem-8595	14	22	in	in	ADP
dem-8595	14	23	the	the	DET
dem-8595	14	24	polish	polish	ADJ
dem-8595	14	25	wholesale	wholesale	ADJ
dem-8595	14	26	fuel	fuel	NOUN
dem-8595	14	27	market	market	NOUN
dem-8595	14	28	in	in	ADP
dem-8595	14	29	a	a	DET
dem-8595	14	30	sample	sample	NOUN
dem-8595	14	31	period	period	NOUN
dem-8595	14	32	of	of	ADP
dem-8595	14	33	2004	2004	NUM
dem-8595	14	34	to	to	ADP
dem-8595	14	35	2013	2013	NUM
dem-8595	14	36	.	.	PUNCT
dem-8595	15	1	this	this	DET
dem-8595	15	2	study	study	NOUN
dem-8595	15	3	is	be	AUX
dem-8595	15	4	shaped	shape	VERB
dem-8595	15	5	as	as	ADP
dem-8595	15	6	an	an	DET
dem-8595	15	7	intersection	intersection	NOUN
dem-8595	15	8	of	of	ADP
dem-8595	15	9	monitoring	monitoring	NOUN
dem-8595	15	10	and	and	CCONJ
dem-8595	15	11	verification	verification	NOUN
dem-8595	15	12	(	(	PUNCT
dem-8595	15	13	to	to	PART
dem-8595	15	14	use	use	VERB
dem-8595	15	15	the	the	DET
dem-8595	15	16	terminology	terminology	NOUN
dem-8595	15	17	of	of	ADP
dem-8595	15	18	harrington	harrington	PROPN
dem-8595	15	19	,	,	PUNCT
dem-8595	15	20	2008	2008	NUM
dem-8595	15	21	)	)	PUNCT
dem-8595	15	22	in	in	ADP
dem-8595	15	23	the	the	DET
dem-8595	15	24	context	context	NOUN
dem-8595	15	25	of	of	ADP
dem-8595	15	26	behavioral	behavioral	ADJ
dem-8595	15	27	screening	screening	NOUN
dem-8595	15	28	.	.	PUNCT
dem-8595	16	1	however	however	ADV
dem-8595	16	2	,	,	PUNCT
dem-8595	16	3	this	this	DET
dem-8595	16	4	study	study	NOUN
dem-8595	16	5	is	be	AUX
dem-8595	16	6	more	more	ADV
dem-8595	16	7	broadly	broadly	ADV
dem-8595	16	8	understood	understand	VERB
dem-8595	16	9	because	because	SCONJ
dem-8595	16	10	we	we	PRON
dem-8595	16	11	did	do	AUX
dem-8595	16	12	not	not	PART
dem-8595	16	13	constitute	constitute	VERB
dem-8595	16	14	tests	test	NOUN
dem-8595	16	15	for	for	ADP
dem-8595	16	16	verification	verification	NOUN
dem-8595	16	17	of	of	ADP
dem-8595	16	18	the	the	DET
dem-8595	16	19	*	*	X
dem-8595	16	20	correspondence	correspondence	NOUN
dem-8595	16	21	to	to	PART
dem-8595	16	22	:	:	PUNCT
dem-8595	16	23	sylwester	sylwester	VERB
dem-8595	16	24	bejger	bejger	NOUN
dem-8595	16	25	,	,	PUNCT
dem-8595	16	26	nicolaus	nicolaus	PROPN
dem-8595	16	27	copernicus	copernicus	PROPN
dem-8595	16	28	university	university	PROPN
dem-8595	16	29	,	,	PUNCT
dem-8595	16	30	department	department	NOUN
dem-8595	16	31	of	of	ADP
dem-8595	16	32	econometrics	econometric	NOUN
dem-8595	16	33	and	and	CCONJ
dem-8595	16	34	statistics	statistic	NOUN
dem-8595	16	35	,	,	PUNCT
dem-8595	16	36	ul	ul	INTJ
dem-8595	16	37	.	.	PUNCT
dem-8595	16	38	gagarina	gagarina	PROPN
dem-8595	16	39	13a	13a	PROPN
dem-8595	16	40	,	,	PUNCT
dem-8595	16	41	87	87	NUM
dem-8595	16	42	-	-	SYM
dem-8595	16	43	100	100	NUM
dem-8595	16	44	toruń	toruń	NOUN
dem-8595	16	45	,	,	PUNCT
dem-8595	16	46	poland	poland	PROPN
dem-8595	16	47	,	,	PUNCT
dem-8595	16	48	e	e	NOUN
dem-8595	16	49	-	-	NOUN
dem-8595	16	50	mail	mail	NOUN
dem-8595	16	51	:	:	PUNCT
dem-8595	17	1	sylw@umk.pl	sylw@umk.pl	X
dem-8595	17	2	.	.	PUNCT
dem-8595	18	1	sylwesterbejger	sylwesterbejger	PROPN
dem-8595	18	2	dynamic	dynamic	ADJ
dem-8595	18	3	econometric	econometric	ADJ
dem-8595	18	4	models	model	NOUN
dem-8595	18	5	15	15	NUM
dem-8595	18	6	(	(	PUNCT
dem-8595	18	7	2015	2015	NUM
dem-8595	18	8	)	)	PUNCT
dem-8595	18	9	111–128	111–128	NUM
dem-8595	18	10	112	112	NUM
dem-8595	18	11	hypothesis	hypothesis	NOUN
dem-8595	18	12	of	of	ADP
dem-8595	18	13	collusion	collusion	NOUN
dem-8595	18	14	(	(	PUNCT
dem-8595	18	15	tacit	tacit	NOUN
dem-8595	18	16	or	or	CCONJ
dem-8595	18	17	overt	overt	ADJ
dem-8595	18	18	)	)	PUNCT
dem-8595	18	19	existence	existence	NOUN
dem-8595	18	20	in	in	ADP
dem-8595	18	21	the	the	DET
dem-8595	18	22	industry	industry	NOUN
dem-8595	18	23	on	on	ADP
dem-8595	18	24	the	the	DET
dem-8595	18	25	basis	basis	NOUN
dem-8595	18	26	of	of	ADP
dem-8595	18	27	a	a	DET
dem-8595	18	28	specific	specific	ADJ
dem-8595	18	29	marker1	marker1	NOUN
dem-8595	18	30	.	.	PUNCT
dem-8595	19	1	instead	instead	ADV
dem-8595	19	2	,	,	PUNCT
dem-8595	19	3	we	we	PRON
dem-8595	19	4	strive	strive	VERB
dem-8595	19	5	to	to	PART
dem-8595	19	6	answer	answer	VERB
dem-8595	19	7	the	the	DET
dem-8595	19	8	question	question	NOUN
dem-8595	19	9	regarding	regard	VERB
dem-8595	19	10	whether	whether	SCONJ
dem-8595	19	11	the	the	DET
dem-8595	19	12	observed	observed	ADJ
dem-8595	19	13	series	series	NOUN
dem-8595	19	14	of	of	ADP
dem-8595	19	15	price	price	NOUN
dem-8595	19	16	levels	level	NOUN
dem-8595	19	17	can	can	AUX
dem-8595	19	18	be	be	AUX
dem-8595	19	19	compatible	compatible	ADJ
dem-8595	19	20	with	with	ADP
dem-8595	19	21	the	the	DET
dem-8595	19	22	known	know	VERB
dem-8595	19	23	model	model	NOUN
dem-8595	19	24	of	of	ADP
dem-8595	19	25	the	the	DET
dem-8595	19	26	strategic	strategic	ADJ
dem-8595	19	27	interaction	interaction	NOUN
dem-8595	19	28	of	of	ADP
dem-8595	19	29	players	player	NOUN
dem-8595	19	30	(	(	PUNCT
dem-8595	19	31	may	may	AUX
dem-8595	19	32	be	be	AUX
dem-8595	19	33	part	part	NOUN
dem-8595	19	34	of	of	ADP
dem-8595	19	35	the	the	DET
dem-8595	19	36	equilibrium	equilibrium	NOUN
dem-8595	19	37	of	of	ADP
dem-8595	19	38	a	a	DET
dem-8595	19	39	game	game	NOUN
dem-8595	19	40	)	)	PUNCT
dem-8595	19	41	.	.	PUNCT
dem-8595	20	1	on	on	ADP
dem-8595	20	2	the	the	DET
dem-8595	20	3	basis	basis	NOUN
dem-8595	20	4	of	of	ADP
dem-8595	20	5	industry2	industry2	PROPN
dem-8595	20	6	research	research	NOUN
dem-8595	20	7	,	,	PUNCT
dem-8595	20	8	important	important	ADJ
dem-8595	20	9	factors	factor	NOUN
dem-8595	20	10	that	that	PRON
dem-8595	20	11	influence	influence	VERB
dem-8595	20	12	the	the	DET
dem-8595	20	13	strategic	strategic	ADJ
dem-8595	20	14	conduct	conduct	NOUN
dem-8595	20	15	of	of	ADP
dem-8595	20	16	the	the	DET
dem-8595	20	17	market	market	NOUN
dem-8595	20	18	participants	participant	NOUN
dem-8595	20	19	can	can	AUX
dem-8595	20	20	be	be	AUX
dem-8595	20	21	enumerated	enumerate	VERB
dem-8595	20	22	:	:	PUNCT
dem-8595	20	23	a	a	DET
dem-8595	20	24	duopolistic	duopolistic	ADJ
dem-8595	20	25	market	market	NOUN
dem-8595	20	26	with	with	ADP
dem-8595	20	27	high	high	ADJ
dem-8595	20	28	concentration	concentration	NOUN
dem-8595	20	29	,	,	PUNCT
dem-8595	20	30	homogeneous	homogeneous	ADJ
dem-8595	20	31	products	product	NOUN
dem-8595	20	32	,	,	PUNCT
dem-8595	20	33	high	high	ADJ
dem-8595	20	34	barriers	barrier	NOUN
dem-8595	20	35	to	to	ADP
dem-8595	20	36	entry	entry	NOUN
dem-8595	20	37	,	,	PUNCT
dem-8595	20	38	capacity	capacity	NOUN
dem-8595	20	39	constraints	constraint	NOUN
dem-8595	20	40	for	for	ADP
dem-8595	20	41	domestic	domestic	ADJ
dem-8595	20	42	production	production	NOUN
dem-8595	20	43	,	,	PUNCT
dem-8595	20	44	inelastic	inelastic	ADJ
dem-8595	20	45	demand	demand	NOUN
dem-8595	20	46	,	,	PUNCT
dem-8595	20	47	possible	possible	ADJ
dem-8595	20	48	ipp3	ipp3	ADJ
dem-8595	20	49	pricing	pricing	NOUN
dem-8595	20	50	mechanism	mechanism	NOUN
dem-8595	20	51	and	and	CCONJ
dem-8595	20	52	major	major	ADJ
dem-8595	20	53	players	player	NOUN
dem-8595	20	54	’	'	PUNCT
dem-8595	20	55	full	full	ADJ
dem-8595	20	56	price	price	NOUN
dem-8595	20	57	transparency	transparency	NOUN
dem-8595	20	58	.	.	PUNCT
dem-8595	21	1	based	base	VERB
dem-8595	21	2	on	on	ADP
dem-8595	21	3	these	these	DET
dem-8595	21	4	characteristics	characteristic	NOUN
dem-8595	21	5	,	,	PUNCT
dem-8595	21	6	it	it	PRON
dem-8595	21	7	is	be	AUX
dem-8595	21	8	possible	possible	ADJ
dem-8595	21	9	to	to	PART
dem-8595	21	10	restrict	restrict	VERB
dem-8595	21	11	the	the	DET
dem-8595	21	12	set	set	NOUN
dem-8595	21	13	of	of	ADP
dem-8595	21	14	adequate	adequate	ADJ
dem-8595	21	15	models	model	NOUN
dem-8595	21	16	of	of	ADP
dem-8595	21	17	noncooperative	noncooperative	ADJ
dem-8595	21	18	games	game	NOUN
dem-8595	21	19	by	by	ADP
dem-8595	21	20	the	the	DET
dem-8595	21	21	specification	specification	NOUN
dem-8595	21	22	of	of	ADP
dem-8595	21	23	the	the	DET
dem-8595	21	24	essential	essential	ADJ
dem-8595	21	25	elements	element	NOUN
dem-8595	21	26	of	of	ADP
dem-8595	21	27	a	a	DET
dem-8595	21	28	game	game	NOUN
dem-8595	21	29	model	model	NOUN
dem-8595	21	30	.	.	PUNCT
dem-8595	22	1	these	these	DET
dem-8595	22	2	specifications	specification	NOUN
dem-8595	22	3	include	include	VERB
dem-8595	22	4	the	the	DET
dem-8595	22	5	following	following	NOUN
dem-8595	22	6	:	:	PUNCT
dem-8595	22	7	the	the	DET
dem-8595	22	8	price	price	NOUN
dem-8595	22	9	should	should	AUX
dem-8595	22	10	be	be	AUX
dem-8595	22	11	considered	consider	VERB
dem-8595	22	12	as	as	ADP
dem-8595	22	13	a	a	DET
dem-8595	22	14	main	main	ADJ
dem-8595	22	15	strategic	strategic	ADJ
dem-8595	22	16	variable	variable	NOUN
dem-8595	22	17	for	for	ADP
dem-8595	22	18	the	the	DET
dem-8595	22	19	players	player	NOUN
dem-8595	22	20	,	,	PUNCT
dem-8595	22	21	there	there	PRON
dem-8595	22	22	were	be	VERB
dem-8595	22	23	no	no	DET
dem-8595	22	24	threats	threat	NOUN
dem-8595	22	25	of	of	ADP
dem-8595	22	26	significant	significant	ADJ
dem-8595	22	27	entry	entry	NOUN
dem-8595	22	28	to	to	ADP
dem-8595	22	29	the	the	DET
dem-8595	22	30	market	market	NOUN
dem-8595	22	31	in	in	ADP
dem-8595	22	32	the	the	DET
dem-8595	22	33	sample	sample	NOUN
dem-8595	22	34	period	period	NOUN
dem-8595	22	35	,	,	PUNCT
dem-8595	22	36	and	and	CCONJ
dem-8595	22	37	production	production	NOUN
dem-8595	22	38	capacities	capacity	NOUN
dem-8595	22	39	should	should	AUX
dem-8595	22	40	be	be	AUX
dem-8595	22	41	treated	treat	VERB
dem-8595	22	42	as	as	ADP
dem-8595	22	43	exogenous	exogenous	ADJ
dem-8595	22	44	parameters	parameter	NOUN
dem-8595	22	45	in	in	ADP
dem-8595	22	46	the	the	DET
dem-8595	22	47	game	game	NOUN
dem-8595	22	48	period	period	NOUN
dem-8595	22	49	.	.	PUNCT
dem-8595	23	1	through	through	ADP
dem-8595	23	2	these	these	DET
dem-8595	23	3	restrictions	restriction	NOUN
dem-8595	23	4	,	,	PUNCT
dem-8595	23	5	one	one	PRON
dem-8595	23	6	can	can	AUX
dem-8595	23	7	isolate	isolate	VERB
dem-8595	23	8	a	a	DET
dem-8595	23	9	single	single	ADJ
dem-8595	23	10	period	period	NOUN
dem-8595	23	11	game	game	NOUN
dem-8595	23	12	as	as	ADP
dem-8595	23	13	a	a	DET
dem-8595	23	14	non	non	ADJ
dem-8595	23	15	-	-	ADJ
dem-8595	23	16	zero	zero	NUM
dem-8595	23	17	-	-	PUNCT
dem-8595	23	18	sum	sum	NOUN
dem-8595	23	19	,	,	PUNCT
dem-8595	23	20	simultaneous	simultaneous	ADJ
dem-8595	23	21	moves	move	NOUN
dem-8595	23	22	finite	finite	ADJ
dem-8595	23	23	game	game	NOUN
dem-8595	23	24	in	in	ADP
dem-8595	23	25	pure	pure	ADJ
dem-8595	23	26	action	action	NOUN
dem-8595	23	27	spaces	space	NOUN
dem-8595	23	28	.	.	PUNCT
dem-8595	24	1	this	this	DET
dem-8595	24	2	set	set	NOUN
dem-8595	24	3	of	of	ADP
dem-8595	24	4	assumptions	assumption	NOUN
dem-8595	24	5	leads	lead	VERB
dem-8595	24	6	to	to	ADP
dem-8595	24	7	a	a	DET
dem-8595	24	8	choice	choice	NOUN
dem-8595	24	9	of	of	ADP
dem-8595	24	10	a	a	DET
dem-8595	24	11	standard	standard	ADJ
dem-8595	24	12	bertrand	bertrand	PROPN
dem-8595	24	13	model	model	NOUN
dem-8595	24	14	as	as	ADP
dem-8595	24	15	a	a	DET
dem-8595	24	16	building	building	NOUN
dem-8595	24	17	block	block	NOUN
dem-8595	24	18	of	of	ADP
dem-8595	24	19	certain	certain	ADJ
dem-8595	24	20	one	one	NUM
dem-8595	24	21	-	-	PUNCT
dem-8595	24	22	shot	shot	NOUN
dem-8595	24	23	games	game	NOUN
dem-8595	24	24	;	;	PUNCT
dem-8595	24	25	this	this	PRON
dem-8595	24	26	is	be	AUX
dem-8595	24	27	enriched	enrich	VERB
dem-8595	24	28	with	with	ADP
dem-8595	24	29	additional	additional	ADJ
dem-8595	24	30	elements	element	NOUN
dem-8595	24	31	to	to	PART
dem-8595	24	32	eliminate	eliminate	VERB
dem-8595	24	33	equilibrium	equilibrium	NOUN
dem-8595	24	34	in	in	ADP
dem-8595	24	35	marginal	marginal	ADJ
dem-8595	24	36	costs	cost	NOUN
dem-8595	24	37	as	as	ADP
dem-8595	24	38	the	the	DET
dem-8595	24	39	sole	sole	ADJ
dem-8595	24	40	solution	solution	NOUN
dem-8595	24	41	.	.	PUNCT
dem-8595	25	1	models	model	NOUN
dem-8595	25	2	based	base	VERB
dem-8595	25	3	on	on	ADP
dem-8595	25	4	the	the	DET
dem-8595	25	5	well	well	ADV
dem-8595	25	6	-	-	PUNCT
dem-8595	25	7	known	know	VERB
dem-8595	25	8	edgeworth	edgeworth	PROPN
dem-8595	25	9	model	model	NOUN
dem-8595	25	10	(	(	PUNCT
dem-8595	25	11	1925	1925	NUM
dem-8595	25	12	)	)	PUNCT
dem-8595	25	13	would	would	AUX
dem-8595	25	14	be	be	AUX
dem-8595	25	15	particularly	particularly	ADV
dem-8595	25	16	well	well	ADV
dem-8595	25	17	-	-	PUNCT
dem-8595	25	18	suited	suited	ADJ
dem-8595	25	19	in	in	ADP
dem-8595	25	20	this	this	DET
dem-8595	25	21	instance	instance	NOUN
dem-8595	25	22	.	.	PUNCT
dem-8595	26	1	edgeworth	edgeworth	PROPN
dem-8595	26	2	’s	’s	PART
dem-8595	26	3	model	model	PROPN
dem-8595	26	4	modifications	modification	NOUN
dem-8595	26	5	have	have	AUX
dem-8595	26	6	led	lead	VERB
dem-8595	26	7	to	to	ADP
dem-8595	26	8	various	various	ADJ
dem-8595	26	9	models	model	NOUN
dem-8595	26	10	,	,	PUNCT
dem-8595	26	11	for	for	ADP
dem-8595	26	12	example	example	NOUN
dem-8595	26	13	,	,	PUNCT
dem-8595	26	14	those	those	PRON
dem-8595	26	15	by	by	ADP
dem-8595	26	16	levitan	levitan	PROPN
dem-8595	26	17	and	and	CCONJ
dem-8595	26	18	shubik	shubik	PROPN
dem-8595	26	19	(	(	PUNCT
dem-8595	26	20	1972	1972	NUM
dem-8595	26	21	)	)	PUNCT
dem-8595	26	22	,	,	PUNCT
dem-8595	26	23	kreps	krep	NOUN
dem-8595	26	24	and	and	CCONJ
dem-8595	26	25	scheinkman	scheinkman	NOUN
dem-8595	26	26	(	(	PUNCT
dem-8595	26	27	1983	1983	NUM
dem-8595	26	28	)	)	PUNCT
dem-8595	26	29	,	,	PUNCT
dem-8595	26	30	osborne	osborne	NOUN
dem-8595	26	31	and	and	CCONJ
dem-8595	26	32	pitchik	pitchik	PROPN
dem-8595	26	33	(	(	PUNCT
dem-8595	26	34	1986	1986	NUM
dem-8595	26	35	)	)	PUNCT
dem-8595	26	36	,	,	PUNCT
dem-8595	26	37	deneckere	deneckere	NOUN
dem-8595	26	38	and	and	CCONJ
dem-8595	26	39	kovenock	kovenock	NOUN
dem-8595	26	40	(	(	PUNCT
dem-8595	26	41	1992	1992	NUM
dem-8595	26	42	)	)	PUNCT
dem-8595	26	43	.	.	PUNCT
dem-8595	27	1	because	because	SCONJ
dem-8595	27	2	those	those	DET
dem-8595	27	3	models	model	NOUN
dem-8595	27	4	are	be	AUX
dem-8595	27	5	essentially	essentially	ADV
dem-8595	27	6	static	static	ADJ
dem-8595	27	7	,	,	PUNCT
dem-8595	27	8	one	one	PRON
dem-8595	27	9	can	can	AUX
dem-8595	27	10	consider	consider	VERB
dem-8595	27	11	a	a	DET
dem-8595	27	12	proper	proper	ADJ
dem-8595	27	13	dynamic	dynamic	ADJ
dem-8595	27	14	specification	specification	NOUN
dem-8595	27	15	.	.	PUNCT
dem-8595	28	1	in	in	ADP
dem-8595	28	2	this	this	DET
dem-8595	28	3	case	case	NOUN
dem-8595	28	4	,	,	PUNCT
dem-8595	28	5	a	a	DET
dem-8595	28	6	highly	highly	ADV
dem-8595	28	7	popular	popular	ADJ
dem-8595	28	8	maskin	maskin	NOUN
dem-8595	28	9	and	and	CCONJ
dem-8595	28	10	tirole	tirole	PROPN
dem-8595	28	11	(	(	PUNCT
dem-8595	28	12	1988	1988	NUM
dem-8595	28	13	)	)	PUNCT
dem-8595	28	14	model	model	NOUN
dem-8595	28	15	and	and	CCONJ
dem-8595	28	16	a	a	DET
dem-8595	28	17	supergame	supergame	ADJ
dem-8595	28	18	approach	approach	NOUN
dem-8595	28	19	to	to	ADP
dem-8595	28	20	oligopolistic	oligopolistic	ADJ
dem-8595	28	21	competition	competition	NOUN
dem-8595	28	22	could	could	AUX
dem-8595	28	23	be	be	AUX
dem-8595	28	24	considered	consider	VERB
dem-8595	28	25	.	.	PUNCT
dem-8595	29	1	as	as	ADP
dem-8595	29	2	a	a	DET
dem-8595	29	3	reference	reference	NOUN
dem-8595	29	4	work	work	NOUN
dem-8595	29	5	in	in	ADP
dem-8595	29	6	that	that	DET
dem-8595	29	7	topic	topic	NOUN
dem-8595	29	8	,	,	PUNCT
dem-8595	29	9	one	one	PRON
dem-8595	29	10	can	can	AUX
dem-8595	29	11	point	point	VERB
dem-8595	29	12	to	to	ADP
dem-8595	29	13	tirole	tirole	PROPN
dem-8595	29	14	(	(	PUNCT
dem-8595	29	15	1998	1998	NUM
dem-8595	29	16	)	)	PUNCT
dem-8595	29	17	and	and	CCONJ
dem-8595	29	18	vives	vive	NOUN
dem-8595	29	19	(	(	PUNCT
dem-8595	29	20	2001	2001	NUM
dem-8595	29	21	)	)	PUNCT
dem-8595	29	22	.	.	PUNCT
dem-8595	30	1	for	for	ADP
dem-8595	30	2	our	our	PRON
dem-8595	30	3	empirical	empirical	ADJ
dem-8595	30	4	research	research	NOUN
dem-8595	30	5	,	,	PUNCT
dem-8595	30	6	the	the	DET
dem-8595	30	7	works	work	NOUN
dem-8595	30	8	of	of	ADP
dem-8595	30	9	brock	brock	PROPN
dem-8595	30	10	and	and	CCONJ
dem-8595	30	11	scheinkman	scheinkman	NOUN
dem-8595	30	12	(	(	PUNCT
dem-8595	30	13	1985	1985	NUM
dem-8595	30	14	)	)	PUNCT
dem-8595	30	15	,	,	PUNCT
dem-8595	30	16	lambson	lambson	NOUN
dem-8595	30	17	(	(	PUNCT
dem-8595	30	18	1987	1987	NUM
dem-8595	30	19	)	)	PUNCT
dem-8595	30	20	,	,	PUNCT
dem-8595	30	21	green	green	NOUN
dem-8595	30	22	and	and	CCONJ
dem-8595	30	23	porter	porter	NOUN
dem-8595	30	24	(	(	PUNCT
dem-8595	30	25	1984	1984	NUM
dem-8595	30	26	)	)	PUNCT
dem-8595	30	27	,	,	PUNCT
dem-8595	30	28	rotemberg	rotemberg	NOUN
dem-8595	30	29	and	and	CCONJ
dem-8595	30	30	saloner	saloner	NOUN
dem-8595	30	31	(	(	PUNCT
dem-8595	30	32	1986	1986	NUM
dem-8595	30	33	)	)	PUNCT
dem-8595	30	34	,	,	PUNCT
dem-8595	30	35	dudey	dudey	NOUN
dem-8595	30	36	(	(	PUNCT
dem-8595	30	37	1992	1992	NUM
dem-8595	30	38	)	)	PUNCT
dem-8595	30	39	,	,	PUNCT
dem-8595	30	40	lu	lu	PROPN
dem-8595	30	41	and	and	CCONJ
dem-8595	30	42	wright	wright	PROPN
dem-8595	30	43	(	(	PUNCT
dem-8595	30	44	2010	2010	NUM
dem-8595	30	45	)	)	PUNCT
dem-8595	30	46	could	could	AUX
dem-8595	30	47	be	be	AUX
dem-8595	30	48	inspirational	inspirational	ADJ
dem-8595	30	49	because	because	SCONJ
dem-8595	30	50	of	of	ADP
dem-8595	30	51	the	the	DET
dem-8595	30	52	choice	choice	NOUN
dem-8595	30	53	of	of	ADP
dem-8595	30	54	price	price	NOUN
dem-8595	30	55	as	as	ADP
dem-8595	30	56	a	a	DET
dem-8595	30	57	strategic	strategic	ADJ
dem-8595	30	58	variable	variable	NOUN
dem-8595	30	59	and	and	CCONJ
dem-8595	30	60	because	because	SCONJ
dem-8595	30	61	of	of	ADP
dem-8595	30	62	the	the	DET
dem-8595	30	63	imposed	impose	VERB
dem-8595	30	64	capacity	capacity	NOUN
dem-8595	30	65	constraints	constraint	NOUN
dem-8595	30	66	in	in	ADP
dem-8595	30	67	certain	certain	ADJ
dem-8595	30	68	games	game	NOUN
dem-8595	30	69	.	.	PUNCT
dem-8595	31	1	however	however	ADV
dem-8595	31	2	,	,	PUNCT
dem-8595	31	3	analyzing	analyze	VERB
dem-8595	31	4	the	the	DET
dem-8595	31	5	abovementioned	abovementione	VERB
dem-8595	31	6	models	model	NOUN
dem-8595	31	7	,	,	PUNCT
dem-8595	31	8	we	we	PRON
dem-8595	31	9	can	can	AUX
dem-8595	31	10	conclude	conclude	VERB
dem-8595	31	11	that	that	SCONJ
dem-8595	31	12	their	their	PRON
dem-8595	31	13	structures	structure	NOUN
dem-8595	31	14	do	do	AUX
dem-8595	31	15	not	not	PART
dem-8595	31	16	explain	explain	VERB
dem-8595	31	17	1	1	NUM
dem-8595	31	18	refer	refer	NOUN
dem-8595	31	19	to	to	ADP
dem-8595	31	20	:	:	PUNCT
dem-8595	31	21	harringtopn	harringtopn	PROPN
dem-8595	31	22	(	(	PUNCT
dem-8595	31	23	2006	2006	NUM
dem-8595	31	24	,	,	PUNCT
dem-8595	31	25	2008	2008	NUM
dem-8595	31	26	)	)	PUNCT
dem-8595	31	27	or	or	CCONJ
dem-8595	31	28	aberantes	aberante	NOUN
dem-8595	31	29	-	-	PUNCT
dem-8595	31	30	metz	metz	NOUN
dem-8595	31	31	(	(	PUNCT
dem-8595	31	32	2011	2011	NUM
dem-8595	31	33	,	,	PUNCT
dem-8595	31	34	2013	2013	NUM
dem-8595	31	35	)	)	PUNCT
dem-8595	31	36	,	,	PUNCT
dem-8595	31	37	abrantes	abrante	NOUN
dem-8595	31	38	-	-	PUNCT
dem-8595	31	39	metz	metz	PROPN
dem-8595	31	40	and	and	CCONJ
dem-8595	31	41	bajari	bajari	ADJ
dem-8595	31	42	(	(	PUNCT
dem-8595	31	43	2012	2012	NUM
dem-8595	31	44	)	)	PUNCT
dem-8595	31	45	.	.	PUNCT
dem-8595	32	1	2	2	NUM
dem-8595	32	2	details	detail	NOUN
dem-8595	32	3	of	of	ADP
dem-8595	32	4	that	that	DET
dem-8595	32	5	study	study	NOUN
dem-8595	32	6	will	will	AUX
dem-8595	32	7	be	be	AUX
dem-8595	32	8	published	publish	VERB
dem-8595	32	9	in	in	ADP
dem-8595	32	10	an	an	DET
dem-8595	32	11	another	another	DET
dem-8595	32	12	paper	paper	NOUN
dem-8595	32	13	.	.	PUNCT
dem-8595	33	1	3	3	NUM
dem-8595	33	2	import	import	NOUN
dem-8595	33	3	parity	parity	NOUN
dem-8595	33	4	pricing	pricing	NOUN
dem-8595	33	5	.	.	PUNCT
dem-8595	34	1	testing	test	VERB
dem-8595	34	2	parallel	parallel	ADJ
dem-8595	34	3	pricing	pricing	NOUN
dem-8595	34	4	behavior	behavior	NOUN
dem-8595	34	5	in	in	ADP
dem-8595	34	6	the	the	DET
dem-8595	34	7	polish	polish	ADJ
dem-8595	34	8	wholesale	wholesale	ADJ
dem-8595	34	9	fuel	fuel	NOUN
dem-8595	34	10	market	market	NOUN
dem-8595	34	11	…	…	PUNCT
dem-8595	34	12	dynamic	dynamic	ADJ
dem-8595	34	13	econometric	econometric	ADJ
dem-8595	34	14	models	model	NOUN
dem-8595	34	15	15	15	NUM
dem-8595	34	16	(	(	PUNCT
dem-8595	34	17	2015	2015	NUM
dem-8595	34	18	)	)	PUNCT
dem-8595	34	19	111–128	111–128	NUM
dem-8595	34	20	113	113	NUM
dem-8595	34	21	the	the	DET
dem-8595	34	22	very	very	ADV
dem-8595	34	23	important	important	ADJ
dem-8595	34	24	market	market	NOUN
dem-8595	34	25	’s	’s	PART
dem-8595	34	26	phenomenon	phenomenon	NOUN
dem-8595	34	27	,	,	PUNCT
dem-8595	34	28	i.e.	i.e.	X
dem-8595	34	29	,	,	PUNCT
dem-8595	34	30	ipp	ipp	NOUN
dem-8595	34	31	pricing	pricing	NOUN
dem-8595	34	32	mechanism	mechanism	NOUN
dem-8595	34	33	.	.	PUNCT
dem-8595	35	1	in	in	ADP
dem-8595	35	2	our	our	PRON
dem-8595	35	3	view	view	NOUN
dem-8595	35	4	,	,	PUNCT
dem-8595	35	5	such	such	DET
dem-8595	35	6	a	a	DET
dem-8595	35	7	mechanism	mechanism	NOUN
dem-8595	35	8	leads	lead	VERB
dem-8595	35	9	to	to	ADP
dem-8595	35	10	a	a	DET
dem-8595	35	11	concept	concept	NOUN
dem-8595	35	12	of	of	ADP
dem-8595	35	13	a	a	DET
dem-8595	35	14	reference	reference	NOUN
dem-8595	35	15	point	point	NOUN
dem-8595	35	16	in	in	ADP
dem-8595	35	17	strategic	strategic	ADJ
dem-8595	35	18	interactions	interaction	NOUN
dem-8595	35	19	that	that	PRON
dem-8595	35	20	could	could	AUX
dem-8595	35	21	be	be	AUX
dem-8595	35	22	described	describe	VERB
dem-8595	35	23	as	as	ADP
dem-8595	35	24	a	a	DET
dem-8595	35	25	focal	focal	ADJ
dem-8595	35	26	point	point	NOUN
dem-8595	35	27	or	or	CCONJ
dem-8595	35	28	ceiling	ceiling	NOUN
dem-8595	35	29	point	point	NOUN
dem-8595	35	30	.	.	PUNCT
dem-8595	36	1	there	there	PRON
dem-8595	36	2	is	be	VERB
dem-8595	36	3	substantial	substantial	ADJ
dem-8595	36	4	empirical	empirical	ADJ
dem-8595	36	5	evidence	evidence	NOUN
dem-8595	36	6	of	of	ADP
dem-8595	36	7	the	the	DET
dem-8595	36	8	use	use	NOUN
dem-8595	36	9	of	of	ADP
dem-8595	36	10	focal	focal	ADJ
dem-8595	36	11	point	point	NOUN
dem-8595	36	12	prices	price	NOUN
dem-8595	36	13	by	by	ADP
dem-8595	36	14	firms	firm	NOUN
dem-8595	36	15	.	.	PUNCT
dem-8595	37	1	scherer	scherer	PROPN
dem-8595	37	2	(	(	PUNCT
dem-8595	37	3	1980	1980	NUM
dem-8595	37	4	)	)	PUNCT
dem-8595	37	5	found	find	VERB
dem-8595	37	6	price	price	NOUN
dem-8595	37	7	lining	lining	NOUN
dem-8595	37	8	is	be	AUX
dem-8595	37	9	widespread	widespread	ADJ
dem-8595	37	10	at	at	ADP
dem-8595	37	11	the	the	DET
dem-8595	37	12	retail	retail	ADJ
dem-8595	37	13	level	level	NOUN
dem-8595	37	14	in	in	ADP
dem-8595	37	15	the	the	DET
dem-8595	37	16	us	us	PROPN
dem-8595	37	17	.	.	PUNCT
dem-8595	38	1	using	use	VERB
dem-8595	38	2	data	datum	NOUN
dem-8595	38	3	from	from	ADP
dem-8595	38	4	the	the	DET
dem-8595	38	5	us	us	PROPN
dem-8595	38	6	-	-	PUNCT
dem-8595	38	7	credit	credit	NOUN
dem-8595	38	8	card	card	NOUN
dem-8595	38	9	market	market	NOUN
dem-8595	38	10	during	during	ADP
dem-8595	38	11	the	the	DET
dem-8595	38	12	1980s	1980s	NUM
dem-8595	38	13	,	,	PUNCT
dem-8595	38	14	knittel	knittel	NOUN
dem-8595	38	15	and	and	CCONJ
dem-8595	38	16	stango	stango	NOUN
dem-8595	38	17	(	(	PUNCT
dem-8595	38	18	2003	2003	NUM
dem-8595	38	19	)	)	PUNCT
dem-8595	38	20	show	show	VERB
dem-8595	38	21	that	that	SCONJ
dem-8595	38	22	nonbinding	nonbinde	VERB
dem-8595	38	23	price	price	NOUN
dem-8595	38	24	ceilings	ceiling	NOUN
dem-8595	38	25	,	,	PUNCT
dem-8595	38	26	which	which	PRON
dem-8595	38	27	serve	serve	VERB
dem-8595	38	28	as	as	ADP
dem-8595	38	29	external	external	ADJ
dem-8595	38	30	focal	focal	ADJ
dem-8595	38	31	points	point	NOUN
dem-8595	38	32	,	,	PUNCT
dem-8595	38	33	increase	increase	VERB
dem-8595	38	34	the	the	DET
dem-8595	38	35	probability	probability	NOUN
dem-8595	38	36	that	that	SCONJ
dem-8595	38	37	firms	firm	NOUN
dem-8595	38	38	engage	engage	VERB
dem-8595	38	39	in	in	ADP
dem-8595	38	40	tacit	tacit	ADJ
dem-8595	38	41	collusion	collusion	NOUN
dem-8595	38	42	.	.	PUNCT
dem-8595	39	1	in	in	ADP
dem-8595	39	2	faber	faber	PROPN
dem-8595	39	3	,	,	PUNCT
dem-8595	39	4	janssen	janssen	PROPN
dem-8595	39	5	(	(	PUNCT
dem-8595	39	6	2011	2011	NUM
dem-8595	39	7	)	)	PUNCT
dem-8595	39	8	,	,	PUNCT
dem-8595	39	9	they	they	PRON
dem-8595	39	10	investigated	investigate	VERB
dem-8595	39	11	the	the	DET
dem-8595	39	12	focal	focal	ADJ
dem-8595	39	13	point	point	NOUN
dem-8595	39	14	effects	effect	NOUN
dem-8595	39	15	of	of	ADP
dem-8595	39	16	oil	oil	NOUN
dem-8595	39	17	companies	company	NOUN
dem-8595	39	18	that	that	PRON
dem-8595	39	19	suggest	suggest	VERB
dem-8595	39	20	petrol	petrol	NOUN
dem-8595	39	21	and	and	CCONJ
dem-8595	39	22	diesel	diesel	NOUN
dem-8595	39	23	prices	price	NOUN
dem-8595	39	24	to	to	ADP
dem-8595	39	25	their	their	PRON
dem-8595	39	26	retailers	retailer	NOUN
dem-8595	39	27	.	.	PUNCT
dem-8595	40	1	we	we	PRON
dem-8595	40	2	wanted	want	VERB
dem-8595	40	3	to	to	PART
dem-8595	40	4	utilize	utilize	VERB
dem-8595	40	5	the	the	DET
dem-8595	40	6	concept	concept	NOUN
dem-8595	40	7	then	then	ADV
dem-8595	40	8	but	but	CCONJ
dem-8595	40	9	formulate	formulate	VERB
dem-8595	40	10	the	the	DET
dem-8595	40	11	question	question	NOUN
dem-8595	40	12	slightly	slightly	ADV
dem-8595	40	13	differently	differently	ADV
dem-8595	40	14	:	:	PUNCT
dem-8595	40	15	what	what	PRON
dem-8595	40	16	were	be	AUX
dem-8595	40	17	the	the	DET
dem-8595	40	18	strategic	strategic	ADJ
dem-8595	40	19	implications	implication	NOUN
dem-8595	40	20	of	of	ADP
dem-8595	40	21	ipp	ipp	PROPN
dem-8595	40	22	treated	treat	VERB
dem-8595	40	23	as	as	ADP
dem-8595	40	24	the	the	DET
dem-8595	40	25	“	"	PUNCT
dem-8595	40	26	focal	focal	ADJ
dem-8595	40	27	price	price	NOUN
dem-8595	40	28	”	"	PUNCT
dem-8595	40	29	for	for	ADP
dem-8595	40	30	player	player	NOUN
dem-8595	40	31	’s	’s	PART
dem-8595	40	32	daily	daily	ADJ
dem-8595	40	33	actions	action	NOUN
dem-8595	40	34	(	(	PUNCT
dem-8595	40	35	price	price	NOUN
dem-8595	40	36	levels	level	NOUN
dem-8595	40	37	)	)	PUNCT
dem-8595	40	38	?	?	PUNCT
dem-8595	41	1	we	we	PRON
dem-8595	41	2	then	then	ADV
dem-8595	41	3	decided	decide	VERB
dem-8595	41	4	to	to	PART
dem-8595	41	5	construct	construct	VERB
dem-8595	41	6	a	a	DET
dem-8595	41	7	game	game	NOUN
dem-8595	41	8	theory	theory	NOUN
dem-8595	41	9	model	model	NOUN
dem-8595	41	10	of	of	ADP
dem-8595	41	11	pricing	pricing	NOUN
dem-8595	41	12	behavior	behavior	NOUN
dem-8595	41	13	that	that	PRON
dem-8595	41	14	is	be	AUX
dem-8595	41	15	suitable	suitable	ADJ
dem-8595	41	16	for	for	ADP
dem-8595	41	17	the	the	DET
dem-8595	41	18	industry	industry	NOUN
dem-8595	41	19	’s	’s	PART
dem-8595	41	20	parameters4	parameters4	NOUN
dem-8595	41	21	.	.	PUNCT
dem-8595	42	1	the	the	DET
dem-8595	42	2	main	main	ADJ
dem-8595	42	3	conclusions	conclusion	NOUN
dem-8595	42	4	from	from	ADP
dem-8595	42	5	our	our	PRON
dem-8595	42	6	theoretical	theoretical	ADJ
dem-8595	42	7	model	model	NOUN
dem-8595	42	8	are	be	AUX
dem-8595	42	9	the	the	DET
dem-8595	42	10	following	follow	VERB
dem-8595	42	11	:	:	PUNCT
dem-8595	42	12			NOUN
dem-8595	42	13	it	it	PRON
dem-8595	42	14	is	be	AUX
dem-8595	42	15	strategically	strategically	ADV
dem-8595	42	16	possible	possible	ADJ
dem-8595	42	17	to	to	PART
dem-8595	42	18	use	use	VERB
dem-8595	42	19	the	the	DET
dem-8595	42	20	same	same	ADJ
dem-8595	42	21	(	(	PUNCT
dem-8595	42	22	or	or	CCONJ
dem-8595	42	23	very	very	ADV
dem-8595	42	24	close	close	ADJ
dem-8595	42	25	)	)	PUNCT
dem-8595	42	26	price	price	NOUN
dem-8595	42	27	levels	level	NOUN
dem-8595	42	28	by	by	ADP
dem-8595	42	29	both	both	DET
dem-8595	42	30	players	player	NOUN
dem-8595	42	31	in	in	ADP
dem-8595	42	32	daily	daily	ADJ
dem-8595	42	33	interactions	interaction	NOUN
dem-8595	42	34	;	;	PUNCT
dem-8595	42	35	therefore	therefore	ADV
dem-8595	42	36	,	,	PUNCT
dem-8595	42	37	regarding	regard	VERB
dem-8595	42	38	the	the	DET
dem-8595	42	39	parallel	parallel	ADJ
dem-8595	42	40	pricing	pricing	NOUN
dem-8595	42	41	phenomenon	phenomenon	NOUN
dem-8595	42	42	,	,	PUNCT
dem-8595	42	43	we	we	PRON
dem-8595	42	44	can	can	AUX
dem-8595	42	45	state	state	VERB
dem-8595	42	46	,	,	PUNCT
dem-8595	42	47			VERB
dem-8595	42	48	the	the	DET
dem-8595	42	49	common	common	ADJ
dem-8595	42	50	price	price	NOUN
dem-8595	42	51	level	level	NOUN
dem-8595	42	52	for	for	ADP
dem-8595	42	53	both	both	DET
dem-8595	42	54	players	player	NOUN
dem-8595	42	55	should	should	AUX
dem-8595	42	56	be	be	AUX
dem-8595	42	57	very	very	ADV
dem-8595	42	58	close	close	ADJ
dem-8595	42	59	to	to	ADP
dem-8595	42	60	the	the	DET
dem-8595	42	61	ipp	ipp	NOUN
dem-8595	42	62	price	price	NOUN
dem-8595	42	63	level	level	NOUN
dem-8595	42	64	(	(	PUNCT
dem-8595	42	65	or	or	CCONJ
dem-8595	42	66	a	a	DET
dem-8595	42	67	proxy	proxy	NOUN
dem-8595	42	68	of	of	ADP
dem-8595	42	69	it	it	PRON
dem-8595	42	70	)	)	PUNCT
dem-8595	42	71	,	,	PUNCT
dem-8595	42	72	if	if	SCONJ
dem-8595	42	73	we	we	PRON
dem-8595	42	74	assume	assume	VERB
dem-8595	42	75	the	the	DET
dem-8595	42	76	ability	ability	NOUN
dem-8595	42	77	of	of	ADP
dem-8595	42	78	players	player	NOUN
dem-8595	42	79	to	to	PART
dem-8595	42	80	properly	properly	ADV
dem-8595	42	81	calculate	calculate	VERB
dem-8595	42	82	it	it	PRON
dem-8595	42	83	on	on	ADP
dem-8595	42	84	the	the	DET
dem-8595	42	85	basis	basis	NOUN
dem-8595	42	86	of	of	ADP
dem-8595	42	87	commonly	commonly	ADV
dem-8595	42	88	known	know	VERB
dem-8595	42	89	factors	factor	NOUN
dem-8595	42	90	.	.	PUNCT
dem-8595	43	1	thus	thus	ADV
dem-8595	43	2	,	,	PUNCT
dem-8595	43	3	the	the	DET
dem-8595	43	4	primary	primary	ADJ
dem-8595	43	5	purpose	purpose	NOUN
dem-8595	43	6	of	of	ADP
dem-8595	43	7	this	this	DET
dem-8595	43	8	article	article	NOUN
dem-8595	43	9	concerns	concern	VERB
dem-8595	43	10	the	the	DET
dem-8595	43	11	empirical	empirical	ADJ
dem-8595	43	12	verification	verification	NOUN
dem-8595	43	13	of	of	ADP
dem-8595	43	14	the	the	DET
dem-8595	43	15	first	first	ADJ
dem-8595	43	16	of	of	ADP
dem-8595	43	17	the	the	DET
dem-8595	43	18	above	above	ADJ
dem-8595	43	19	implications	implication	NOUN
dem-8595	43	20	.	.	PUNCT
dem-8595	44	1	we	we	PRON
dem-8595	44	2	want	want	VERB
dem-8595	44	3	to	to	PART
dem-8595	44	4	determine	determine	VERB
dem-8595	44	5	whether	whether	SCONJ
dem-8595	44	6	the	the	DET
dem-8595	44	7	observable	observable	ADJ
dem-8595	44	8	data	datum	NOUN
dem-8595	44	9	reflects	reflect	VERB
dem-8595	44	10	parallel	parallel	ADJ
dem-8595	44	11	pricing	pricing	NOUN
dem-8595	44	12	strategic	strategic	ADJ
dem-8595	44	13	behavior	behavior	NOUN
dem-8595	44	14	in	in	ADP
dem-8595	44	15	a	a	DET
dem-8595	44	16	market	market	NOUN
dem-8595	44	17	and	and	CCONJ
dem-8595	44	18	,	,	PUNCT
dem-8595	44	19	as	as	ADP
dem-8595	44	20	an	an	DET
dem-8595	44	21	implication	implication	NOUN
dem-8595	44	22	,	,	PUNCT
dem-8595	44	23	if	if	SCONJ
dem-8595	44	24	the	the	DET
dem-8595	44	25	rational	rational	ADJ
dem-8595	44	26	conduct	conduct	NOUN
dem-8595	44	27	of	of	ADP
dem-8595	44	28	the	the	DET
dem-8595	44	29	players	player	NOUN
dem-8595	44	30	is	be	AUX
dem-8595	44	31	coherent	coherent	ADJ
dem-8595	44	32	with	with	ADP
dem-8595	44	33	the	the	DET
dem-8595	44	34	equilibrium	equilibrium	NOUN
dem-8595	44	35	strategies	strategy	NOUN
dem-8595	44	36	of	of	ADP
dem-8595	44	37	a	a	DET
dem-8595	44	38	game	game	NOUN
dem-8595	44	39	theory	theory	NOUN
dem-8595	44	40	model	model	NOUN
dem-8595	44	41	.	.	PUNCT
dem-8595	45	1	few	few	ADJ
dem-8595	45	2	studies	study	NOUN
dem-8595	45	3	of	of	ADP
dem-8595	45	4	broad	broad	ADJ
dem-8595	45	5	price	price	NOUN
dem-8595	45	6	movements	movement	NOUN
dem-8595	45	7	and	and	CCONJ
dem-8595	45	8	dependencies	dependency	NOUN
dem-8595	45	9	in	in	ADP
dem-8595	45	10	the	the	DET
dem-8595	45	11	polish	polish	ADJ
dem-8595	45	12	refining	refining	NOUN
dem-8595	45	13	sector	sector	NOUN
dem-8595	45	14	in	in	ADP
dem-8595	45	15	general	general	ADJ
dem-8595	45	16	(	(	PUNCT
dem-8595	45	17	bejger	bejger	NOUN
dem-8595	45	18	and	and	CCONJ
dem-8595	45	19	bruzda	bruzda	PROPN
dem-8595	45	20	,	,	PUNCT
dem-8595	45	21	2002	2002	NUM
dem-8595	45	22	;	;	PUNCT
dem-8595	45	23	miłobędzki	miłobędzki	PROPN
dem-8595	45	24	,	,	PUNCT
dem-8595	45	25	2008	2008	NUM
dem-8595	45	26	;	;	PUNCT
dem-8595	45	27	leszkiewicz	leszkiewicz	ADJ
dem-8595	45	28	-	-	PUNCT
dem-8595	45	29	kędzior	kędzior	NOUN
dem-8595	45	30	,	,	PUNCT
dem-8595	45	31	2012	2012	NUM
dem-8595	45	32	)	)	PUNCT
dem-8595	45	33	exist	exist	VERB
dem-8595	45	34	;	;	PUNCT
dem-8595	45	35	in	in	ADP
dem-8595	45	36	addition	addition	NOUN
dem-8595	45	37	,	,	PUNCT
dem-8595	45	38	no	no	DET
dem-8595	45	39	such	such	ADJ
dem-8595	45	40	studies	study	NOUN
dem-8595	45	41	(	(	PUNCT
dem-8595	45	42	to	to	ADP
dem-8595	45	43	our	our	PRON
dem-8595	45	44	knowledge	knowledge	NOUN
dem-8595	45	45	)	)	PUNCT
dem-8595	45	46	are	be	AUX
dem-8595	45	47	devoted	devote	VERB
dem-8595	45	48	to	to	ADP
dem-8595	45	49	analyzing	analyze	VERB
dem-8595	45	50	the	the	DET
dem-8595	45	51	pricing	pricing	NOUN
dem-8595	45	52	behavior	behavior	NOUN
dem-8595	45	53	of	of	ADP
dem-8595	45	54	both	both	DET
dem-8595	45	55	players	player	NOUN
dem-8595	45	56	in	in	ADP
dem-8595	45	57	parallel	parallel	NOUN
dem-8595	45	58	,	,	PUNCT
dem-8595	45	59	focused	focus	VERB
dem-8595	45	60	on	on	ADP
dem-8595	45	61	the	the	DET
dem-8595	45	62	strategic	strategic	ADJ
dem-8595	45	63	interactions	interaction	NOUN
dem-8595	45	64	among	among	ADP
dem-8595	45	65	them	they	PRON
dem-8595	45	66	.	.	PUNCT
dem-8595	46	1	the	the	DET
dem-8595	46	2	methodological	methodological	ADJ
dem-8595	46	3	construction	construction	NOUN
dem-8595	46	4	of	of	ADP
dem-8595	46	5	the	the	DET
dem-8595	46	6	research	research	NOUN
dem-8595	46	7	first	first	ADV
dem-8595	46	8	contains	contain	VERB
dem-8595	46	9	the	the	DET
dem-8595	46	10	basic	basic	ADJ
dem-8595	46	11	statistical	statistical	ADJ
dem-8595	46	12	measures	measure	NOUN
dem-8595	46	13	of	of	ADP
dem-8595	46	14	the	the	DET
dem-8595	46	15	empirical	empirical	ADJ
dem-8595	46	16	distributions	distribution	NOUN
dem-8595	46	17	of	of	ADP
dem-8595	46	18	prices	price	NOUN
dem-8595	46	19	used	use	VERB
dem-8595	46	20	;	;	PUNCT
dem-8595	46	21	finally	finally	ADV
dem-8595	46	22	,	,	PUNCT
dem-8595	46	23	it	it	PRON
dem-8595	46	24	examines	examine	VERB
dem-8595	46	25	the	the	DET
dem-8595	46	26	cointegration	cointegration	NOUN
dem-8595	46	27	between	between	ADP
dem-8595	46	28	the	the	DET
dem-8595	46	29	prices	price	NOUN
dem-8595	46	30	of	of	ADP
dem-8595	46	31	players	player	NOUN
dem-8595	46	32	and	and	CCONJ
dem-8595	46	33	the	the	DET
dem-8595	46	34	existence	existence	NOUN
dem-8595	46	35	of	of	ADP
dem-8595	46	36	the	the	DET
dem-8595	46	37	long	long	ADJ
dem-8595	46	38	-	-	PUNCT
dem-8595	46	39	term	term	NOUN
dem-8595	46	40	and	and	CCONJ
dem-8595	46	41	short	short	ADJ
dem-8595	46	42	-	-	PUNCT
dem-8595	46	43	term	term	NOUN
dem-8595	46	44	relations	relation	NOUN
dem-8595	46	45	(	(	PUNCT
dem-8595	46	46	if	if	SCONJ
dem-8595	46	47	any	any	PRON
dem-8595	46	48	)	)	PUNCT
dem-8595	46	49	for	for	ADP
dem-8595	46	50	the	the	DET
dem-8595	46	51	two	two	NUM
dem-8595	46	52	series	series	NOUN
dem-8595	46	53	.	.	PUNCT
dem-8595	47	1	to	to	PART
dem-8595	47	2	investigate	investigate	VERB
dem-8595	47	3	the	the	DET
dem-8595	47	4	construction	construction	NOUN
dem-8595	47	5	,	,	PUNCT
dem-8595	47	6	the	the	DET
dem-8595	47	7	ardl	ardl	NOUN
dem-8595	47	8	–	–	PUNCT
dem-8595	47	9	bound	bind	VERB
dem-8595	47	10	testing	testing	NOUN
dem-8595	47	11	approach	approach	NOUN
dem-8595	47	12	was	be	AUX
dem-8595	47	13	used	use	VERB
dem-8595	47	14	because	because	SCONJ
dem-8595	47	15	it	it	PRON
dem-8595	47	16	is	be	AUX
dem-8595	47	17	fairly	fairly	ADV
dem-8595	47	18	universal	universal	ADJ
dem-8595	47	19	and	and	CCONJ
dem-8595	47	20	insensitive	insensitive	ADJ
dem-8595	47	21	to	to	ADP
dem-8595	47	22	the	the	DET
dem-8595	47	23	misspecification	misspecification	NOUN
dem-8595	47	24	of	of	ADP
dem-8595	47	25	integration	integration	NOUN
dem-8595	47	26	order	order	NOUN
dem-8595	47	27	.	.	PUNCT
dem-8595	48	1	the	the	DET
dem-8595	48	2	remainder	remainder	NOUN
dem-8595	48	3	of	of	ADP
dem-8595	48	4	this	this	DET
dem-8595	48	5	paper	paper	NOUN
dem-8595	48	6	is	be	AUX
dem-8595	48	7	structured	structure	VERB
dem-8595	48	8	as	as	SCONJ
dem-8595	48	9	follows	follow	VERB
dem-8595	48	10	.	.	PUNCT
dem-8595	49	1	section	section	NOUN
dem-8595	49	2	2	2	NUM
dem-8595	49	3	briefly	briefly	NOUN
dem-8595	49	4	4	4	NUM
dem-8595	49	5	bejger	bejger	NOUN
dem-8595	49	6	(	(	PUNCT
dem-8595	49	7	2015	2015	NUM
dem-8595	49	8	)	)	PUNCT
dem-8595	49	9	,	,	PUNCT
dem-8595	49	10	forthcoming	forthcoming	ADJ
dem-8595	49	11	.	.	PUNCT
dem-8595	50	1	sylwesterbejger	sylwesterbejger	ADJ
dem-8595	50	2	dynamic	dynamic	ADJ
dem-8595	50	3	econometric	econometric	ADJ
dem-8595	50	4	models	model	NOUN
dem-8595	50	5	15	15	NUM
dem-8595	50	6	(	(	PUNCT
dem-8595	50	7	2015	2015	NUM
dem-8595	50	8	)	)	PUNCT
dem-8595	50	9	111–128	111–128	NUM
dem-8595	50	10	114	114	NUM
dem-8595	50	11	outlines	outline	VERB
dem-8595	50	12	the	the	DET
dem-8595	50	13	data	datum	NOUN
dem-8595	50	14	.	.	PUNCT
dem-8595	51	1	section	section	NOUN
dem-8595	51	2	3	3	NUM
dem-8595	51	3	reviews	review	VERB
dem-8595	51	4	the	the	DET
dem-8595	51	5	estimation	estimation	NOUN
dem-8595	51	6	techniques	technique	NOUN
dem-8595	51	7	and	and	CCONJ
dem-8595	51	8	contains	contain	VERB
dem-8595	51	9	the	the	DET
dem-8595	51	10	empirical	empirical	ADJ
dem-8595	51	11	analysis	analysis	NOUN
dem-8595	51	12	.	.	PUNCT
dem-8595	52	1	section	section	NOUN
dem-8595	52	2	4	4	NUM
dem-8595	52	3	presents	present	VERB
dem-8595	52	4	the	the	DET
dem-8595	52	5	study	study	NOUN
dem-8595	52	6	’s	’s	PART
dem-8595	52	7	conclusions	conclusion	NOUN
dem-8595	52	8	.	.	PUNCT
dem-8595	53	1	2	2	X
dem-8595	53	2	.	.	X
dem-8595	53	3	data	datum	NOUN
dem-8595	53	4	description	description	NOUN
dem-8595	53	5	the	the	DET
dem-8595	53	6	main	main	ADJ
dem-8595	53	7	data	datum	NOUN
dem-8595	53	8	set	set	NOUN
dem-8595	53	9	covers	cover	VERB
dem-8595	53	10	wholesale	wholesale	ADJ
dem-8595	53	11	(	(	PUNCT
dem-8595	53	12	unregular	unregular	ADJ
dem-8595	53	13	)	)	PUNCT
dem-8595	53	14	daily	daily	ADJ
dem-8595	53	15	prices	price	NOUN
dem-8595	53	16	on	on	ADP
dem-8595	53	17	pkn	pkn	PROPN
dem-8595	53	18	pb95	pb95	PROPN
dem-8595	53	19	,	,	PUNCT
dem-8595	53	20	pkn	pkn	VERB
dem-8595	53	21	on	on	ADP
dem-8595	53	22	,	,	PUNCT
dem-8595	53	23	lotos	lotos	PROPN
dem-8595	53	24	pb95	pb95	PROPN
dem-8595	53	25	and	and	CCONJ
dem-8595	53	26	lotos	loto	NOUN
dem-8595	53	27	on	on	ADP
dem-8595	53	28	in	in	ADP
dem-8595	53	29	pln	pln	PROPN
dem-8595	53	30	for	for	ADP
dem-8595	53	31	cubic	cubic	ADJ
dem-8595	53	32	meters	meter	NOUN
dem-8595	53	33	and	and	CCONJ
dem-8595	53	34	the	the	DET
dem-8595	53	35	01.01.2004–31.12.2013	01.01.2004–31.12.2013	NUM
dem-8595	53	36	sample	sample	NOUN
dem-8595	53	37	period	period	NOUN
dem-8595	53	38	.	.	PUNCT
dem-8595	54	1	these	these	DET
dem-8595	54	2	four	four	NUM
dem-8595	54	3	time	time	NOUN
dem-8595	54	4	series	series	NOUN
dem-8595	54	5	have	have	AUX
dem-8595	54	6	been	be	AUX
dem-8595	54	7	obtained	obtain	VERB
dem-8595	54	8	from	from	ADP
dem-8595	54	9	official	official	ADJ
dem-8595	54	10	websites	website	NOUN
dem-8595	54	11	of	of	ADP
dem-8595	54	12	the	the	DET
dem-8595	54	13	players5	players5	NOUN
dem-8595	54	14	.	.	PUNCT
dem-8595	55	1	we	we	PRON
dem-8595	55	2	decided	decide	VERB
dem-8595	55	3	to	to	PART
dem-8595	55	4	conduct	conduct	VERB
dem-8595	55	5	research	research	NOUN
dem-8595	55	6	on	on	ADP
dem-8595	55	7	two	two	NUM
dem-8595	55	8	slightly	slightly	ADV
dem-8595	55	9	different	different	ADJ
dem-8595	55	10	data	data	NOUN
dem-8595	55	11	sets	set	NOUN
dem-8595	55	12	from	from	ADP
dem-8595	55	13	the	the	DET
dem-8595	55	14	basic	basic	ADJ
dem-8595	55	15	sample	sample	NOUN
dem-8595	55	16	;	;	PUNCT
dem-8595	55	17	we	we	PRON
dem-8595	55	18	examined	examine	VERB
dem-8595	55	19	“	"	PUNCT
dem-8595	55	20	raw	raw	ADJ
dem-8595	55	21	”	"	PUNCT
dem-8595	55	22	series	series	NOUN
dem-8595	55	23	(	(	PUNCT
dem-8595	55	24	of	of	ADP
dem-8595	55	25	different	different	ADJ
dem-8595	55	26	lengths	length	NOUN
dem-8595	55	27	)	)	PUNCT
dem-8595	55	28	to	to	PART
dem-8595	55	29	reveal	reveal	VERB
dem-8595	55	30	their	their	PRON
dem-8595	55	31	individual	individual	ADJ
dem-8595	55	32	properties	property	NOUN
dem-8595	55	33	.	.	PUNCT
dem-8595	56	1	next	next	ADV
dem-8595	56	2	,	,	PUNCT
dem-8595	56	3	we	we	PRON
dem-8595	56	4	synchronized	synchronize	VERB
dem-8595	56	5	these	these	DET
dem-8595	56	6	data	datum	NOUN
dem-8595	56	7	sets	set	NOUN
dem-8595	56	8	to	to	PART
dem-8595	56	9	study	study	VERB
dem-8595	56	10	cointegration	cointegration	NOUN
dem-8595	56	11	.	.	PUNCT
dem-8595	57	1	in	in	ADP
dem-8595	57	2	the	the	DET
dem-8595	57	3	raw	raw	ADJ
dem-8595	57	4	data	datum	NOUN
dem-8595	57	5	analysis	analysis	NOUN
dem-8595	57	6	,	,	PUNCT
dem-8595	57	7	we	we	PRON
dem-8595	57	8	did	do	AUX
dem-8595	57	9	not	not	PART
dem-8595	57	10	subtract	subtract	VERB
dem-8595	57	11	the	the	DET
dem-8595	57	12	excise	excise	NOUN
dem-8595	57	13	tax	tax	NOUN
dem-8595	57	14	and	and	CCONJ
dem-8595	57	15	fuel	fuel	NOUN
dem-8595	57	16	duty	duty	NOUN
dem-8595	57	17	because	because	SCONJ
dem-8595	57	18	the	the	DET
dem-8595	57	19	reactions	reaction	NOUN
dem-8595	57	20	of	of	ADP
dem-8595	57	21	price	price	NOUN
dem-8595	57	22	levels	level	NOUN
dem-8595	57	23	to	to	ADP
dem-8595	57	24	the	the	DET
dem-8595	57	25	changes	change	NOUN
dem-8595	57	26	in	in	ADP
dem-8595	57	27	these	these	DET
dem-8595	57	28	duties	duty	NOUN
dem-8595	57	29	could	could	AUX
dem-8595	57	30	contain	contain	VERB
dem-8595	57	31	information	information	NOUN
dem-8595	57	32	regarding	regard	VERB
dem-8595	57	33	the	the	DET
dem-8595	57	34	strategic	strategic	ADJ
dem-8595	57	35	behavior	behavior	NOUN
dem-8595	57	36	of	of	ADP
dem-8595	57	37	players	player	NOUN
dem-8595	57	38	.	.	PUNCT
dem-8595	58	1	for	for	ADP
dem-8595	58	2	the	the	DET
dem-8595	58	3	purpose	purpose	NOUN
dem-8595	58	4	of	of	ADP
dem-8595	58	5	synchronization	synchronization	NOUN
dem-8595	58	6	of	of	ADP
dem-8595	58	7	the	the	DET
dem-8595	58	8	observations	observation	NOUN
dem-8595	58	9	,	,	PUNCT
dem-8595	58	10	we	we	PRON
dem-8595	58	11	used	use	VERB
dem-8595	58	12	the	the	DET
dem-8595	58	13	dates	date	NOUN
dem-8595	58	14	of	of	ADP
dem-8595	58	15	observations	observation	NOUN
dem-8595	58	16	of	of	ADP
dem-8595	58	17	pkn	pkn	PROPN
dem-8595	58	18	’s	’s	PART
dem-8595	58	19	gasoline	gasoline	NOUN
dem-8595	58	20	price	price	NOUN
dem-8595	58	21	as	as	ADP
dem-8595	58	22	reference	reference	NOUN
dem-8595	58	23	.	.	PUNCT
dem-8595	59	1	missing	miss	VERB
dem-8595	59	2	daily	daily	ADJ
dem-8595	59	3	observations	observation	NOUN
dem-8595	59	4	of	of	ADP
dem-8595	59	5	lotos	loto	NOUN
dem-8595	59	6	were	be	AUX
dem-8595	59	7	replaced	replace	VERB
dem-8595	59	8	by	by	ADP
dem-8595	59	9	simple	simple	ADJ
dem-8595	59	10	extrapolation	extrapolation	NOUN
dem-8595	59	11	between	between	ADP
dem-8595	59	12	the	the	DET
dem-8595	59	13	values	value	NOUN
dem-8595	59	14	observed	observe	VERB
dem-8595	59	15	immediately	immediately	ADV
dem-8595	59	16	before	before	ADV
dem-8595	59	17	and	and	CCONJ
dem-8595	59	18	after	after	ADV
dem-8595	59	19	;	;	PUNCT
dem-8595	59	20	therefore	therefore	ADV
dem-8595	59	21	,	,	PUNCT
dem-8595	59	22	both	both	DET
dem-8595	59	23	final	final	ADJ
dem-8595	59	24	series	series	NOUN
dem-8595	59	25	have	have	VERB
dem-8595	59	26	2281	2281	NUM
dem-8595	59	27	observations	observation	NOUN
dem-8595	59	28	.	.	PUNCT
dem-8595	60	1	such	such	ADJ
dem-8595	60	2	transformation	transformation	NOUN
dem-8595	60	3	of	of	ADP
dem-8595	60	4	lotos	loto	NOUN
dem-8595	60	5	’	'	PUNCT
dem-8595	60	6	data	datum	NOUN
dem-8595	60	7	did	do	AUX
dem-8595	60	8	not	not	PART
dem-8595	60	9	harm	harm	VERB
dem-8595	60	10	the	the	DET
dem-8595	60	11	statistical	statistical	ADJ
dem-8595	60	12	properties	property	NOUN
dem-8595	60	13	of	of	ADP
dem-8595	60	14	original	original	ADJ
dem-8595	60	15	series	series	NOUN
dem-8595	60	16	substantially	substantially	ADV
dem-8595	60	17	(	(	PUNCT
dem-8595	60	18	integration	integration	NOUN
dem-8595	60	19	order	order	NOUN
dem-8595	60	20	unchanged	unchanged	ADJ
dem-8595	60	21	,	,	PUNCT
dem-8595	60	22	descriptive	descriptive	ADJ
dem-8595	60	23	statistics	statistic	NOUN
dem-8595	60	24	that	that	PRON
dem-8595	60	25	are	be	AUX
dem-8595	60	26	closer	close	ADJ
dem-8595	60	27	to	to	PART
dem-8595	60	28	pkn	pkn	VERB
dem-8595	60	29	in	in	ADP
dem-8595	60	30	values	value	NOUN
dem-8595	60	31	)	)	PUNCT
dem-8595	60	32	.	.	PUNCT
dem-8595	61	1	additionally	additionally	ADV
dem-8595	61	2	,	,	PUNCT
dem-8595	61	3	we	we	PRON
dem-8595	61	4	simplified	simplify	VERB
dem-8595	61	5	the	the	DET
dem-8595	61	6	names	name	NOUN
dem-8595	61	7	of	of	ADP
dem-8595	61	8	the	the	DET
dem-8595	61	9	synchronized	synchronize	VERB
dem-8595	61	10	series	series	NOUN
dem-8595	61	11	to	to	ADP
dem-8595	61	12	lotospb	lotospb	NOUN
dem-8595	61	13	and	and	CCONJ
dem-8595	61	14	pknpb	pknpb	VERB
dem-8595	61	15	to	to	PART
dem-8595	61	16	use	use	VERB
dem-8595	61	17	them	they	PRON
dem-8595	61	18	as	as	ADP
dem-8595	61	19	variable	variable	ADJ
dem-8595	61	20	names	name	NOUN
dem-8595	61	21	.	.	PUNCT
dem-8595	62	1	figure	figure	NOUN
dem-8595	62	2	1	1	NUM
dem-8595	62	3	shows	show	VERB
dem-8595	62	4	raw	raw	ADJ
dem-8595	62	5	data	datum	NOUN
dem-8595	62	6	.	.	PUNCT
dem-8595	63	1	there	there	PRON
dem-8595	63	2	are	be	VERB
dem-8595	63	3	obvious	obvious	ADJ
dem-8595	63	4	similarities	similarity	NOUN
dem-8595	63	5	in	in	ADP
dem-8595	63	6	the	the	DET
dem-8595	63	7	time	time	NOUN
dem-8595	63	8	evolution	evolution	NOUN
dem-8595	63	9	of	of	ADP
dem-8595	63	10	the	the	DET
dem-8595	63	11	prices	price	NOUN
dem-8595	63	12	of	of	ADP
dem-8595	63	13	the	the	DET
dem-8595	63	14	same	same	ADJ
dem-8595	63	15	type	type	NOUN
dem-8595	63	16	of	of	ADP
dem-8595	63	17	fuel	fuel	NOUN
dem-8595	63	18	in	in	ADP
dem-8595	63	19	both	both	DET
dem-8595	63	20	players	player	NOUN
dem-8595	63	21	and	and	CCONJ
dem-8595	63	22	in	in	ADP
dem-8595	63	23	the	the	DET
dem-8595	63	24	differences	difference	NOUN
dem-8595	63	25	in	in	ADP
dem-8595	63	26	the	the	DET
dem-8595	63	27	price	price	NOUN
dem-8595	63	28	processes	process	NOUN
dem-8595	63	29	of	of	ADP
dem-8595	63	30	different	different	ADJ
dem-8595	63	31	fuels	fuel	NOUN
dem-8595	63	32	.	.	PUNCT
dem-8595	64	1	as	as	ADP
dem-8595	64	2	a	a	DET
dem-8595	64	3	preliminary	preliminary	ADJ
dem-8595	64	4	examination	examination	NOUN
dem-8595	64	5	,	,	PUNCT
dem-8595	64	6	the	the	DET
dem-8595	64	7	basic	basic	ADJ
dem-8595	64	8	descriptive	descriptive	ADJ
dem-8595	64	9	statistics	statistic	NOUN
dem-8595	64	10	of	of	ADP
dem-8595	64	11	the	the	DET
dem-8595	64	12	(	(	PUNCT
dem-8595	64	13	raw	raw	ADJ
dem-8595	64	14	)	)	PUNCT
dem-8595	64	15	series	series	NOUN
dem-8595	64	16	were	be	AUX
dem-8595	64	17	calculated	calculate	VERB
dem-8595	64	18	.	.	PUNCT
dem-8595	65	1	table	table	NOUN
dem-8595	65	2	1	1	NUM
dem-8595	65	3	contains	contain	VERB
dem-8595	65	4	the	the	DET
dem-8595	65	5	results	result	NOUN
dem-8595	65	6	of	of	ADP
dem-8595	65	7	this	this	DET
dem-8595	65	8	step	step	NOUN
dem-8595	65	9	for	for	ADP
dem-8595	65	10	the	the	DET
dem-8595	65	11	individual	individual	ADJ
dem-8595	65	12	series	series	NOUN
dem-8595	65	13	(	(	PUNCT
dem-8595	65	14	in	in	ADP
dem-8595	65	15	levels)6	levels)6	NOUN
dem-8595	65	16	.	.	PUNCT
dem-8595	66	1	from	from	ADP
dem-8595	66	2	the	the	DET
dem-8595	66	3	results	result	NOUN
dem-8595	66	4	,	,	PUNCT
dem-8595	66	5	one	one	PRON
dem-8595	66	6	can	can	AUX
dem-8595	66	7	observe	observe	VERB
dem-8595	66	8	the	the	DET
dem-8595	66	9	similarities	similarity	NOUN
dem-8595	66	10	of	of	ADP
dem-8595	66	11	moments	moment	NOUN
dem-8595	66	12	for	for	ADP
dem-8595	66	13	the	the	DET
dem-8595	66	14	same	same	ADJ
dem-8595	66	15	type	type	NOUN
dem-8595	66	16	of	of	ADP
dem-8595	66	17	fuels	fuel	NOUN
dem-8595	66	18	and	and	CCONJ
dem-8595	66	19	the	the	DET
dem-8595	66	20	strong	strong	ADJ
dem-8595	66	21	rejection	rejection	NOUN
dem-8595	66	22	of	of	ADP
dem-8595	66	23	the	the	DET
dem-8595	66	24	normality	normality	NOUN
dem-8595	66	25	of	of	ADP
dem-8595	66	26	empirical	empirical	ADJ
dem-8595	66	27	distributions	distribution	NOUN
dem-8595	66	28	in	in	ADP
dem-8595	66	29	all	all	DET
dem-8595	66	30	cases	case	NOUN
dem-8595	66	31	.	.	PUNCT
dem-8595	67	1	5	5	NUM
dem-8595	67	2	http://www.orlen.pl/pl/dlabiznesu/hurtowecenypaliw	http://www.orlen.pl/pl/dlabiznesu/hurtowecenypaliw	NOUN
dem-8595	67	3	;	;	PUNCT
dem-8595	67	4	http://www.lotos.pl/144/dla_biznesu/hurtowe_ceny_paliw	http://www.lotos.pl/144/dla_biznesu/hurtowe_ceny_paliw	PROPN
dem-8595	67	5	.	.	PROPN
dem-8595	67	6	6	6	NUM
dem-8595	67	7	as	as	SCONJ
dem-8595	67	8	we	we	PRON
dem-8595	67	9	can	can	AUX
dem-8595	67	10	observe	observe	VERB
dem-8595	67	11	,	,	PUNCT
dem-8595	67	12	the	the	DET
dem-8595	67	13	series	series	NOUN
dem-8595	67	14	are	be	AUX
dem-8595	67	15	of	of	ADP
dem-8595	67	16	different	different	ADJ
dem-8595	67	17	length	length	NOUN
dem-8595	67	18	.	.	PUNCT
dem-8595	68	1	for	for	ADP
dem-8595	68	2	statistical	statistical	ADJ
dem-8595	68	3	or	or	CCONJ
dem-8595	68	4	econometric	econometric	ADJ
dem-8595	68	5	research	research	NOUN
dem-8595	68	6	,	,	PUNCT
dem-8595	68	7	this	this	DET
dem-8595	68	8	difference	difference	NOUN
dem-8595	68	9	is	be	AUX
dem-8595	68	10	an	an	DET
dem-8595	68	11	obvious	obvious	ADJ
dem-8595	68	12	disadvantage	disadvantage	NOUN
dem-8595	68	13	;	;	PUNCT
dem-8595	68	14	however	however	ADV
dem-8595	68	15	,	,	PUNCT
dem-8595	68	16	we	we	PRON
dem-8595	68	17	rely	rely	VERB
dem-8595	68	18	strongly	strongly	ADV
dem-8595	68	19	on	on	ADP
dem-8595	68	20	daily	daily	ADJ
dem-8595	68	21	observations	observation	NOUN
dem-8595	68	22	such	such	ADJ
dem-8595	68	23	as	as	ADP
dem-8595	68	24	those	those	PRON
dem-8595	68	25	that	that	PRON
dem-8595	68	26	could	could	AUX
dem-8595	68	27	reveal	reveal	VERB
dem-8595	68	28	strategic	strategic	ADJ
dem-8595	68	29	patterns	pattern	NOUN
dem-8595	68	30	in	in	ADP
dem-8595	68	31	player	player	NOUN
dem-8595	68	32	’s	’s	PART
dem-8595	68	33	behavior	behavior	NOUN
dem-8595	68	34	.	.	PUNCT
dem-8595	69	1	testing	test	VERB
dem-8595	69	2	parallel	parallel	ADJ
dem-8595	69	3	pricing	pricing	NOUN
dem-8595	69	4	behavior	behavior	NOUN
dem-8595	69	5	in	in	ADP
dem-8595	69	6	the	the	DET
dem-8595	69	7	polish	polish	ADJ
dem-8595	69	8	wholesale	wholesale	ADJ
dem-8595	69	9	fuel	fuel	NOUN
dem-8595	69	10	market	market	NOUN
dem-8595	69	11	…	…	PUNCT
dem-8595	69	12	dynamic	dynamic	ADJ
dem-8595	69	13	econometric	econometric	ADJ
dem-8595	69	14	models	model	NOUN
dem-8595	69	15	15	15	NUM
dem-8595	69	16	(	(	PUNCT
dem-8595	69	17	2015	2015	NUM
dem-8595	69	18	)	)	PUNCT
dem-8595	69	19	111–128	111–128	NUM
dem-8595	69	20	115	115	NUM
dem-8595	69	21	figure	figure	NOUN
dem-8595	69	22	1	1	NUM
dem-8595	69	23	.	.	NOUN
dem-8595	69	24	time	time	NOUN
dem-8595	69	25	series	series	NOUN
dem-8595	69	26	of	of	ADP
dem-8595	69	27	prices	price	NOUN
dem-8595	69	28	(	(	PUNCT
dem-8595	69	29	wholesale	wholesale	ADJ
dem-8595	69	30	,	,	PUNCT
dem-8595	69	31	fuels	fuel	NOUN
dem-8595	69	32	)	)	PUNCT
dem-8595	69	33	table	table	NOUN
dem-8595	69	34	1	1	NUM
dem-8595	69	35	.	.	PUNCT
dem-8595	69	36	descriptive	descriptive	ADJ
dem-8595	69	37	statistics	statistic	NOUN
dem-8595	69	38	pkn	pkn	PROPN
dem-8595	69	39	pb95	pb95	PROPN
dem-8595	69	40	pkn	pkn	PROPN
dem-8595	69	41	on	on	ADP
dem-8595	69	42	lotos	lotos	PROPN
dem-8595	69	43	pb95	pb95	PROPN
dem-8595	69	44	lotos	loto	NOUN
dem-8595	69	45	on	on	ADP
dem-8595	69	46	mean	mean	PROPN
dem-8595	69	47	*	*	PROPN
dem-8595	69	48	3521.64	3521.64	NUM
dem-8595	69	49	3400.70	3400.70	NUM
dem-8595	69	50	3530.19	3530.19	NUM
dem-8595	69	51	3375.92	3375.92	NUM
dem-8595	69	52	median	median	NOUN
dem-8595	69	53	*	*	PROPN
dem-8595	69	54	3374.00	3374.00	NUM
dem-8595	69	55	3184.00	3184.00	NUM
dem-8595	69	56	3381.00	3381.00	NUM
dem-8595	69	57	3153.00	3153.00	NUM
dem-8595	69	58	maximum	maximum	PROPN
dem-8595	69	59	*	*	PROPN
dem-8595	69	60	4757.00	4757.00	NUM
dem-8595	69	61	4663.00	4663.00	NUM
dem-8595	69	62	4768.00	4768.00	NUM
dem-8595	69	63	4667.00	4667.00	NUM
dem-8595	69	64	minimum	minimum	NOUN
dem-8595	69	65	*	*	PUNCT
dem-8595	69	66	2425.00	2425.00	NUM
dem-8595	69	67	2117.00	2117.00	NUM
dem-8595	69	68	2428.00	2428.00	NUM
dem-8595	69	69	2121.00	2121.00	NUM
dem-8595	69	70	std	std	NOUN
dem-8595	69	71	.	.	PUNCT
dem-8595	70	1	dev	dev	PROPN
dem-8595	70	2	.	.	PUNCT
dem-8595	71	1	*	*	PUNCT
dem-8595	72	1	573.84	573.84	NUM
dem-8595	72	2	657.40	657.40	NUM
dem-8595	72	3	572.05	572.05	NUM
dem-8595	72	4	664.37	664.37	NUM
dem-8595	72	5	coef	coef	PROPN
dem-8595	72	6	.	.	PUNCT
dem-8595	72	7	of	of	ADP
dem-8595	72	8	var	var	NOUN
dem-8595	72	9	.	.	PUNCT
dem-8595	73	1	16.29	16.29	NUM
dem-8595	73	2	%	%	NOUN
dem-8595	73	3	19.33	19.33	NUM
dem-8595	73	4	%	%	NOUN
dem-8595	73	5	16.20	16.20	NUM
dem-8595	73	6	%	%	NOUN
dem-8595	73	7	19.68	19.68	NUM
dem-8595	73	8	%	%	NOUN
dem-8595	73	9	skewness	skewness	NOUN
dem-8595	73	10	0.36	0.36	NUM
dem-8595	73	11	0.45	0.45	NUM
dem-8595	73	12	0.35	0.35	NUM
dem-8595	73	13	0.45	0.45	NUM
dem-8595	73	14	kurtosis	kurtosis	NOUN
dem-8595	73	15	1.98	1.98	NUM
dem-8595	73	16	1.81	1.81	NUM
dem-8595	73	17	1.97	1.97	NUM
dem-8595	73	18	1.87	1.87	NUM
dem-8595	73	19	jarque	jarque	NOUN
dem-8595	73	20	-	-	PUNCT
dem-8595	73	21	bera	bera	NOUN
dem-8595	73	22	149.24	149.24	NUM
dem-8595	73	23	194.44	194.44	NUM
dem-8595	73	24	149.95	149.95	NUM
dem-8595	73	25	204.37	204.37	NUM
dem-8595	73	26	p	p	NOUN
dem-8595	73	27	-	-	PUNCT
dem-8595	73	28	value	value	NOUN
dem-8595	73	29	0.00	0.00	NUM
dem-8595	73	30	0.00	0.00	NUM
dem-8595	73	31	0.00	0.00	NUM
dem-8595	73	32	0.00	0.00	NUM
dem-8595	73	33	number	number	NOUN
dem-8595	73	34	of	of	ADP
dem-8595	73	35	obs	obs	PROPN
dem-8595	73	36	.	.	PUNCT
dem-8595	73	37	2281	2281	NUM
dem-8595	73	38	2094	2094	NUM
dem-8595	73	39	2343	2343	NUM
dem-8595	73	40	2343	2343	NUM
dem-8595	73	41	note	note	NOUN
dem-8595	73	42	:	:	PUNCT
dem-8595	73	43	*	*	PUNCT
dem-8595	73	44	–	–	PUNCT
dem-8595	73	45	values	value	NOUN
dem-8595	73	46	in	in	ADP
dem-8595	73	47	pln	pln	PROPN
dem-8595	73	48	.	.	PUNCT
dem-8595	73	49	  	  	SPACE
dem-8595	73	50	sylwesterbejger	sylwesterbejger	ADJ
dem-8595	73	51	dynamic	dynamic	ADJ
dem-8595	73	52	econometric	econometric	ADJ
dem-8595	73	53	models	model	NOUN
dem-8595	73	54	15	15	NUM
dem-8595	73	55	(	(	PUNCT
dem-8595	73	56	2015	2015	NUM
dem-8595	73	57	)	)	PUNCT
dem-8595	73	58	111–128	111–128	NUM
dem-8595	73	59	116	116	NUM
dem-8595	73	60	3	3	NUM
dem-8595	73	61	.	.	PUNCT
dem-8595	73	62	estimation	estimation	NOUN
dem-8595	73	63	techniques	technique	NOUN
dem-8595	73	64	and	and	CCONJ
dem-8595	73	65	empirical	empirical	ADJ
dem-8595	73	66	analysis	analysis	NOUN
dem-8595	73	67	as	as	SCONJ
dem-8595	73	68	stated	state	VERB
dem-8595	73	69	in	in	ADP
dem-8595	73	70	the	the	DET
dem-8595	73	71	introduction	introduction	NOUN
dem-8595	73	72	,	,	PUNCT
dem-8595	73	73	the	the	DET
dem-8595	73	74	main	main	ADJ
dem-8595	73	75	objective	objective	NOUN
dem-8595	73	76	for	for	ADP
dem-8595	73	77	this	this	DET
dem-8595	73	78	research	research	NOUN
dem-8595	73	79	was	be	AUX
dem-8595	73	80	an	an	DET
dem-8595	73	81	empirical	empirical	ADJ
dem-8595	73	82	verification	verification	NOUN
dem-8595	73	83	of	of	ADP
dem-8595	73	84	the	the	DET
dem-8595	73	85	pricing	pricing	NOUN
dem-8595	73	86	schema	schema	NOUN
dem-8595	73	87	that	that	PRON
dem-8595	73	88	was	be	AUX
dem-8595	73	89	implied	imply	VERB
dem-8595	73	90	by	by	ADP
dem-8595	73	91	the	the	DET
dem-8595	73	92	theoretical	theoretical	ADJ
dem-8595	73	93	model	model	NOUN
dem-8595	73	94	of	of	ADP
dem-8595	73	95	strategic	strategic	ADJ
dem-8595	73	96	interaction	interaction	NOUN
dem-8595	73	97	(	(	PUNCT
dem-8595	73	98	the	the	DET
dem-8595	73	99	focal	focal	ADJ
dem-8595	73	100	price	price	NOUN
dem-8595	73	101	game	game	NOUN
dem-8595	73	102	)	)	PUNCT
dem-8595	73	103	,	,	PUNCT
dem-8595	73	104	parallel	parallel	ADJ
dem-8595	73	105	pricing	pricing	NOUN
dem-8595	73	106	strategic	strategic	ADJ
dem-8595	73	107	behavior	behavior	NOUN
dem-8595	73	108	.	.	PUNCT
dem-8595	74	1	at	at	ADP
dem-8595	74	2	first	first	ADV
dem-8595	74	3	,	,	PUNCT
dem-8595	74	4	the	the	DET
dem-8595	74	5	model	model	NOUN
dem-8595	74	6	has	have	VERB
dem-8595	74	7	to	to	PART
dem-8595	74	8	specify	specify	VERB
dem-8595	74	9	what	what	PRON
dem-8595	74	10	statistical	statistical	ADJ
dem-8595	74	11	and	and	CCONJ
dem-8595	74	12	econometric	econometric	ADJ
dem-8595	74	13	measures	measure	NOUN
dem-8595	74	14	can	can	AUX
dem-8595	74	15	be	be	AUX
dem-8595	74	16	used	use	VERB
dem-8595	74	17	to	to	PART
dem-8595	74	18	verify	verify	VERB
dem-8595	74	19	such	such	ADJ
dem-8595	74	20	pricing	pricing	NOUN
dem-8595	74	21	.	.	PUNCT
dem-8595	75	1	if	if	SCONJ
dem-8595	75	2	one	one	PRON
dem-8595	75	3	understands	understand	VERB
dem-8595	75	4	movements	movement	NOUN
dem-8595	75	5	of	of	ADP
dem-8595	75	6	prices	price	NOUN
dem-8595	75	7	as	as	ADP
dem-8595	75	8	parallel	parallel	ADJ
dem-8595	75	9	pricing	pricing	NOUN
dem-8595	75	10	,	,	PUNCT
dem-8595	75	11	buccirossi	buccirossi	NOUN
dem-8595	75	12	(	(	PUNCT
dem-8595	75	13	2006	2006	NUM
dem-8595	75	14	)	)	PUNCT
dem-8595	75	15	stated	state	VERB
dem-8595	75	16	,	,	PUNCT
dem-8595	75	17	on	on	ADP
dem-8595	75	18	the	the	DET
dem-8595	75	19	basis	basis	NOUN
dem-8595	75	20	of	of	ADP
dem-8595	75	21	a	a	DET
dem-8595	75	22	simple	simple	ADJ
dem-8595	75	23	game	game	NOUN
dem-8595	75	24	,	,	PUNCT
dem-8595	75	25	that	that	SCONJ
dem-8595	75	26	:	:	PUNCT
dem-8595	75	27	“	"	PUNCT
dem-8595	75	28	concise	concise	ADJ
dem-8595	75	29	representation	representation	NOUN
dem-8595	75	30	of	of	ADP
dem-8595	75	31	the	the	DET
dem-8595	75	32	degree	degree	NOUN
dem-8595	75	33	of	of	ADP
dem-8595	75	34	price	price	NOUN
dem-8595	75	35	parallelism	parallelism	NOUN
dem-8595	75	36	is	be	AUX
dem-8595	75	37	provided	provide	VERB
dem-8595	75	38	by	by	ADP
dem-8595	75	39	the	the	DET
dem-8595	75	40	correlation	correlation	NOUN
dem-8595	75	41	between	between	ADP
dem-8595	75	42	prices”7	prices”7	PROPN
dem-8595	75	43	.	.	PUNCT
dem-8595	76	1	a	a	DET
dem-8595	76	2	testable	testable	ADJ
dem-8595	76	3	proposition	proposition	NOUN
dem-8595	76	4	(	(	PUNCT
dem-8595	76	5	partly	partly	ADV
dem-8595	76	6	adequate	adequate	ADJ
dem-8595	76	7	to	to	ADP
dem-8595	76	8	our	our	PRON
dem-8595	76	9	case	case	NOUN
dem-8595	76	10	)	)	PUNCT
dem-8595	76	11	is	be	AUX
dem-8595	76	12	:	:	PUNCT
dem-8595	76	13	“	"	PUNCT
dem-8595	76	14	if	if	SCONJ
dem-8595	76	15	that	that	SCONJ
dem-8595	76	16	the	the	DET
dem-8595	76	17	market	market	NOUN
dem-8595	76	18	is	be	AUX
dem-8595	76	19	perturbed	perturb	VERB
dem-8595	76	20	only	only	ADV
dem-8595	76	21	by	by	ADP
dem-8595	76	22	shocks	shock	NOUN
dem-8595	76	23	on	on	ADP
dem-8595	76	24	costs	cost	NOUN
dem-8595	76	25	,	,	PUNCT
dem-8595	76	26	then	then	ADV
dem-8595	76	27	:	:	PUNCT
dem-8595	76	28	if	if	SCONJ
dem-8595	76	29	shocks	shock	NOUN
dem-8595	76	30	are	be	AUX
dem-8595	76	31	perfectly	perfectly	ADV
dem-8595	76	32	common	common	ADJ
dem-8595	76	33	,	,	PUNCT
dem-8595	76	34	the	the	DET
dem-8595	76	35	correlation	correlation	NOUN
dem-8595	76	36	between	between	ADP
dem-8595	76	37	prices	price	NOUN
dem-8595	76	38	equals	equal	VERB
dem-8595	76	39	1	1	NUM
dem-8595	76	40	in	in	ADP
dem-8595	76	41	both	both	CCONJ
dem-8595	76	42	the	the	DET
dem-8595	76	43	competitive	competitive	ADJ
dem-8595	76	44	and	and	CCONJ
dem-8595	76	45	the	the	DET
dem-8595	76	46	collusive	collusive	ADJ
dem-8595	76	47	equilibrium”8	equilibrium”8	NOUN
dem-8595	76	48	.	.	PUNCT
dem-8595	77	1	of	of	ADP
dem-8595	77	2	course	course	NOUN
dem-8595	77	3	,	,	PUNCT
dem-8595	77	4	such	such	DET
dem-8595	77	5	an	an	DET
dem-8595	77	6	ascertainment	ascertainment	NOUN
dem-8595	77	7	is	be	AUX
dem-8595	77	8	consistent	consistent	ADJ
dem-8595	77	9	with	with	ADP
dem-8595	77	10	intuition	intuition	NOUN
dem-8595	77	11	of	of	ADP
dem-8595	77	12	course	course	NOUN
dem-8595	77	13	;	;	PUNCT
dem-8595	77	14	however	however	ADV
dem-8595	77	15	,	,	PUNCT
dem-8595	77	16	in	in	ADP
dem-8595	77	17	our	our	PRON
dem-8595	77	18	opinion	opinion	NOUN
dem-8595	77	19	,	,	PUNCT
dem-8595	77	20	simple	simple	ADJ
dem-8595	77	21	correlation	correlation	NOUN
dem-8595	77	22	is	be	AUX
dem-8595	77	23	not	not	PART
dem-8595	77	24	a	a	DET
dem-8595	77	25	sufficient	sufficient	ADJ
dem-8595	77	26	tool	tool	NOUN
dem-8595	77	27	for	for	ADP
dem-8595	77	28	time	time	NOUN
dem-8595	77	29	series	series	NOUN
dem-8595	77	30	of	of	ADP
dem-8595	77	31	very	very	ADV
dem-8595	77	32	complex	complex	ADJ
dem-8595	77	33	structure	structure	NOUN
dem-8595	77	34	.	.	PUNCT
dem-8595	78	1	we	we	PRON
dem-8595	78	2	can	can	AUX
dem-8595	78	3	begin	begin	VERB
dem-8595	78	4	from	from	ADP
dem-8595	78	5	this	this	DET
dem-8595	78	6	point	point	NOUN
dem-8595	78	7	;	;	PUNCT
dem-8595	78	8	however	however	ADV
dem-8595	78	9	,	,	PUNCT
dem-8595	78	10	we	we	PRON
dem-8595	78	11	test	test	VERB
dem-8595	78	12	other	other	ADJ
dem-8595	78	13	measures	measure	NOUN
dem-8595	78	14	of	of	ADP
dem-8595	78	15	similarity	similarity	NOUN
dem-8595	78	16	of	of	ADP
dem-8595	78	17	series	series	NOUN
dem-8595	78	18	,	,	PUNCT
dem-8595	78	19	as	as	ADV
dem-8595	78	20	well	well	ADV
dem-8595	78	21	.	.	PUNCT
dem-8595	79	1	however	however	ADV
dem-8595	79	2	,	,	PUNCT
dem-8595	79	3	first	first	ADV
dem-8595	79	4	,	,	PUNCT
dem-8595	79	5	we	we	PRON
dem-8595	79	6	want	want	VERB
dem-8595	79	7	to	to	PART
dem-8595	79	8	determine	determine	VERB
dem-8595	79	9	whether	whether	SCONJ
dem-8595	79	10	the	the	DET
dem-8595	79	11	parallel	parallel	ADJ
dem-8595	79	12	movement	movement	NOUN
dem-8595	79	13	could	could	AUX
dem-8595	79	14	be	be	AUX
dem-8595	79	15	observed	observe	VERB
dem-8595	79	16	not	not	PART
dem-8595	79	17	only	only	ADV
dem-8595	79	18	in	in	ADP
dem-8595	79	19	the	the	DET
dem-8595	79	20	commoncomovement	commoncomovement	NOUN
dem-8595	79	21	of	of	ADP
dem-8595	79	22	the	the	DET
dem-8595	79	23	levels	level	NOUN
dem-8595	79	24	.	.	PUNCT
dem-8595	80	1	parallelism	parallelism	NOUN
dem-8595	80	2	could	could	AUX
dem-8595	80	3	mean	mean	VERB
dem-8595	80	4	similar	similar	ADJ
dem-8595	80	5	patterns	pattern	NOUN
dem-8595	80	6	in	in	ADP
dem-8595	80	7	the	the	DET
dem-8595	80	8	empirical	empirical	ADJ
dem-8595	80	9	distributions	distribution	NOUN
dem-8595	80	10	of	of	ADP
dem-8595	80	11	price	price	NOUN
dem-8595	80	12	changes	change	NOUN
dem-8595	80	13	and	and	CCONJ
dem-8595	80	14	price	price	NOUN
dem-8595	80	15	grids	grid	NOUN
dem-8595	80	16	,	,	PUNCT
dem-8595	80	17	for	for	ADP
dem-8595	80	18	example	example	NOUN
dem-8595	80	19	.	.	PUNCT
dem-8595	81	1	we	we	PRON
dem-8595	81	2	want	want	VERB
dem-8595	81	3	to	to	PART
dem-8595	81	4	research	research	VERB
dem-8595	81	5	that	that	SCONJ
dem-8595	81	6	possibilities	possibility	NOUN
dem-8595	81	7	at	at	ADP
dem-8595	81	8	first	first	ADV
dem-8595	81	9	and	and	CCONJ
dem-8595	81	10	move	move	VERB
dem-8595	81	11	to	to	ADP
dem-8595	81	12	the	the	DET
dem-8595	81	13	examination	examination	NOUN
dem-8595	81	14	of	of	ADP
dem-8595	81	15	co	co	NOUN
dem-8595	81	16	-	-	NOUN
dem-8595	81	17	movements	movement	NOUN
dem-8595	81	18	next	next	ADV
dem-8595	81	19	.	.	PUNCT
dem-8595	82	1	to	to	PART
dem-8595	82	2	limit	limit	VERB
dem-8595	82	3	the	the	DET
dem-8595	82	4	size	size	NOUN
dem-8595	82	5	of	of	ADP
dem-8595	82	6	the	the	DET
dem-8595	82	7	analysis	analysis	NOUN
dem-8595	82	8	,	,	PUNCT
dem-8595	82	9	and	and	CCONJ
dem-8595	82	10	for	for	ADP
dem-8595	82	11	data	data	NOUN
dem-8595	82	12	availability	availability	NOUN
dem-8595	82	13	,	,	PUNCT
dem-8595	82	14	we	we	PRON
dem-8595	82	15	focused	focus	VERB
dem-8595	82	16	solely	solely	ADV
dem-8595	82	17	on	on	ADP
dem-8595	82	18	gasoline	gasoline	NOUN
dem-8595	82	19	prices	price	NOUN
dem-8595	82	20	.	.	PUNCT
dem-8595	83	1	we	we	PRON
dem-8595	83	2	began	begin	VERB
dem-8595	83	3	with	with	ADP
dem-8595	83	4	raw	raw	ADJ
dem-8595	83	5	data	datum	NOUN
dem-8595	83	6	(	(	PUNCT
dem-8595	83	7	daily	daily	ADJ
dem-8595	83	8	observations	observation	NOUN
dem-8595	83	9	not	not	PART
dem-8595	83	10	paired	pair	VERB
dem-8595	83	11	)	)	PUNCT
dem-8595	83	12	to	to	PART
dem-8595	83	13	obtain	obtain	VERB
dem-8595	83	14	as	as	ADV
dem-8595	83	15	much	much	ADJ
dem-8595	83	16	information	information	NOUN
dem-8595	83	17	as	as	ADP
dem-8595	83	18	possible	possible	ADJ
dem-8595	83	19	.	.	PUNCT
dem-8595	84	1	3.1	3.1	NUM
dem-8595	84	2	statistical	statistical	ADJ
dem-8595	84	3	analysis	analysis	NOUN
dem-8595	84	4	of	of	ADP
dem-8595	84	5	the	the	DET
dem-8595	84	6	gasoline	gasoline	NOUN
dem-8595	84	7	price	price	NOUN
dem-8595	84	8	changes	change	NOUN
dem-8595	84	9	to	to	PART
dem-8595	84	10	check	check	VERB
dem-8595	84	11	the	the	DET
dem-8595	84	12	movements	movement	NOUN
dem-8595	84	13	of	of	ADP
dem-8595	84	14	the	the	DET
dem-8595	84	15	price	price	NOUN
dem-8595	84	16	changes	change	NOUN
dem-8595	84	17	more	more	ADV
dem-8595	84	18	closely	closely	ADV
dem-8595	84	19	,	,	PUNCT
dem-8595	84	20	we	we	PRON
dem-8595	84	21	calculated	calculate	VERB
dem-8595	84	22	the	the	DET
dem-8595	84	23	positive	positive	ADJ
dem-8595	84	24	and	and	CCONJ
dem-8595	84	25	negative	negative	ADJ
dem-8595	84	26	average	average	ADJ
dem-8595	84	27	changes	change	NOUN
dem-8595	84	28	of	of	ADP
dem-8595	84	29	values	value	NOUN
dem-8595	84	30	(	(	PUNCT
dem-8595	84	31	in	in	ADP
dem-8595	84	32	pln	pln	PROPN
dem-8595	84	33	)	)	PUNCT
dem-8595	84	34	and	and	CCONJ
dem-8595	84	35	their	their	PRON
dem-8595	84	36	relation	relation	NOUN
dem-8595	84	37	to	to	ADP
dem-8595	84	38	the	the	DET
dem-8595	84	39	price	price	NOUN
dem-8595	84	40	level	level	NOUN
dem-8595	84	41	.	.	PUNCT
dem-8595	85	1	the	the	DET
dem-8595	85	2	results	result	NOUN
dem-8595	85	3	are	be	AUX
dem-8595	85	4	shown	show	VERB
dem-8595	85	5	in	in	ADP
dem-8595	85	6	table	table	NOUN
dem-8595	85	7	2	2	NUM
dem-8595	85	8	.	.	PUNCT
dem-8595	86	1	at	at	ADP
dem-8595	86	2	the	the	DET
dem-8595	86	3	beginning	beginning	NOUN
dem-8595	86	4	of	of	ADP
dem-8595	86	5	the	the	DET
dem-8595	86	6	sample	sample	NOUN
dem-8595	86	7	period	period	NOUN
dem-8595	86	8	(	(	PUNCT
dem-8595	86	9	2004	2004	NUM
dem-8595	86	10	and	and	CCONJ
dem-8595	86	11	2005	2005	NUM
dem-8595	86	12	)	)	PUNCT
dem-8595	86	13	,	,	PUNCT
dem-8595	86	14	a	a	DET
dem-8595	86	15	higher	high	ADJ
dem-8595	86	16	relative	relative	ADJ
dem-8595	86	17	average	average	ADJ
dem-8595	86	18	change	change	NOUN
dem-8595	86	19	can	can	AUX
dem-8595	86	20	be	be	AUX
dem-8595	86	21	noticed	notice	VERB
dem-8595	86	22	,	,	PUNCT
dem-8595	86	23	which	which	PRON
dem-8595	86	24	could	could	AUX
dem-8595	86	25	be	be	AUX
dem-8595	86	26	connected	connect	VERB
dem-8595	86	27	to	to	ADP
dem-8595	86	28	higher	high	ADJ
dem-8595	86	29	grid	grid	NOUN
dem-8595	86	30	price	price	NOUN
dem-8595	86	31	levels	level	NOUN
dem-8595	86	32	in	in	ADP
dem-8595	86	33	that	that	DET
dem-8595	86	34	period	period	NOUN
dem-8595	86	35	for	for	ADP
dem-8595	86	36	lotos	lotos	NOUN
dem-8595	86	37	(	(	PUNCT
dem-8595	86	38	figure	figure	NOUN
dem-8595	86	39	2	2	NUM
dem-8595	86	40	)	)	PUNCT
dem-8595	86	41	.	.	PUNCT
dem-8595	87	1	7	7	NUM
dem-8595	87	2	buccirossi	buccirossi	NOUN
dem-8595	87	3	(	(	PUNCT
dem-8595	87	4	2006	2006	NUM
dem-8595	87	5	)	)	PUNCT
dem-8595	87	6	,	,	PUNCT
dem-8595	87	7	p.	p.	NOUN
dem-8595	87	8	92	92	NUM
dem-8595	87	9	.	.	NOUN
dem-8595	87	10	8	8	NUM
dem-8595	87	11	proposition	proposition	NOUN
dem-8595	87	12	3	3	NUM
dem-8595	87	13	,	,	PUNCT
dem-8595	87	14	buccirossi	buccirossi	NOUN
dem-8595	87	15	(	(	PUNCT
dem-8595	87	16	2006	2006	NUM
dem-8595	87	17	)	)	PUNCT
dem-8595	87	18	,	,	PUNCT
dem-8595	87	19	p.	p.	NOUN
dem-8595	87	20	94	94	NUM
dem-8595	87	21	.	.	PUNCT
dem-8595	88	1	testing	test	VERB
dem-8595	88	2	parallel	parallel	ADJ
dem-8595	88	3	pricing	pricing	NOUN
dem-8595	88	4	behavior	behavior	NOUN
dem-8595	88	5	in	in	ADP
dem-8595	88	6	the	the	DET
dem-8595	88	7	polish	polish	ADJ
dem-8595	88	8	wholesale	wholesale	ADJ
dem-8595	88	9	fuel	fuel	NOUN
dem-8595	88	10	market	market	NOUN
dem-8595	88	11	…	…	PUNCT
dem-8595	88	12	dynamic	dynamic	ADJ
dem-8595	88	13	econometric	econometric	ADJ
dem-8595	88	14	models	model	NOUN
dem-8595	88	15	15	15	NUM
dem-8595	88	16	(	(	PUNCT
dem-8595	88	17	2015	2015	NUM
dem-8595	88	18	)	)	PUNCT
dem-8595	88	19	111–128	111–128	NUM
dem-8595	88	20	117	117	NUM
dem-8595	88	21	table	table	NOUN
dem-8595	88	22	2	2	NUM
dem-8595	88	23	.	.	PUNCT
dem-8595	88	24	average	average	ADJ
dem-8595	88	25	positive	positive	ADJ
dem-8595	88	26	and	and	CCONJ
dem-8595	88	27	negative	negative	ADJ
dem-8595	88	28	changes	change	NOUN
dem-8595	88	29	of	of	ADP
dem-8595	88	30	prices	price	NOUN
dem-8595	88	31	by	by	ADP
dem-8595	88	32	years	year	NOUN
dem-8595	88	33	lotos	lotos	PROPN
dem-8595	88	34	pb95	pb95	PROPN
dem-8595	88	35	pkn	pkn	PROPN
dem-8595	88	36	pb95	pb95	PROPN
dem-8595	88	37	year	year	NOUN
dem-8595	88	38	avg	avg	PROPN
dem-8595	88	39	.	.	PUNCT
dem-8595	89	1	change	change	PROPN
dem-8595	89	2	avg	avg	PROPN
dem-8595	89	3	.	.	PUNCT
dem-8595	90	1	change	change	NOUN
dem-8595	90	2	as	as	ADP
dem-8595	90	3	%	%	NOUN
dem-8595	90	4	of	of	ADP
dem-8595	90	5	price	price	NOUN
dem-8595	90	6	avg	avg	PROPN
dem-8595	90	7	.	.	PUNCT
dem-8595	91	1	change	change	PROPN
dem-8595	91	2	avg	avg	PROPN
dem-8595	91	3	.	.	PUNCT
dem-8595	92	1	change	change	NOUN
dem-8595	92	2	as	as	ADP
dem-8595	92	3	%	%	NOUN
dem-8595	92	4	of	of	ADP
dem-8595	92	5	price	price	NOUN
dem-8595	92	6	abs	ab	NOUN
dem-8595	92	7	.	.	PUNCT
dem-8595	93	1	difference	difference	NOUN
dem-8595	93	2	of	of	ADP
dem-8595	93	3	%	%	NOUN
dem-8595	93	4	change	change	NOUN
dem-8595	93	5	2004	2004	NUM
dem-8595	93	6	37.95	37.95	NUM
dem-8595	93	7	1.374	1.374	NUM
dem-8595	93	8	%	%	NOUN
dem-8595	93	9	39.40	39.40	NUM
dem-8595	93	10	1.426	1.426	NUM
dem-8595	93	11	%	%	NOUN
dem-8595	93	12	0.052	0.052	NUM
dem-8595	93	13	%	%	NOUN
dem-8595	93	14	–	–	PUNCT
dem-8595	93	15	37.55	37.55	NUM
dem-8595	93	16	–	–	PUNCT
dem-8595	93	17	1.348	1.348	NUM
dem-8595	93	18	%	%	NOUN
dem-8595	93	19	–	–	PUNCT
dem-8595	93	20	41.53	41.53	NUM
dem-8595	93	21	–	–	PUNCT
dem-8595	93	22	1.488	1.488	NUM
dem-8595	93	23	%	%	NOUN
dem-8595	93	24	0.140	0.140	NUM
dem-8595	93	25	%	%	NOUN
dem-8595	93	26	2005	2005	NUM
dem-8595	93	27	38.08	38.08	NUM
dem-8595	93	28	1.280	1.280	NUM
dem-8595	93	29	%	%	NOUN
dem-8595	93	30	46.83	46.83	NUM
dem-8595	93	31	1.575	1.575	NUM
dem-8595	93	32	%	%	NOUN
dem-8595	93	33	0.296	0.296	NUM
dem-8595	93	34	%	%	NOUN
dem-8595	93	35	–	–	PUNCT
dem-8595	93	36	40.60	40.60	NUM
dem-8595	93	37	–	–	PUNCT
dem-8595	93	38	1.315	1.315	NUM
dem-8595	93	39	%	%	NOUN
dem-8595	93	40	–	–	PUNCT
dem-8595	93	41	55.71	55.71	NUM
dem-8595	93	42	–	–	PUNCT
dem-8595	93	43	1.801	1.801	NUM
dem-8595	93	44	%	%	NOUN
dem-8595	93	45	0.486	0.486	NUM
dem-8595	93	46	%	%	NOUN
dem-8595	93	47	2006	2006	NUM
dem-8595	93	48	22.18	22.18	NUM
dem-8595	93	49	0.729	0.729	NUM
dem-8595	93	50	%	%	NOUN
dem-8595	93	51	12.04	12.04	NUM
dem-8595	93	52	0.397	0.397	NUM
dem-8595	93	53	%	%	NOUN
dem-8595	93	54	0.332	0.332	NUM
dem-8595	93	55	%	%	NOUN
dem-8595	93	56	–	–	PUNCT
dem-8595	93	57	21.79	21.79	NUM
dem-8595	93	58	–	–	PUNCT
dem-8595	93	59	0.712	0.712	NUM
dem-8595	93	60	%	%	NOUN
dem-8595	93	61	–	–	PUNCT
dem-8595	93	62	14.32	14.32	NUM
dem-8595	93	63	–	–	PUNCT
dem-8595	93	64	0.472	0.472	NUM
dem-8595	93	65	%	%	NOUN
dem-8595	93	66	0.241	0.241	NUM
dem-8595	93	67	%	%	NOUN
dem-8595	93	68	2007	2007	NUM
dem-8595	93	69	20.47	20.47	NUM
dem-8595	93	70	0.652	0.652	NUM
dem-8595	93	71	%	%	NOUN
dem-8595	93	72	13.47	13.47	NUM
dem-8595	93	73	0.432	0.432	NUM
dem-8595	93	74	%	%	NOUN
dem-8595	93	75	0.220	0.220	NUM
dem-8595	93	76	%	%	NOUN
dem-8595	93	77	–	–	PUNCT
dem-8595	93	78	15.05	15.05	NUM
dem-8595	93	79	–	–	PUNCT
dem-8595	93	80	0.466	0.466	NUM
dem-8595	93	81	%	%	NOUN
dem-8595	93	82	–	–	PUNCT
dem-8595	93	83	10.37	10.37	NUM
dem-8595	93	84	–	–	PUNCT
dem-8595	93	85	0.322	0.322	NUM
dem-8595	93	86	%	%	NOUN
dem-8595	93	87	0.144	0.144	NUM
dem-8595	93	88	%	%	NOUN
dem-8595	93	89	2008	2008	NUM
dem-8595	93	90	18.42	18.42	NUM
dem-8595	93	91	0.552	0.552	NUM
dem-8595	93	92	%	%	NOUN
dem-8595	93	93	13.59	13.59	NUM
dem-8595	93	94	0.410	0.410	NUM
dem-8595	93	95	%	%	NOUN
dem-8595	93	96	0.143	0.143	NUM
dem-8595	93	97	%	%	NOUN
dem-8595	93	98	–	–	PUNCT
dem-8595	93	99	22.58	22.58	NUM
dem-8595	93	100	–	–	PUNCT
dem-8595	93	101	0.709	0.709	NUM
dem-8595	93	102	%	%	NOUN
dem-8595	93	103	–	–	PUNCT
dem-8595	93	104	18.69	18.69	NUM
dem-8595	93	105	–	–	PUNCT
dem-8595	93	106	0.594	0.594	NUM
dem-8595	93	107	%	%	NOUN
dem-8595	93	108	0.115	0.115	NUM
dem-8595	93	109	%	%	NOUN
dem-8595	93	110	2009	2009	NUM
dem-8595	93	111	25.47	25.47	NUM
dem-8595	93	112	0.821	0.821	NUM
dem-8595	93	113	%	%	NOUN
dem-8595	93	114	23.80	23.80	NUM
dem-8595	93	115	0.771	0.771	NUM
dem-8595	93	116	%	%	NOUN
dem-8595	93	117	0.049	0.049	NUM
dem-8595	93	118	%	%	NOUN
dem-8595	93	119	–	–	PUNCT
dem-8595	93	120	20.60	20.60	NUM
dem-8595	93	121	–	–	PUNCT
dem-8595	93	122	0.632	0.632	NUM
dem-8595	93	123	%	%	NOUN
dem-8595	93	124	–	–	PUNCT
dem-8595	93	125	15.02	15.02	NUM
dem-8595	93	126	–	–	PUNCT
dem-8595	93	127	0.461	0.461	NUM
dem-8595	93	128	%	%	NOUN
dem-8595	93	129	0.170	0.170	NUM
dem-8595	93	130	%	%	NOUN
dem-8595	93	131	2010	2010	NUM
dem-8595	93	132	18.21	18.21	NUM
dem-8595	93	133	0.519	0.519	NUM
dem-8595	93	134	%	%	NOUN
dem-8595	93	135	17.71	17.71	NUM
dem-8595	93	136	0.505	0.505	NUM
dem-8595	93	137	%	%	NOUN
dem-8595	93	138	0.015	0.015	NUM
dem-8595	93	139	%	%	NOUN
dem-8595	93	140	–	–	PUNCT
dem-8595	93	141	14.90	14.90	NUM
dem-8595	93	142	–	–	PUNCT
dem-8595	93	143	0.422	0.422	NUM
dem-8595	93	144	%	%	NOUN
dem-8595	93	145	–	–	PUNCT
dem-8595	93	146	12.83	12.83	NUM
dem-8595	93	147	–	–	PUNCT
dem-8595	93	148	0.363	0.363	NUM
dem-8595	93	149	%	%	NOUN
dem-8595	93	150	0.059	0.059	NUM
dem-8595	93	151	%	%	NOUN
dem-8595	93	152	2011	2011	NUM
dem-8595	93	153	20.39	20.39	NUM
dem-8595	93	154	0.508	0.508	NUM
dem-8595	93	155	%	%	NOUN
dem-8595	93	156	19.43	19.43	NUM
dem-8595	93	157	0.484	0.484	NUM
dem-8595	93	158	%	%	NOUN
dem-8595	93	159	0.024	0.024	NUM
dem-8595	93	160	%	%	NOUN
dem-8595	93	161	–	–	PUNCT
dem-8595	93	162	20.40	20.40	NUM
dem-8595	93	163	–	–	PUNCT
dem-8595	93	164	0.505	0.505	NUM
dem-8595	93	165	%	%	NOUN
dem-8595	93	166	–	–	PUNCT
dem-8595	93	167	19.35	19.35	NUM
dem-8595	93	168	–	–	PUNCT
dem-8595	93	169	0.479	0.479	NUM
dem-8595	93	170	%	%	NOUN
dem-8595	93	171	0.026	0.026	NUM
dem-8595	93	172	%	%	NOUN
dem-8595	93	173	2012	2012	NUM
dem-8595	93	174	17.05	17.05	NUM
dem-8595	93	175	0.383	0.383	NUM
dem-8595	93	176	%	%	NOUN
dem-8595	93	177	16.33	16.33	NUM
dem-8595	93	178	0.368	0.368	NUM
dem-8595	93	179	%	%	NOUN
dem-8595	93	180	0.015	0.015	NUM
dem-8595	93	181	%	%	NOUN
dem-8595	93	182	–	–	PUNCT
dem-8595	93	183	22.98	22.98	NUM
dem-8595	93	184	–	–	PUNCT
dem-8595	93	185	0.515	0.515	NUM
dem-8595	93	186	%	%	NOUN
dem-8595	93	187	–	–	PUNCT
dem-8595	93	188	21.59	21.59	NUM
dem-8595	93	189	–	–	PUNCT
dem-8595	93	190	0.485	0.485	NUM
dem-8595	93	191	%	%	NOUN
dem-8595	93	192	0.031	0.031	NUM
dem-8595	93	193	%	%	NOUN
dem-8595	93	194	2013	2013	NUM
dem-8595	93	195	19.99	19.99	NUM
dem-8595	93	196	0.468	0.468	NUM
dem-8595	93	197	%	%	NOUN
dem-8595	93	198	19.08	19.08	NUM
dem-8595	93	199	0.447	0.447	NUM
dem-8595	93	200	%	%	NOUN
dem-8595	93	201	0.021	0.021	NUM
dem-8595	93	202	%	%	NOUN
dem-8595	93	203	–	–	PUNCT
dem-8595	93	204	18.88	18.88	NUM
dem-8595	93	205	–	–	PUNCT
dem-8595	93	206	0.439	0.439	NUM
dem-8595	93	207	%	%	NOUN
dem-8595	93	208	–	–	PUNCT
dem-8595	93	209	17.53	17.53	NUM
dem-8595	93	210	–	–	PUNCT
dem-8595	93	211	0.408	0.408	NUM
dem-8595	93	212	%	%	NOUN
dem-8595	93	213	0.031	0.031	NUM
dem-8595	93	214	%	%	NOUN
dem-8595	93	215	note	note	NOUN
dem-8595	93	216	:	:	PUNCT
dem-8595	93	217	bolded	bolde	VERB
dem-8595	93	218	numbers	number	NOUN
dem-8595	93	219	mean	mean	VERB
dem-8595	93	220	the	the	DET
dem-8595	93	221	rejection	rejection	NOUN
dem-8595	93	222	of	of	ADP
dem-8595	93	223	h0	h0	NOUN
dem-8595	93	224	regarding	regard	VERB
dem-8595	93	225	the	the	DET
dem-8595	93	226	equality	equality	NOUN
dem-8595	93	227	of	of	ADP
dem-8595	93	228	a	a	DET
dem-8595	93	229	mean	mean	ADJ
dem-8595	93	230	positive	positive	ADJ
dem-8595	93	231	or	or	CCONJ
dem-8595	93	232	negative	negative	ADJ
dem-8595	93	233	change	change	NOUN
dem-8595	93	234	of	of	ADP
dem-8595	93	235	prices	price	NOUN
dem-8595	93	236	between	between	ADP
dem-8595	93	237	lotos	lotos	NOUN
dem-8595	93	238	and	and	CCONJ
dem-8595	93	239	pkn	pkn	PROPN
dem-8595	93	240	in	in	ADP
dem-8595	93	241	a	a	DET
dem-8595	93	242	particular	particular	ADJ
dem-8595	93	243	year	year	NOUN
dem-8595	93	244	.	.	PUNCT
dem-8595	94	1	figure	figure	NOUN
dem-8595	94	2	2	2	NUM
dem-8595	94	3	.	.	PUNCT
dem-8595	94	4	empirical	empirical	ADJ
dem-8595	94	5	distribution	distribution	NOUN
dem-8595	94	6	of	of	ADP
dem-8595	94	7	price	price	NOUN
dem-8595	94	8	grids	grid	NOUN
dem-8595	94	9	–	–	PUNCT
dem-8595	94	10	pkn	pkn	PROPN
dem-8595	94	11	pb95	pb95	PROPN
dem-8595	94	12	(	(	PUNCT
dem-8595	94	13	left	leave	VERB
dem-8595	94	14	panel	panel	NOUN
dem-8595	94	15	)	)	PUNCT
dem-8595	94	16	and	and	CCONJ
dem-8595	94	17	lotos	lotos	PROPN
dem-8595	94	18	pb95	pb95	PROPN
dem-8595	94	19	(	(	PUNCT
dem-8595	94	20	right	right	ADJ
dem-8595	94	21	panel	panel	NOUN
dem-8595	94	22	)	)	PUNCT
dem-8595	94	23	pkn	pkn	PROPN
dem-8595	94	24	’s	’s	PART
dem-8595	94	25	grid	grid	NOUN
dem-8595	94	26	was	be	AUX
dem-8595	94	27	more	more	ADV
dem-8595	94	28	evenly	evenly	ADV
dem-8595	94	29	distributed	distribute	VERB
dem-8595	94	30	;	;	PUNCT
dem-8595	94	31	however	however	ADV
dem-8595	94	32	,	,	PUNCT
dem-8595	94	33	grid	grid	NOUN
dem-8595	94	34	5	5	NUM
dem-8595	94	35	was	be	AUX
dem-8595	94	36	dominant	dominant	ADJ
dem-8595	94	37	in	in	ADP
dem-8595	94	38	2004	2004	NUM
dem-8595	94	39	and	and	CCONJ
dem-8595	94	40	2005	2005	NUM
dem-8595	94	41	,	,	PUNCT
dem-8595	94	42	as	as	ADV
dem-8595	94	43	well	well	ADV
dem-8595	94	44	.	.	PUNCT
dem-8595	95	1	in	in	ADP
dem-8595	95	2	accordance	accordance	NOUN
dem-8595	95	3	with	with	ADP
dem-8595	95	4	table	table	NOUN
dem-8595	95	5	2	2	NUM
dem-8595	95	6	,	,	PUNCT
dem-8595	95	7	2006–2008	2006–2008	NUM
dem-8595	95	8	were	be	AUX
dem-8595	95	9	very	very	ADV
dem-8595	95	10	sylwesterbejger	sylwesterbejger	ADJ
dem-8595	95	11	dynamic	dynamic	ADJ
dem-8595	95	12	econometric	econometric	ADJ
dem-8595	95	13	models	model	NOUN
dem-8595	95	14	15	15	NUM
dem-8595	95	15	(	(	PUNCT
dem-8595	95	16	2015	2015	NUM
dem-8595	95	17	)	)	PUNCT
dem-8595	96	1	111–128	111–128	NUM
dem-8595	96	2	118	118	NUM
dem-8595	96	3	different	different	ADJ
dem-8595	96	4	than	than	ADP
dem-8595	96	5	the	the	DET
dem-8595	96	6	remainder	remainder	NOUN
dem-8595	96	7	of	of	ADP
dem-8595	96	8	the	the	DET
dem-8595	96	9	sample	sample	NOUN
dem-8595	96	10	because	because	SCONJ
dem-8595	96	11	the	the	DET
dem-8595	96	12	average	average	ADJ
dem-8595	96	13	changes	change	NOUN
dem-8595	96	14	(	(	PUNCT
dem-8595	96	15	of	of	ADP
dem-8595	96	16	both	both	DET
dem-8595	96	17	signs	sign	NOUN
dem-8595	96	18	)	)	PUNCT
dem-8595	96	19	decreased	decrease	VERB
dem-8595	96	20	but	but	CCONJ
dem-8595	96	21	became	become	VERB
dem-8595	96	22	significantly	significantly	ADV
dem-8595	96	23	different	different	ADJ
dem-8595	96	24	for	for	ADP
dem-8595	96	25	both	both	DET
dem-8595	96	26	players	player	NOUN
dem-8595	96	27	.	.	PUNCT
dem-8595	97	1	those	those	DET
dem-8595	97	2	changes	change	NOUN
dem-8595	97	3	signal	signal	VERB
dem-8595	97	4	disturbances	disturbance	NOUN
dem-8595	97	5	in	in	ADP
dem-8595	97	6	the	the	DET
dem-8595	97	7	behavior	behavior	NOUN
dem-8595	97	8	of	of	ADP
dem-8595	97	9	players	player	NOUN
dem-8595	97	10	in	in	ADP
dem-8595	97	11	that	that	DET
dem-8595	97	12	period	period	NOUN
dem-8595	97	13	.	.	PUNCT
dem-8595	98	1	as	as	SCONJ
dem-8595	98	2	can	can	AUX
dem-8595	98	3	be	be	AUX
dem-8595	98	4	observed	observe	VERB
dem-8595	98	5	,	,	PUNCT
dem-8595	98	6	the	the	DET
dem-8595	98	7	beginning	beginning	NOUN
dem-8595	98	8	of	of	ADP
dem-8595	98	9	this	this	DET
dem-8595	98	10	change	change	NOUN
dem-8595	98	11	corresponds	correspond	VERB
dem-8595	98	12	to	to	ADP
dem-8595	98	13	lotos	loto	NOUN
dem-8595	98	14	’	'	PUNCT
dem-8595	98	15	introduction	introduction	NOUN
dem-8595	98	16	of	of	ADP
dem-8595	98	17	values	value	NOUN
dem-8595	98	18	other	other	ADJ
dem-8595	98	19	than	than	ADP
dem-8595	98	20	5	5	NUM
dem-8595	98	21	pln	pln	NOUN
dem-8595	98	22	of	of	ADP
dem-8595	98	23	the	the	DET
dem-8595	98	24	price	price	NOUN
dem-8595	98	25	grid	grid	NOUN
dem-8595	98	26	and	and	CCONJ
dem-8595	98	27	the	the	DET
dem-8595	98	28	synchronization	synchronization	NOUN
dem-8595	98	29	of	of	ADP
dem-8595	98	30	the	the	DET
dem-8595	98	31	announcement	announcement	NOUN
dem-8595	98	32	of	of	ADP
dem-8595	98	33	prices	price	NOUN
dem-8595	98	34	.	.	PUNCT
dem-8595	99	1	from	from	ADP
dem-8595	99	2	2009	2009	NUM
dem-8595	99	3	to	to	ADP
dem-8595	99	4	the	the	DET
dem-8595	99	5	end	end	NOUN
dem-8595	99	6	of	of	ADP
dem-8595	99	7	the	the	DET
dem-8595	99	8	sample	sample	NOUN
dem-8595	99	9	average	average	ADJ
dem-8595	99	10	price	price	NOUN
dem-8595	99	11	,	,	PUNCT
dem-8595	99	12	the	the	DET
dem-8595	99	13	changes	change	NOUN
dem-8595	99	14	became	become	VERB
dem-8595	99	15	statistically	statistically	ADV
dem-8595	99	16	equal	equal	ADJ
dem-8595	99	17	;	;	PUNCT
dem-8595	99	18	however	however	ADV
dem-8595	99	19	,	,	PUNCT
dem-8595	99	20	we	we	PRON
dem-8595	99	21	can	can	AUX
dem-8595	99	22	subjectively	subjectively	ADV
dem-8595	99	23	(	(	PUNCT
dem-8595	99	24	not	not	PART
dem-8595	99	25	in	in	ADP
dem-8595	99	26	the	the	DET
dem-8595	99	27	statistical	statistical	ADJ
dem-8595	99	28	sense	sense	NOUN
dem-8595	99	29	)	)	PUNCT
dem-8595	99	30	observe	observe	VERB
dem-8595	99	31	that	that	SCONJ
dem-8595	99	32	considering	consider	VERB
dem-8595	99	33	relative	relative	ADJ
dem-8595	99	34	changes	change	NOUN
dem-8595	99	35	,	,	PUNCT
dem-8595	99	36	upward	upward	ADJ
dem-8595	99	37	movements	movement	NOUN
dem-8595	99	38	were	be	AUX
dem-8595	99	39	closer	close	ADJ
dem-8595	99	40	.	.	PUNCT
dem-8595	100	1	the	the	DET
dem-8595	100	2	last	last	ADJ
dem-8595	100	3	interesting	interesting	ADJ
dem-8595	100	4	analysis	analysis	NOUN
dem-8595	100	5	of	of	ADP
dem-8595	100	6	raw	raw	ADJ
dem-8595	100	7	data	datum	NOUN
dem-8595	100	8	is	be	AUX
dem-8595	100	9	contained	contain	VERB
dem-8595	100	10	in	in	ADP
dem-8595	100	11	table	table	NOUN
dem-8595	100	12	3	3	NUM
dem-8595	100	13	.	.	PUNCT
dem-8595	100	14	table	table	NOUN
dem-8595	100	15	3	3	NUM
dem-8595	100	16	.	.	PUNCT
dem-8595	101	1	daily	daily	ADJ
dem-8595	101	2	distributions	distribution	NOUN
dem-8595	101	3	of	of	ADP
dem-8595	101	4	price	price	NOUN
dem-8595	101	5	changes	change	NOUN
dem-8595	101	6	lotos	loto	NOUN
dem-8595	101	7	pb95	pb95	PROPN
dem-8595	101	8	pkn	pkn	PROPN
dem-8595	101	9	pb95	pb95	PROPN
dem-8595	101	10	lotos	lotos	NOUN
dem-8595	101	11	pb95	pb95	PROPN
dem-8595	101	12	pkn	pkn	PROPN
dem-8595	101	13	pb95	pb95	PROPN
dem-8595	101	14	lotos	lotos	NOUN
dem-8595	101	15	pb95	pb95	PROPN
dem-8595	101	16	change	change	NOUN
dem-8595	101	17	pkn	pkn	PROPN
dem-8595	102	1	pb95	pb95	PROPN
dem-8595	102	2	change	change	VERB
dem-8595	102	3	up	up	ADP
dem-8595	102	4	down	down	ADP
dem-8595	102	5	no	no	DET
dem-8595	102	6	change	change	NOUN
dem-8595	102	7	up	up	ADP
dem-8595	102	8	down	down	ADP
dem-8595	102	9	no	no	DET
dem-8595	102	10	change	change	NOUN
dem-8595	102	11	mon	mon	NOUN
dem-8595	102	12	8	8	NUM
dem-8595	102	13	3	3	NUM
dem-8595	102	14	0.3	0.3	NUM
dem-8595	102	15	%	%	NOUN
dem-8595	102	16	0.1	0.1	NUM
dem-8595	102	17	%	%	NOUN
dem-8595	102	18	0.3	0.3	NUM
dem-8595	102	19	%	%	NOUN
dem-8595	102	20	0.2	0.2	NUM
dem-8595	102	21	%	%	NOUN
dem-8595	102	22	0.1	0.1	NUM
dem-8595	102	23	%	%	NOUN
dem-8595	102	24	0.2	0.2	NUM
dem-8595	102	25	%	%	NOUN
dem-8595	102	26	0.0	0.0	NUM
dem-8595	102	27	%	%	NOUN
dem-8595	102	28	0.5	0.5	NUM
dem-8595	102	29	%	%	NOUN
dem-8595	102	30	tue	tue	NOUN
dem-8595	102	31	432	432	NUM
dem-8595	102	32	441	441	NUM
dem-8595	102	33	18.6	18.6	NUM
dem-8595	102	34	%	%	NOUN
dem-8595	102	35	19.6	19.6	NUM
dem-8595	102	36	%	%	NOUN
dem-8595	102	37	19.1	19.1	NUM
dem-8595	102	38	%	%	NOUN
dem-8595	102	39	18.0	18.0	NUM
dem-8595	102	40	%	%	NOUN
dem-8595	102	41	17.8	17.8	NUM
dem-8595	102	42	%	%	NOUN
dem-8595	102	43	20.1	20.1	NUM
dem-8595	102	44	%	%	NOUN
dem-8595	102	45	19.1	19.1	NUM
dem-8595	102	46	%	%	NOUN
dem-8595	102	47	16.7	16.7	NUM
dem-8595	102	48	%	%	NOUN
dem-8595	102	49	wen	wen	NOUN
dem-8595	102	50	439	439	NUM
dem-8595	102	51	446	446	NUM
dem-8595	102	52	18.2	18.2	NUM
dem-8595	102	53	%	%	NOUN
dem-8595	102	54	19.5	19.5	NUM
dem-8595	102	55	%	%	NOUN
dem-8595	102	56	17.8	17.8	NUM
dem-8595	102	57	%	%	NOUN
dem-8595	102	58	18.7	18.7	NUM
dem-8595	102	59	%	%	NOUN
dem-8595	102	60	21.7	21.7	NUM
dem-8595	102	61	%	%	NOUN
dem-8595	102	62	17.2	17.2	NUM
dem-8595	102	63	%	%	NOUN
dem-8595	102	64	22.0	22.0	NUM
dem-8595	102	65	%	%	NOUN
dem-8595	102	66	19.8	19.8	NUM
dem-8595	102	67	%	%	NOUN
dem-8595	102	68	thur	thur	NOUN
dem-8595	102	69	457	457	NUM
dem-8595	102	70	469	469	NUM
dem-8595	102	71	19.9	19.9	NUM
dem-8595	102	72	%	%	NOUN
dem-8595	102	73	20.6	20.6	NUM
dem-8595	102	74	%	%	NOUN
dem-8595	102	75	18.0	18.0	NUM
dem-8595	102	76	%	%	NOUN
dem-8595	102	77	21.9	21.9	NUM
dem-8595	102	78	%	%	NOUN
dem-8595	102	79	17.2	17.2	NUM
dem-8595	102	80	%	%	NOUN
dem-8595	102	81	21.0	21.0	NUM
dem-8595	102	82	%	%	NOUN
dem-8595	102	83	20.2	20.2	NUM
dem-8595	102	84	%	%	NOUN
dem-8595	102	85	19.3	19.3	NUM
dem-8595	102	86	%	%	NOUN
dem-8595	102	87	frid	frid	NOUN
dem-8595	102	88	461	461	NUM
dem-8595	102	89	456	456	NUM
dem-8595	102	90	19.8	19.8	NUM
dem-8595	102	91	%	%	NOUN
dem-8595	102	92	19.8	19.8	NUM
dem-8595	102	93	%	%	NOUN
dem-8595	102	94	20.7	20.7	NUM
dem-8595	102	95	%	%	NOUN
dem-8595	102	96	18.9	18.9	NUM
dem-8595	102	97	%	%	NOUN
dem-8595	102	98	18.9	18.9	NUM
dem-8595	102	99	%	%	NOUN
dem-8595	102	100	20.4	20.4	NUM
dem-8595	102	101	%	%	NOUN
dem-8595	102	102	19.2	19.2	NUM
dem-8595	102	103	%	%	NOUN
dem-8595	102	104	22.4	22.4	NUM
dem-8595	102	105	%	%	NOUN
dem-8595	102	106	sat	sit	VERB
dem-8595	102	107	476	476	NUM
dem-8595	102	108	462	462	NUM
dem-8595	102	109	20.7	20.7	NUM
dem-8595	102	110	%	%	NOUN
dem-8595	102	111	20.3	20.3	NUM
dem-8595	102	112	%	%	NOUN
dem-8595	102	113	21.6	21.6	NUM
dem-8595	102	114	%	%	NOUN
dem-8595	102	115	19.8	19.8	NUM
dem-8595	102	116	%	%	NOUN
dem-8595	102	117	18.1	18.1	NUM
dem-8595	102	118	%	%	NOUN
dem-8595	102	119	21.0	21.0	NUM
dem-8595	102	120	%	%	NOUN
dem-8595	102	121	19.5	19.5	NUM
dem-8595	102	122	%	%	NOUN
dem-8595	102	123	19.8	19.8	NUM
dem-8595	102	124	%	%	NOUN
dem-8595	102	125	sun	sun	NOUN
dem-8595	102	126	70	70	NUM
dem-8595	102	127	4	4	NUM
dem-8595	102	128	2.5	2.5	NUM
dem-8595	102	129	%	%	NOUN
dem-8595	102	130	0.0	0.0	NUM
dem-8595	102	131	%	%	NOUN
dem-8595	102	132	2.5	2.5	NUM
dem-8595	102	133	%	%	NOUN
dem-8595	102	134	2.6	2.6	NUM
dem-8595	102	135	%	%	NOUN
dem-8595	102	136	5.6	5.6	NUM
dem-8595	102	137	%	%	NOUN
dem-8595	102	138	0.1	0.1	NUM
dem-8595	102	139	%	%	NOUN
dem-8595	102	140	0.0	0.0	NUM
dem-8595	102	141	%	%	NOUN
dem-8595	102	142	1.6	1.6	NUM
dem-8595	102	143	%	%	NOUN
dem-8595	102	144	note	note	NOUN
dem-8595	102	145	:	:	PUNCT
dem-8595	102	146	columns	column	NOUN
dem-8595	102	147	up	up	ADP
dem-8595	102	148	,	,	PUNCT
dem-8595	102	149	down	down	ADV
dem-8595	102	150	,	,	PUNCT
dem-8595	102	151	no	no	DET
dem-8595	102	152	change	change	NOUN
dem-8595	102	153	contain	contain	VERB
dem-8595	102	154	contribution	contribution	NOUN
dem-8595	102	155	of	of	ADP
dem-8595	102	156	daily	daily	PROPN
dem-8595	102	157	up	up	ADP
dem-8595	102	158	,	,	PUNCT
dem-8595	102	159	down	down	ADV
dem-8595	102	160	,	,	PUNCT
dem-8595	102	161	no	no	DET
dem-8595	102	162	change	change	NOUN
dem-8595	102	163	price	price	NOUN
dem-8595	102	164	movements	movement	NOUN
dem-8595	102	165	in	in	ADP
dem-8595	102	166	whole	whole	ADJ
dem-8595	102	167	number	number	NOUN
dem-8595	102	168	of	of	ADP
dem-8595	102	169	movements	movement	NOUN
dem-8595	102	170	of	of	ADP
dem-8595	102	171	a	a	DET
dem-8595	102	172	given	give	VERB
dem-8595	102	173	type	type	NOUN
dem-8595	102	174	.	.	PUNCT
dem-8595	103	1	highest	high	ADJ
dem-8595	103	2	values	value	NOUN
dem-8595	103	3	bolded	bolde	VERB
dem-8595	103	4	.	.	PUNCT
dem-8595	104	1	table	table	NOUN
dem-8595	104	2	3	3	NUM
dem-8595	104	3	refers	refer	VERB
dem-8595	104	4	to	to	ADP
dem-8595	104	5	the	the	DET
dem-8595	104	6	daily	daily	ADJ
dem-8595	104	7	distributions	distribution	NOUN
dem-8595	104	8	of	of	ADP
dem-8595	104	9	price	price	NOUN
dem-8595	104	10	movements	movement	NOUN
dem-8595	104	11	of	of	ADP
dem-8595	104	12	both	both	DET
dem-8595	104	13	players	player	NOUN
dem-8595	104	14	;	;	PUNCT
dem-8595	104	15	there	there	PRON
dem-8595	104	16	are	be	VERB
dem-8595	104	17	certain	certain	ADJ
dem-8595	104	18	differences	difference	NOUN
dem-8595	104	19	.	.	PUNCT
dem-8595	105	1	however	however	ADV
dem-8595	105	2	,	,	PUNCT
dem-8595	105	3	after	after	ADP
dem-8595	105	4	checking	check	VERB
dem-8595	105	5	pairs	pair	NOUN
dem-8595	105	6	of	of	ADP
dem-8595	105	7	empirical	empirical	ADJ
dem-8595	105	8	distributions	distribution	NOUN
dem-8595	105	9	of	of	ADP
dem-8595	105	10	the	the	DET
dem-8595	105	11	same	same	ADJ
dem-8595	105	12	type	type	NOUN
dem-8595	105	13	(	(	PUNCT
dem-8595	105	14	i.e.	i.e.	X
dem-8595	105	15	,	,	PUNCT
dem-8595	105	16	lotos	lotos	NOUN
dem-8595	105	17	up	up	ADP
dem-8595	105	18	–	–	PUNCT
dem-8595	105	19	pkn	pkn	PROPN
dem-8595	105	20	up	up	ADP
dem-8595	105	21	)	)	PUNCT
dem-8595	105	22	using	use	VERB
dem-8595	105	23	the	the	DET
dem-8595	105	24	kolmogorov	kolmogorov	ADJ
dem-8595	105	25	-	-	PUNCT
dem-8595	105	26	smirnov	smirnov	ADJ
dem-8595	105	27	test	test	NOUN
dem-8595	105	28	,	,	PUNCT
dem-8595	105	29	we	we	PRON
dem-8595	105	30	could	could	AUX
dem-8595	105	31	not	not	PART
dem-8595	105	32	reject	reject	VERB
dem-8595	105	33	the	the	DET
dem-8595	105	34	hypothesis	hypothesis	NOUN
dem-8595	105	35	of	of	ADP
dem-8595	105	36	the	the	DET
dem-8595	105	37	equality	equality	NOUN
dem-8595	105	38	of	of	ADP
dem-8595	105	39	cumulative	cumulative	ADJ
dem-8595	105	40	distributions	distribution	NOUN
dem-8595	105	41	.	.	PUNCT
dem-8595	106	1	therefore	therefore	ADV
dem-8595	106	2	,	,	PUNCT
dem-8595	106	3	the	the	DET
dem-8595	106	4	days	day	NOUN
dem-8595	106	5	of	of	ADP
dem-8595	106	6	movements	movement	NOUN
dem-8595	106	7	of	of	ADP
dem-8595	106	8	prices	price	NOUN
dem-8595	106	9	are	be	AUX
dem-8595	106	10	largely	largely	ADV
dem-8595	106	11	the	the	DET
dem-8595	106	12	same	same	ADJ
dem-8595	106	13	.	.	PUNCT
dem-8595	107	1	3.3	3.3	NUM
dem-8595	107	2	.	.	PUNCT
dem-8595	108	1	cointegration	cointegration	NOUN
dem-8595	108	2	analysis	analysis	NOUN
dem-8595	108	3	3.3.1	3.3.1	NUM
dem-8595	108	4	.	.	PUNCT
dem-8595	109	1	ardl	ardl	NOUN
dem-8595	109	2	–	–	PUNCT
dem-8595	109	3	bounds	bound	VERB
dem-8595	109	4	testing	testing	NOUN
dem-8595	109	5	procedure	procedure	NOUN
dem-8595	109	6	with	with	ADP
dem-8595	109	7	that	that	DET
dem-8595	109	8	test	test	NOUN
dem-8595	109	9	,	,	PUNCT
dem-8595	109	10	we	we	PRON
dem-8595	109	11	want	want	VERB
dem-8595	109	12	to	to	PART
dem-8595	109	13	move	move	VERB
dem-8595	109	14	to	to	ADP
dem-8595	109	15	the	the	DET
dem-8595	109	16	next	next	ADJ
dem-8595	109	17	step	step	NOUN
dem-8595	109	18	of	of	ADP
dem-8595	109	19	our	our	PRON
dem-8595	109	20	research	research	NOUN
dem-8595	109	21	,	,	PUNCT
dem-8595	109	22	testing	test	VERB
dem-8595	109	23	the	the	DET
dem-8595	109	24	common	common	ADJ
dem-8595	109	25	movements	movement	NOUN
dem-8595	109	26	of	of	ADP
dem-8595	109	27	both	both	DET
dem-8595	109	28	price	price	NOUN
dem-8595	109	29	series	series	NOUN
dem-8595	109	30	.	.	PUNCT
dem-8595	110	1	preliminarily	preliminarily	ADV
dem-8595	110	2	,	,	PUNCT
dem-8595	110	3	we	we	PRON
dem-8595	110	4	checked	check	VERB
dem-8595	110	5	the	the	DET
dem-8595	110	6	correlation	correlation	NOUN
dem-8595	110	7	coefficient	coefficient	NOUN
dem-8595	110	8	for	for	ADP
dem-8595	110	9	both	both	DET
dem-8595	110	10	series	serie	NOUN
dem-8595	110	11	.	.	PUNCT
dem-8595	111	1	as	as	SCONJ
dem-8595	111	2	we	we	PRON
dem-8595	111	3	expected	expect	VERB
dem-8595	111	4	,	,	PUNCT
dem-8595	111	5	correlations	correlation	NOUN
dem-8595	111	6	were	be	AUX
dem-8595	111	7	very	very	ADV
dem-8595	111	8	strong	strong	ADJ
dem-8595	111	9	,	,	PUNCT
dem-8595	111	10	with	with	ADP
dem-8595	111	11	a	a	DET
dem-8595	111	12	magnitude	magnitude	NOUN
dem-8595	111	13	of	of	ADP
dem-8595	111	14	0.99	0.99	NUM
dem-8595	111	15	in	in	ADP
dem-8595	111	16	the	the	DET
dem-8595	111	17	entire	entire	ADJ
dem-8595	111	18	sample	sample	NOUN
dem-8595	111	19	and	and	CCONJ
dem-8595	111	20	not	not	PART
dem-8595	111	21	below	below	ADP
dem-8595	111	22	0.97	0.97	NUM
dem-8595	111	23	in	in	ADP
dem-8595	111	24	the	the	DET
dem-8595	111	25	sub	sub	NOUN
dem-8595	111	26	-	-	NOUN
dem-8595	111	27	samples	sample	NOUN
dem-8595	111	28	that	that	PRON
dem-8595	111	29	encompass	encompass	VERB
dem-8595	111	30	each	each	DET
dem-8595	111	31	year	year	NOUN
dem-8595	111	32	.	.	PUNCT
dem-8595	112	1	however	however	ADV
dem-8595	112	2	,	,	PUNCT
dem-8595	112	3	for	for	ADP
dem-8595	112	4	the	the	DET
dem-8595	112	5	possible	possible	ADJ
dem-8595	112	6	cointegrated	cointegrate	VERB
dem-8595	112	7	series	series	NOUN
dem-8595	112	8	,	,	PUNCT
dem-8595	112	9	we	we	PRON
dem-8595	112	10	need	need	VERB
dem-8595	112	11	a	a	DET
dem-8595	112	12	more	more	ADV
dem-8595	112	13	precise	precise	ADJ
dem-8595	112	14	testing	testing	NOUN
dem-8595	112	15	parallel	parallel	ADJ
dem-8595	112	16	pricing	pricing	NOUN
dem-8595	112	17	behavior	behavior	NOUN
dem-8595	112	18	in	in	ADP
dem-8595	112	19	the	the	DET
dem-8595	112	20	polish	polish	ADJ
dem-8595	112	21	wholesale	wholesale	ADJ
dem-8595	112	22	fuel	fuel	NOUN
dem-8595	112	23	market	market	NOUN
dem-8595	112	24	…	…	PUNCT
dem-8595	112	25	dynamic	dynamic	ADJ
dem-8595	112	26	econometric	econometric	ADJ
dem-8595	112	27	models	model	NOUN
dem-8595	112	28	15	15	NUM
dem-8595	112	29	(	(	PUNCT
dem-8595	112	30	2015	2015	NUM
dem-8595	112	31	)	)	PUNCT
dem-8595	112	32	111–128	111–128	NUM
dem-8595	112	33	119	119	NUM
dem-8595	112	34	evaluation	evaluation	NOUN
dem-8595	112	35	of	of	ADP
dem-8595	112	36	the	the	DET
dem-8595	112	37	co	co	NOUN
dem-8595	112	38	-	-	NOUN
dem-8595	112	39	movement	movement	NOUN
dem-8595	112	40	.	.	PUNCT
dem-8595	113	1	we	we	PRON
dem-8595	113	2	were	be	AUX
dem-8595	113	3	interested	interested	ADJ
dem-8595	113	4	in	in	ADP
dem-8595	113	5	determining	determine	VERB
dem-8595	113	6	whether	whether	SCONJ
dem-8595	113	7	a	a	DET
dem-8595	113	8	cointegration	cointegration	NOUN
dem-8595	113	9	exists	exist	VERB
dem-8595	113	10	between	between	ADP
dem-8595	113	11	the	the	DET
dem-8595	113	12	prices	price	NOUN
dem-8595	113	13	of	of	ADP
dem-8595	113	14	players	player	NOUN
dem-8595	113	15	,	,	PUNCT
dem-8595	113	16	and	and	CCONJ
dem-8595	113	17	what	what	DET
dem-8595	113	18	type	type	NOUN
dem-8595	113	19	of	of	ADP
dem-8595	113	20	longrun	longrun	NOUN
dem-8595	113	21	and	and	CCONJ
dem-8595	113	22	short	short	ADJ
dem-8595	113	23	-	-	PUNCT
dem-8595	113	24	run	run	NOUN
dem-8595	113	25	relations	relation	NOUN
dem-8595	113	26	(	(	PUNCT
dem-8595	113	27	if	if	SCONJ
dem-8595	113	28	any	any	PRON
dem-8595	113	29	)	)	PUNCT
dem-8595	113	30	exist	exist	VERB
dem-8595	113	31	for	for	ADP
dem-8595	113	32	the	the	DET
dem-8595	113	33	two	two	NUM
dem-8595	113	34	series	series	NOUN
dem-8595	113	35	.	.	PUNCT
dem-8595	114	1	to	to	PART
dem-8595	114	2	study	study	VERB
dem-8595	114	3	these	these	DET
dem-8595	114	4	relations	relation	NOUN
dem-8595	114	5	,	,	PUNCT
dem-8595	114	6	we	we	PRON
dem-8595	114	7	decided	decide	VERB
dem-8595	114	8	to	to	PART
dem-8595	114	9	use	use	VERB
dem-8595	114	10	the	the	DET
dem-8595	114	11	ardl	ardl	NOUN
dem-8595	114	12	-	-	PUNCT
dem-8595	114	13	bound	bind	VERB
dem-8595	114	14	testing	testing	NOUN
dem-8595	114	15	approach	approach	NOUN
dem-8595	114	16	.	.	PUNCT
dem-8595	115	1	the	the	DET
dem-8595	115	2	ardl	ardl	NOUN
dem-8595	115	3	modeling	modeling	NOUN
dem-8595	115	4	approach	approach	NOUN
dem-8595	115	5	was	be	AUX
dem-8595	115	6	originally	originally	ADV
dem-8595	115	7	introduced	introduce	VERB
dem-8595	115	8	by	by	ADP
dem-8595	115	9	pesaran	pesaran	NOUN
dem-8595	115	10	and	and	CCONJ
dem-8595	115	11	shin	shin	NOUN
dem-8595	115	12	(	(	PUNCT
dem-8595	115	13	1999	1999	NUM
dem-8595	115	14	)	)	PUNCT
dem-8595	115	15	and	and	CCONJ
dem-8595	115	16	extended	extend	VERB
dem-8595	115	17	by	by	ADP
dem-8595	115	18	pesaran	pesaran	PROPN
dem-8595	115	19	et	et	PROPN
dem-8595	115	20	al	al	PROPN
dem-8595	115	21	.	.	PROPN
dem-8595	116	1	(	(	PUNCT
dem-8595	116	2	2001	2001	NUM
dem-8595	116	3	)	)	PUNCT
dem-8595	116	4	.	.	PUNCT
dem-8595	117	1	the	the	DET
dem-8595	117	2	ardl	ardl	NOUN
dem-8595	117	3	cointegration	cointegration	NOUN
dem-8595	117	4	approach	approach	NOUN
dem-8595	117	5	has	have	VERB
dem-8595	117	6	numerous	numerous	ADJ
dem-8595	117	7	advantages	advantage	NOUN
dem-8595	117	8	over	over	ADP
dem-8595	117	9	conventional	conventional	ADJ
dem-8595	117	10	cointegration	cointegration	NOUN
dem-8595	117	11	testing	testing	NOUN
dem-8595	117	12	.	.	PUNCT
dem-8595	118	1	the	the	DET
dem-8595	118	2	approach	approach	NOUN
dem-8595	118	3	yields	yield	VERB
dem-8595	118	4	consistent	consistent	ADJ
dem-8595	118	5	estimates	estimate	NOUN
dem-8595	118	6	of	of	ADP
dem-8595	118	7	the	the	DET
dem-8595	118	8	long	long	ADV
dem-8595	118	9	-	-	PUNCT
dem-8595	118	10	run	run	VERB
dem-8595	118	11	coefficients	coefficient	NOUN
dem-8595	118	12	that	that	PRON
dem-8595	118	13	are	be	AUX
dem-8595	118	14	asymptotically	asymptotically	ADV
dem-8595	118	15	normal	normal	ADJ
dem-8595	118	16	irrespective	irrespective	ADV
dem-8595	118	17	of	of	ADP
dem-8595	118	18	whether	whether	SCONJ
dem-8595	118	19	the	the	DET
dem-8595	118	20	underlying	underlie	VERB
dem-8595	118	21	regressors	regressor	NOUN
dem-8595	118	22	are	be	AUX
dem-8595	118	23	i(1	i(1	NOUN
dem-8595	118	24	)	)	PUNCT
dem-8595	118	25	or	or	CCONJ
dem-8595	118	26	i(0).the	i(0).the	DET
dem-8595	118	27	approach	approach	NOUN
dem-8595	118	28	involves	involve	VERB
dem-8595	118	29	a	a	DET
dem-8595	118	30	single	single	ADJ
dem-8595	118	31	-	-	PUNCT
dem-8595	118	32	equation	equation	NOUN
dem-8595	118	33	set	set	NOUN
dem-8595	118	34	-	-	PUNCT
dem-8595	118	35	up	up	NOUN
dem-8595	118	36	,	,	PUNCT
dem-8595	118	37	which	which	PRON
dem-8595	118	38	is	be	AUX
dem-8595	118	39	simple	simple	ADJ
dem-8595	118	40	to	to	PART
dem-8595	118	41	implement	implement	VERB
dem-8595	118	42	and	and	CCONJ
dem-8595	118	43	interpret	interpret	VERB
dem-8595	118	44	;	;	PUNCT
dem-8595	118	45	different	different	ADJ
dem-8595	118	46	lag	lag	NOUN
dem-8595	118	47	-	-	PUNCT
dem-8595	118	48	lengths	length	NOUN
dem-8595	118	49	can	can	AUX
dem-8595	118	50	be	be	AUX
dem-8595	118	51	assigned	assign	VERB
dem-8595	118	52	to	to	ADP
dem-8595	118	53	model	model	NOUN
dem-8595	118	54	variables	variable	NOUN
dem-8595	118	55	.	.	PUNCT
dem-8595	119	1	in	in	ADP
dem-8595	119	2	accordance	accordance	NOUN
dem-8595	119	3	with	with	ADP
dem-8595	119	4	pesaran	pesaran	NOUN
dem-8595	119	5	,	,	PUNCT
dem-8595	119	6	shin	shin	NOUN
dem-8595	119	7	(	(	PUNCT
dem-8595	119	8	1999	1999	NUM
dem-8595	119	9	)	)	PUNCT
dem-8595	119	10	,	,	PUNCT
dem-8595	119	11	we	we	PRON
dem-8595	119	12	consider	consider	VERB
dem-8595	119	13	a	a	DET
dem-8595	119	14	general	general	ADJ
dem-8595	119	15	ardl(p	ardl(p	NOUN
dem-8595	119	16	;	;	PUNCT
dem-8595	119	17	q	q	X
dem-8595	119	18	)	)	PUNCT
dem-8595	119	19	model	model	NOUN
dem-8595	119	20	:	:	PUNCT
dem-8595	119	21	∑	∑	PROPN
dem-8595	119	22	∑	∑	PUNCT
dem-8595	119	23	∗∆	∗∆	PROPN
dem-8595	119	24	,	,	PUNCT
dem-8595	119	25	(	(	PUNCT
dem-8595	119	26	1	1	NUM
dem-8595	119	27	)	)	PUNCT
dem-8595	119	28	∆	∆	NOUN
dem-8595	120	1	∆	∆	PROPN
dem-8595	120	2	∆	∆	PROPN
dem-8595	120	3	⋯	⋯	X
dem-8595	120	4	∆	∆	PROPN
dem-8595	120	5	.	.	PUNCT
dem-8595	121	1	(	(	PUNCT
dem-8595	121	2	2	2	X
dem-8595	121	3	)	)	PUNCT
dem-8595	121	4	the	the	DET
dem-8595	121	5	scalar	scalar	ADJ
dem-8595	121	6	disturbance	disturbance	NOUN
dem-8595	121	7	,	,	PUNCT
dem-8595	121	8	ut	ut	PROPN
dem-8595	121	9	in	in	ADP
dem-8595	121	10	the	the	DET
dem-8595	121	11	model	model	NOUN
dem-8595	121	12	(	(	PUNCT
dem-8595	121	13	1	1	X
dem-8595	121	14	)	)	PUNCT
dem-8595	121	15	is	be	AUX
dem-8595	121	16	iid(0	iid(0	VERB
dem-8595	121	17	;	;	PUNCT
dem-8595	121	18	)	)	PUNCT
dem-8595	121	19	.	.	PUNCT
dem-8595	122	1	we	we	PRON
dem-8595	122	2	do	do	AUX
dem-8595	122	3	not	not	PART
dem-8595	122	4	want	want	VERB
dem-8595	122	5	to	to	PART
dem-8595	122	6	impose	impose	VERB
dem-8595	122	7	any	any	DET
dem-8595	122	8	integration	integration	NOUN
dem-8595	122	9	assumption9	assumption9	NOUN
dem-8595	122	10	.	.	PUNCT
dem-8595	123	1	the	the	DET
dem-8595	123	2	ardl	ardl	NOUN
dem-8595	123	3	model	model	NOUN
dem-8595	123	4	used	use	VERB
dem-8595	123	5	in	in	ADP
dem-8595	123	6	this	this	DET
dem-8595	123	7	study	study	NOUN
dem-8595	123	8	is	be	AUX
dem-8595	123	9	a	a	DET
dem-8595	123	10	version	version	NOUN
dem-8595	123	11	of	of	ADP
dem-8595	123	12	eq	eq	PROPN
dem-8595	123	13	.	.	PUNCT
dem-8595	124	1	(	(	PUNCT
dem-8595	124	2	1	1	NUM
dem-8595	124	3	)	)	PUNCT
dem-8595	124	4	,	,	PUNCT
dem-8595	124	5	which	which	PRON
dem-8595	124	6	could	could	AUX
dem-8595	124	7	be	be	AUX
dem-8595	124	8	called	call	VERB
dem-8595	124	9	an	an	DET
dem-8595	124	10	unrestricted	unrestricted	ADJ
dem-8595	124	11	ecm	ecm	NOUN
dem-8595	124	12	or	or	CCONJ
dem-8595	124	13	,	,	PUNCT
dem-8595	124	14	as	as	ADP
dem-8595	124	15	in	in	ADP
dem-8595	124	16	pesaran	pesaran	PROPN
dem-8595	124	17	et	et	PROPN
dem-8595	124	18	al	al	PROPN
dem-8595	124	19	.	.	PROPN
dem-8595	125	1	(	(	PUNCT
dem-8595	125	2	2001	2001	NUM
dem-8595	125	3	)	)	PUNCT
dem-8595	125	4	,	,	PUNCT
dem-8595	125	5	a	a	DET
dem-8595	125	6	conditional	conditional	ADJ
dem-8595	125	7	ecm	ecm	NOUN
dem-8595	125	8	.	.	PUNCT
dem-8595	126	1	the	the	DET
dem-8595	126	2	model	model	NOUN
dem-8595	126	3	is	be	AUX
dem-8595	126	4	as	as	SCONJ
dem-8595	126	5	follows	follow	VERB
dem-8595	126	6	:	:	PUNCT
dem-8595	126	7	δlotospb	δlotospb	NOUN
dem-8595	126	8	α	α	PRON
dem-8595	126	9	∑	∑	ADV
dem-8595	126	10	δlotospb	δlotospb	VERB
dem-8595	126	11	∑	∑	PUNCT
dem-8595	126	12	∆	∆	PROPN
dem-8595	126	13	lotospb	lotospb	NOUN
dem-8595	126	14	,	,	PUNCT
dem-8595	126	15	(	(	PUNCT
dem-8595	126	16	3	3	X
dem-8595	126	17	)	)	PUNCT
dem-8595	126	18	where	where	SCONJ
dem-8595	126	19	we	we	PRON
dem-8595	126	20	assume	assume	VERB
dem-8595	126	21	the	the	DET
dem-8595	126	22	lotos	lotos	NOUN
dem-8595	126	23	price	price	NOUN
dem-8595	126	24	as	as	ADP
dem-8595	126	25	“	"	PUNCT
dem-8595	126	26	dependent	dependent	ADJ
dem-8595	126	27	”	"	PUNCT
dem-8595	126	28	,	,	PUNCT
dem-8595	126	29	in	in	ADP
dem-8595	126	30	accordance	accordance	NOUN
dem-8595	126	31	with	with	ADP
dem-8595	126	32	miłobędzki	miłobędzki	PROPN
dem-8595	126	33	(	(	PUNCT
dem-8595	126	34	2008	2008	NUM
dem-8595	126	35	)	)	PUNCT
dem-8595	126	36	,	,	PUNCT
dem-8595	126	37	when	when	SCONJ
dem-8595	126	38	he	he	PRON
dem-8595	126	39	concluded	conclude	VERB
dem-8595	126	40	that	that	SCONJ
dem-8595	126	41	pkn	pkn	PROPN
dem-8595	126	42	is	be	AUX
dem-8595	126	43	a	a	DET
dem-8595	126	44	“	"	PUNCT
dem-8595	126	45	price	price	NOUN
dem-8595	126	46	leader	leader	NOUN
dem-8595	126	47	”	"	PUNCT
dem-8595	126	48	in	in	ADP
dem-8595	126	49	the	the	DET
dem-8595	126	50	industry	industry	NOUN
dem-8595	126	51	.	.	PUNCT
dem-8595	127	1	3.3.2	3.3.2	X
dem-8595	127	2	.	.	PUNCT
dem-8595	128	1	empirical	empirical	ADJ
dem-8595	128	2	analysis	analysis	NOUN
dem-8595	128	3	first	first	ADV
dem-8595	128	4	,	,	PUNCT
dem-8595	128	5	a	a	DET
dem-8595	128	6	test	test	NOUN
dem-8595	128	7	for	for	SCONJ
dem-8595	128	8	order	order	NOUN
dem-8595	128	9	of	of	ADP
dem-8595	128	10	integration	integration	NOUN
dem-8595	128	11	was	be	AUX
dem-8595	128	12	conducted	conduct	VERB
dem-8595	128	13	.	.	PUNCT
dem-8595	129	1	although	although	SCONJ
dem-8595	129	2	the	the	DET
dem-8595	129	3	bounds	bound	NOUN
dem-8595	129	4	test	test	VERB
dem-8595	129	5	for	for	ADP
dem-8595	129	6	cointegration	cointegration	NOUN
dem-8595	129	7	allows	allow	VERB
dem-8595	129	8	variables	variable	NOUN
dem-8595	129	9	to	to	PART
dem-8595	129	10	be	be	AUX
dem-8595	129	11	a	a	DET
dem-8595	129	12	mixture	mixture	NOUN
dem-8595	129	13	of	of	ADP
dem-8595	129	14	i(1	i(1	PROPN
dem-8595	129	15	)	)	PUNCT
dem-8595	129	16	and	and	CCONJ
dem-8595	129	17	i(0	i(0	PROPN
dem-8595	129	18	)	)	PUNCT
dem-8595	129	19	,	,	PUNCT
dem-8595	129	20	it	it	PRON
dem-8595	129	21	is	be	AUX
dem-8595	129	22	important	important	ADJ
dem-8595	129	23	to	to	PART
dem-8595	129	24	conduct	conduct	VERB
dem-8595	129	25	stationarity	stationarity	NOUN
dem-8595	129	26	tests	test	NOUN
dem-8595	129	27	to	to	PART
dem-8595	129	28	ensure	ensure	VERB
dem-8595	129	29	that	that	SCONJ
dem-8595	129	30	the	the	DET
dem-8595	129	31	variables	variable	NOUN
dem-8595	129	32	are	be	AUX
dem-8595	129	33	not	not	PART
dem-8595	129	34	all	all	DET
dem-8595	129	35	i(0	i(0	PROPN
dem-8595	129	36	)	)	PUNCT
dem-8595	129	37	and	and	CCONJ
dem-8595	129	38	not	not	PART
dem-8595	129	39	i(2	i(2	PROPN
dem-8595	129	40	)	)	PUNCT
dem-8595	129	41	.	.	PUNCT
dem-8595	130	1	the	the	DET
dem-8595	130	2	results	result	NOUN
dem-8595	130	3	reported	report	VERB
dem-8595	130	4	in	in	ADP
dem-8595	130	5	table	table	NOUN
dem-8595	130	6	4	4	NUM
dem-8595	130	7	confirm	confirm	VERB
dem-8595	130	8	that	that	SCONJ
dem-8595	130	9	all	all	DET
dem-8595	130	10	series	serie	NOUN
dem-8595	130	11	have	have	VERB
dem-8595	130	12	one	one	NUM
dem-8595	130	13	unit	unit	NOUN
dem-8595	130	14	root	root	NOUN
dem-8595	130	15	,	,	PUNCT
dem-8595	130	16	i.e.	i.e.	X
dem-8595	130	17	all	all	PRON
dem-8595	130	18	are	be	AUX
dem-8595	130	19	i(1	i(1	NOUN
dem-8595	130	20	)	)	PUNCT
dem-8595	130	21	.	.	PUNCT
dem-8595	131	1	to	to	PART
dem-8595	131	2	exclude	exclude	VERB
dem-8595	131	3	the	the	DET
dem-8595	131	4	possibility	possibility	NOUN
dem-8595	131	5	of	of	ADP
dem-8595	131	6	distinct	distinct	ADJ
dem-8595	131	7	leader	leader	NOUN
dem-8595	131	8	-	-	PUNCT
dem-8595	131	9	follower	follower	NOUN
dem-8595	131	10	strategic	strategic	ADJ
dem-8595	131	11	behavior	behavior	NOUN
dem-8595	131	12	in	in	ADP
dem-8595	131	13	the	the	DET
dem-8595	131	14	entire	entire	ADJ
dem-8595	131	15	sample	sample	NOUN
dem-8595	131	16	,	,	PUNCT
dem-8595	131	17	we	we	PRON
dem-8595	131	18	next	next	ADV
dem-8595	131	19	tested	test	VERB
dem-8595	131	20	for	for	ADP
dem-8595	131	21	causality	causality	NOUN
dem-8595	131	22	between	between	ADP
dem-8595	131	23	the	the	DET
dem-8595	131	24	variables	variable	NOUN
dem-8595	131	25	.	.	PUNCT
dem-8595	132	1	us	we	PRON
dem-8595	132	2	9	9	NUM
dem-8595	132	3	the	the	DET
dem-8595	132	4	order	order	NOUN
dem-8595	132	5	of	of	ADP
dem-8595	132	6	integration	integration	NOUN
dem-8595	132	7	was	be	AUX
dem-8595	132	8	preliminary	preliminary	ADJ
dem-8595	132	9	tested	test	VERB
dem-8595	132	10	(	(	PUNCT
dem-8595	132	11	table	table	NOUN
dem-8595	132	12	4	4	NUM
dem-8595	132	13	)	)	PUNCT
dem-8595	132	14	;	;	PUNCT
dem-8595	132	15	however	however	ADV
dem-8595	132	16	,	,	PUNCT
dem-8595	132	17	those	those	PRON
dem-8595	132	18	were	be	AUX
dem-8595	132	19	usual	usual	ADJ
dem-8595	132	20	tests	test	NOUN
dem-8595	132	21	(	(	PUNCT
dem-8595	132	22	adf	adf	NOUN
dem-8595	132	23	and	and	CCONJ
dem-8595	132	24	kpss	kpss	PROPN
dem-8595	132	25	)	)	PUNCT
dem-8595	132	26	.	.	PUNCT
dem-8595	133	1	we	we	PRON
dem-8595	133	2	did	do	AUX
dem-8595	133	3	not	not	PART
dem-8595	133	4	test	test	VERB
dem-8595	133	5	the	the	DET
dem-8595	133	6	order	order	NOUN
dem-8595	133	7	of	of	ADP
dem-8595	133	8	integration	integration	NOUN
dem-8595	133	9	more	more	ADV
dem-8595	133	10	thoroughly	thoroughly	ADV
dem-8595	133	11	(	(	PUNCT
dem-8595	133	12	in	in	ADP
dem-8595	133	13	the	the	DET
dem-8595	133	14	presence	presence	NOUN
dem-8595	133	15	of	of	ADP
dem-8595	133	16	breaks	break	NOUN
dem-8595	133	17	in	in	ADP
dem-8595	133	18	intercept	intercept	NOUN
dem-8595	133	19	and/or	and/or	CCONJ
dem-8595	133	20	trend	trend	NOUN
dem-8595	133	21	,	,	PUNCT
dem-8595	133	22	for	for	ADP
dem-8595	133	23	example	example	NOUN
dem-8595	133	24	)	)	PUNCT
dem-8595	133	25	.	.	PUNCT
dem-8595	134	1	sylwesterbejger	sylwesterbejger	PROPN
dem-8595	134	2	dynamic	dynamic	ADJ
dem-8595	134	3	econometric	econometric	ADJ
dem-8595	134	4	models	model	NOUN
dem-8595	134	5	15	15	NUM
dem-8595	134	6	(	(	PUNCT
dem-8595	134	7	2015	2015	NUM
dem-8595	134	8	)	)	PUNCT
dem-8595	134	9	111–128	111–128	NUM
dem-8595	134	10	120	120	NUM
dem-8595	134	11	ing	e	VERB
dem-8595	134	12	the	the	DET
dem-8595	134	13	toda	toda	PROPN
dem-8595	134	14	-	-	PUNCT
dem-8595	134	15	yamamoto	yamamoto	PROPN
dem-8595	134	16	procedure	procedure	NOUN
dem-8595	134	17	(	(	PUNCT
dem-8595	134	18	toda	toda	NOUN
dem-8595	134	19	and	and	CCONJ
dem-8595	134	20	yamamoto	yamamoto	PROPN
dem-8595	134	21	,	,	PUNCT
dem-8595	134	22	1995	1995	NUM
dem-8595	134	23	)	)	PUNCT
dem-8595	134	24	,	,	PUNCT
dem-8595	134	25	the	the	DET
dem-8595	134	26	granger	granger	PROPN
dem-8595	134	27	causality	causality	NOUN
dem-8595	134	28	in	in	ADP
dem-8595	134	29	both	both	DET
dem-8595	134	30	directions	direction	NOUN
dem-8595	134	31	between	between	ADP
dem-8595	134	32	the	the	DET
dem-8595	134	33	price	price	NOUN
dem-8595	134	34	series	series	NOUN
dem-8595	134	35	was	be	AUX
dem-8595	134	36	found	find	VERB
dem-8595	134	37	.	.	PUNCT
dem-8595	135	1	table	table	NOUN
dem-8595	135	2	5	5	NUM
dem-8595	135	3	contains	contain	VERB
dem-8595	135	4	the	the	DET
dem-8595	135	5	final	final	ADJ
dem-8595	135	6	wald	wald	NOUN
dem-8595	135	7	test	test	NOUN
dem-8595	135	8	of	of	ADP
dem-8595	135	9	the	the	DET
dem-8595	135	10	granger	granger	PROPN
dem-8595	135	11	non	non	NOUN
dem-8595	135	12	-	-	NOUN
dem-8595	135	13	causality	causality	NOUN
dem-8595	135	14	for	for	ADP
dem-8595	135	15	var	var	NOUN
dem-8595	135	16	with	with	ADP
dem-8595	135	17	13	13	NUM
dem-8595	135	18	lags	lag	NOUN
dem-8595	135	19	(	(	PUNCT
dem-8595	135	20	optimal	optimal	ADJ
dem-8595	135	21	lag	lag	NOUN
dem-8595	135	22	length	length	NOUN
dem-8595	135	23	selected	select	VERB
dem-8595	135	24	for	for	ADP
dem-8595	135	25	var	var	NOUN
dem-8595	135	26	was	be	AUX
dem-8595	135	27	12	12	NUM
dem-8595	135	28	+	+	SYM
dem-8595	135	29	1	1	NUM
dem-8595	135	30	lag	lag	NOUN
dem-8595	135	31	to	to	PART
dem-8595	135	32	explain	explain	VERB
dem-8595	135	33	i(1	i(1	NOUN
dem-8595	135	34	)	)	PUNCT
dem-8595	135	35	in	in	ADP
dem-8595	135	36	each	each	DET
dem-8595	135	37	variable	variable	NOUN
dem-8595	135	38	,	,	PUNCT
dem-8595	135	39	treated	treat	VERB
dem-8595	135	40	here	here	ADV
dem-8595	135	41	as	as	ADP
dem-8595	135	42	exogenous	exogenous	ADJ
dem-8595	135	43	)	)	PUNCT
dem-8595	135	44	.	.	PUNCT
dem-8595	136	1	table	table	NOUN
dem-8595	136	2	4	4	NUM
dem-8595	136	3	.	.	PUNCT
dem-8595	137	1	adf	adf	NOUN
dem-8595	137	2	test	test	NOUN
dem-8595	137	3	for	for	ADP
dem-8595	137	4	unit	unit	NOUN
dem-8595	137	5	root	root	NOUN
dem-8595	137	6	level	level	NOUN
dem-8595	137	7	1st	1st	ADJ
dem-8595	137	8	difference	difference	NOUN
dem-8595	137	9	series	series	NOUN
dem-8595	137	10	adf	adf	PROPN
dem-8595	137	11	test	test	PROPN
dem-8595	137	12	statistics	statistic	NOUN
dem-8595	137	13	p	p	NOUN
dem-8595	137	14	-	-	PUNCT
dem-8595	137	15	value	value	NOUN
dem-8595	137	16	*	*	PUNCT
dem-8595	137	17	lag	lag	PROPN
dem-8595	137	18	adf	adf	PROPN
dem-8595	137	19	test	test	NOUN
dem-8595	137	20	statistics	statistic	NOUN
dem-8595	137	21	p	p	NOUN
dem-8595	137	22	-	-	PUNCT
dem-8595	137	23	value	value	NOUN
dem-8595	137	24	*	*	PUNCT
dem-8595	137	25	lag	lag	PROPN
dem-8595	137	26	pkn	pkn	PROPN
dem-8595	137	27	pb95	pb95	PROPN
dem-8595	137	28	0.484	0.484	NUM
dem-8595	137	29	0.819	0.819	NUM
dem-8595	137	30	2	2	NUM
dem-8595	137	31	–	–	PUNCT
dem-8595	137	32	21.875	21.875	NUM
dem-8595	137	33	0.000	0.000	NUM
dem-8595	137	34	2	2	NUM
dem-8595	137	35	pkn	pkn	NOUN
dem-8595	137	36	on	on	ADP
dem-8595	137	37	0.845	0.845	NUM
dem-8595	137	38	0.893	0.893	NUM
dem-8595	137	39	2	2	NUM
dem-8595	137	40	–	–	PUNCT
dem-8595	137	41	24.608	24.608	NUM
dem-8595	137	42	0.000	0.000	NUM
dem-8595	137	43	1	1	NUM
dem-8595	137	44	lotos	lotos	NOUN
dem-8595	137	45	pb95	pb95	PROPN
dem-8595	137	46	0.509	0.509	NUM
dem-8595	137	47	0.825	0.825	NUM
dem-8595	137	48	2	2	NUM
dem-8595	137	49	–	–	PUNCT
dem-8595	137	50	20.218	20.218	NUM
dem-8595	137	51	0.000	0.000	NUM
dem-8595	137	52	3	3	NUM
dem-8595	137	53	lotos	loto	NOUN
dem-8595	137	54	on	on	ADP
dem-8595	137	55	0.887	0.887	NUM
dem-8595	137	56	0.899	0.899	NUM
dem-8595	137	57	2	2	NUM
dem-8595	137	58	–	–	PUNCT
dem-8595	137	59	22.859	22.859	NUM
dem-8595	137	60	0.000	0.000	NUM
dem-8595	137	61	2	2	NUM
dem-8595	137	62	note	note	NOUN
dem-8595	137	63	:	:	PUNCT
dem-8595	137	64	adf	adf	NOUN
dem-8595	137	65	test	test	NOUN
dem-8595	137	66	for	for	ADP
dem-8595	137	67	h0	h0	PROPN
dem-8595	137	68	:	:	PUNCT
dem-8595	137	69	series	series	PROPN
dem-8595	137	70	has	have	VERB
dem-8595	137	71	a	a	DET
dem-8595	137	72	unit	unit	NOUN
dem-8595	137	73	root	root	NOUN
dem-8595	137	74	.	.	PUNCT
dem-8595	138	1	test	test	NOUN
dem-8595	138	2	's	's	PART
dem-8595	138	3	critical	critical	ADJ
dem-8595	138	4	value	value	NOUN
dem-8595	138	5	at	at	ADP
dem-8595	138	6	the	the	DET
dem-8595	138	7	1	1	NUM
dem-8595	138	8	%	%	NOUN
dem-8595	138	9	level	level	NOUN
dem-8595	138	10	:	:	PUNCT
dem-8595	138	11	–	–	PUNCT
dem-8595	138	12	2.56607	2.56607	NUM
dem-8595	138	13	.	.	PUNCT
dem-8595	139	1	we	we	PRON
dem-8595	139	2	conducted	conduct	VERB
dem-8595	139	3	the	the	DET
dem-8595	139	4	kpss	kpss	PROPN
dem-8595	139	5	test	test	NOUN
dem-8595	139	6	for	for	ADP
dem-8595	139	7	all	all	DET
dem-8595	139	8	series	series	NOUN
dem-8595	139	9	with	with	ADP
dem-8595	139	10	the	the	DET
dem-8595	139	11	same	same	ADJ
dem-8595	139	12	results	result	NOUN
dem-8595	139	13	(	(	PUNCT
dem-8595	139	14	all	all	DET
dem-8595	139	15	series	series	PROPN
dem-8595	139	16	i(1)).*mackinnon	i(1)).*mackinnon	X
dem-8595	139	17	(	(	PUNCT
dem-8595	139	18	1996	1996	NUM
dem-8595	139	19	)	)	PUNCT
dem-8595	139	20	one	one	NUM
dem-8595	139	21	-	-	PUNCT
dem-8595	139	22	sided	sided	ADJ
dem-8595	139	23	p	p	NOUN
dem-8595	139	24	-	-	PUNCT
dem-8595	139	25	values	value	NOUN
dem-8595	139	26	.	.	PUNCT
dem-8595	140	1	table	table	NOUN
dem-8595	140	2	5	5	NUM
dem-8595	140	3	.	.	PUNCT
dem-8595	141	1	wald	wald	NOUN
dem-8595	141	2	tests	test	NOUN
dem-8595	141	3	for	for	ADP
dem-8595	141	4	granger	granger	PROPN
dem-8595	141	5	causality	causality	PROPN
dem-8595	141	6	dependent	dependent	ADJ
dem-8595	141	7	variable	variable	NOUN
dem-8595	141	8	:	:	PUNCT
dem-8595	141	9	lotospb	lotospb	NOUN
dem-8595	141	10	excluded	exclude	VERB
dem-8595	141	11	chi	chi	ADJ
dem-8595	141	12	-	-	PUNCT
dem-8595	141	13	sq	sq	ADJ
dem-8595	141	14	df	df	PROPN
dem-8595	141	15	p	p	NOUN
dem-8595	141	16	-	-	PUNCT
dem-8595	141	17	value	value	NOUN
dem-8595	141	18	pknpb	pknpb	VERB
dem-8595	141	19	284.433	284.433	NUM
dem-8595	141	20	12	12	NUM
dem-8595	141	21	0.000	0.000	NUM
dem-8595	141	22	all	all	PRON
dem-8595	141	23	284.433	284.433	NUM
dem-8595	141	24	12	12	NUM
dem-8595	141	25	0.000	0.000	NUM
dem-8595	141	26	dependent	dependent	ADJ
dem-8595	141	27	variable	variable	NOUN
dem-8595	141	28	:	:	PUNCT
dem-8595	141	29	pknpb	pknpb	NOUN
dem-8595	141	30	excluded	exclude	VERB
dem-8595	141	31	chi	chi	ADJ
dem-8595	141	32	-	-	PUNCT
dem-8595	141	33	sq	sq	ADJ
dem-8595	141	34	df	df	PROPN
dem-8595	141	35	p	p	ADJ
dem-8595	141	36	-	-	PUNCT
dem-8595	141	37	value	value	NOUN
dem-8595	141	38	lotospb	lotospb	NOUN
dem-8595	141	39	105.109	105.109	NUM
dem-8595	141	40	12	12	NUM
dem-8595	141	41	0.000	0.000	NUM
dem-8595	141	42	all	all	PRON
dem-8595	141	43	105.109	105.109	NUM
dem-8595	141	44	12	12	NUM
dem-8595	141	45	0.000	0.000	NUM
dem-8595	141	46	the	the	DET
dem-8595	141	47	null	null	ADJ
dem-8595	141	48	hypothesis	hypothesis	NOUN
dem-8595	141	49	of	of	ADP
dem-8595	141	50	no	no	DET
dem-8595	141	51	causality	causality	NOUN
dem-8595	141	52	in	in	ADP
dem-8595	141	53	both	both	DET
dem-8595	141	54	directions	direction	NOUN
dem-8595	141	55	must	must	AUX
dem-8595	141	56	be	be	AUX
dem-8595	141	57	rejected	reject	VERB
dem-8595	141	58	.	.	PUNCT
dem-8595	142	1	regarding	regard	VERB
dem-8595	142	2	the	the	DET
dem-8595	142	3	specifications	specification	NOUN
dem-8595	142	4	of	of	ADP
dem-8595	142	5	the	the	DET
dem-8595	142	6	model	model	NOUN
dem-8595	142	7	,	,	PUNCT
dem-8595	142	8	the	the	DET
dem-8595	142	9	lag	lag	NOUN
dem-8595	142	10	structure	structure	NOUN
dem-8595	142	11	of	of	ADP
dem-8595	142	12	(	(	PUNCT
dem-8595	142	13	3	3	X
dem-8595	142	14	)	)	PUNCT
dem-8595	142	15	has	have	AUX
dem-8595	142	16	been	be	AUX
dem-8595	142	17	defined	define	VERB
dem-8595	142	18	.	.	PUNCT
dem-8595	143	1	the	the	DET
dem-8595	143	2	ardlbound	ardlbound	NOUN
dem-8595	143	3	:	:	PUNCT
dem-8595	143	4	an	an	DET
dem-8595	143	5	eviews	eview	NOUN
dem-8595	143	6	add	add	VERB
dem-8595	143	7	-	-	PUNCT
dem-8595	143	8	in	in	ADV
dem-8595	143	9	by	by	ADP
dem-8595	143	10	tarverdi	tarverdi	PROPN
dem-8595	143	11	m.	m.	NOUN
dem-8595	143	12	yashar	yashar	PROPN
dem-8595	143	13	(	(	PUNCT
dem-8595	143	14	2014	2014	NUM
dem-8595	143	15	)	)	PUNCT
dem-8595	143	16	was	be	AUX
dem-8595	143	17	utilized	utilize	VERB
dem-8595	143	18	here	here	ADV
dem-8595	143	19	.	.	PUNCT
dem-8595	144	1	the	the	DET
dem-8595	144	2	parameters	parameter	NOUN
dem-8595	144	3	of	of	ADP
dem-8595	144	4	the	the	DET
dem-8595	144	5	ardl	ardl	NOUN
dem-8595	144	6	(	(	PUNCT
dem-8595	144	7	1,2	1,2	NUM
dem-8595	144	8	)	)	PUNCT
dem-8595	144	9	model	model	NOUN
dem-8595	144	10	were	be	AUX
dem-8595	144	11	subsequently	subsequently	ADV
dem-8595	144	12	estimated	estimate	VERB
dem-8595	144	13	.	.	PUNCT
dem-8595	145	1	the	the	DET
dem-8595	145	2	residuals	residual	NOUN
dem-8595	145	3	were	be	AUX
dem-8595	145	4	tested	test	VERB
dem-8595	145	5	for	for	ADP
dem-8595	145	6	a	a	DET
dem-8595	145	7	serial	serial	ADJ
dem-8595	145	8	correlation	correlation	NOUN
dem-8595	145	9	next	next	ADV
dem-8595	145	10	because	because	SCONJ
dem-8595	145	11	the	the	DET
dem-8595	145	12	key	key	ADJ
dem-8595	145	13	assumption	assumption	NOUN
dem-8595	145	14	in	in	ADP
dem-8595	145	15	the	the	DET
dem-8595	145	16	ardl	ardl	NOUN
dem-8595	145	17	/	/	SYM
dem-8595	145	18	bounds	bound	NOUN
dem-8595	145	19	testing	testing	NOUN
dem-8595	145	20	methodology	methodology	NOUN
dem-8595	145	21	is	be	AUX
dem-8595	145	22	that	that	SCONJ
dem-8595	145	23	the	the	DET
dem-8595	145	24	errors	error	NOUN
dem-8595	145	25	of	of	ADP
dem-8595	145	26	equation	equation	NOUN
dem-8595	145	27	(	(	PUNCT
dem-8595	145	28	3	3	X
dem-8595	145	29	)	)	PUNCT
dem-8595	145	30	must	must	AUX
dem-8595	145	31	be	be	AUX
dem-8595	145	32	serially	serially	ADV
dem-8595	145	33	independent	independent	ADJ
dem-8595	145	34	.	.	PUNCT
dem-8595	146	1	table	table	NOUN
dem-8595	146	2	6	6	NUM
dem-8595	146	3	summarizes	summarize	NOUN
dem-8595	146	4	the	the	DET
dem-8595	146	5	results	result	NOUN
dem-8595	146	6	of	of	ADP
dem-8595	146	7	those	those	DET
dem-8595	146	8	steps	step	NOUN
dem-8595	146	9	.	.	PUNCT
dem-8595	147	1	the	the	DET
dem-8595	147	2	estimation	estimation	NOUN
dem-8595	147	3	results	result	VERB
dem-8595	147	4	for	for	ADP
dem-8595	147	5	the	the	DET
dem-8595	147	6	ardl(1,2	ardl(1,2	ADJ
dem-8595	147	7	)	)	PUNCT
dem-8595	147	8	specification	specification	NOUN
dem-8595	147	9	of	of	ADP
dem-8595	147	10	choice	choice	NOUN
dem-8595	147	11	are	be	AUX
dem-8595	147	12	satisfactory	satisfactory	ADJ
dem-8595	147	13	;	;	PUNCT
dem-8595	147	14	all	all	DET
dem-8595	147	15	coefficients	coefficient	NOUN
dem-8595	147	16	(	(	PUNCT
dem-8595	147	17	except	except	SCONJ
dem-8595	147	18	one	one	NUM
dem-8595	147	19	)	)	PUNCT
dem-8595	147	20	are	be	AUX
dem-8595	147	21	statistically	statistically	ADV
dem-8595	147	22	significant	significant	ADJ
dem-8595	147	23	(	(	PUNCT
dem-8595	147	24	at	at	ADP
dem-8595	147	25	the	the	DET
dem-8595	147	26	0.05	0.05	NUM
dem-8595	147	27	level	level	NOUN
dem-8595	147	28	)	)	PUNCT
dem-8595	147	29	,	,	PUNCT
dem-8595	147	30	and	and	CCONJ
dem-8595	147	31	the	the	DET
dem-8595	147	32	residuals	residual	NOUN
dem-8595	147	33	are	be	AUX
dem-8595	147	34	serially	serially	ADV
dem-8595	147	35	independent	independent	ADJ
dem-8595	147	36	.	.	PUNCT
dem-8595	148	1	having	have	VERB
dem-8595	148	2	the	the	DET
dem-8595	148	3	parameters	parameter	NOUN
dem-8595	148	4	’	’	PART
dem-8595	148	5	estimates	estimate	NOUN
dem-8595	148	6	,	,	PUNCT
dem-8595	148	7	we	we	PRON
dem-8595	148	8	next	next	ADV
dem-8595	148	9	apply	apply	VERB
dem-8595	148	10	a	a	DET
dem-8595	148	11	bounds	bound	NOUN
dem-8595	148	12	f	f	NOUN
dem-8595	148	13	-	-	PUNCT
dem-8595	148	14	test	test	NOUN
dem-8595	148	15	to	to	ADP
dem-8595	148	16	eq	eq	NOUN
dem-8595	148	17	(	(	PUNCT
dem-8595	148	18	3	3	NUM
dem-8595	148	19	)	)	PUNCT
dem-8595	148	20	.	.	PUNCT
dem-8595	149	1	the	the	DET
dem-8595	149	2	long	long	ADJ
dem-8595	149	3	run	run	NOUN
dem-8595	149	4	relation	relation	NOUN
dem-8595	149	5	between	between	ADP
dem-8595	149	6	lotospb	lotospb	NOUN
dem-8595	149	7	and	and	CCONJ
dem-8595	149	8	pknpb	pknpb	PROPN
dem-8595	149	9	series	series	NOUN
dem-8595	149	10	was	be	AUX
dem-8595	149	11	sought	seek	VERB
dem-8595	149	12	.	.	PUNCT
dem-8595	150	1	as	as	ADV
dem-8595	150	2	usually	usually	ADV
dem-8595	150	3	occurs	occur	VERB
dem-8595	150	4	in	in	ADP
dem-8595	150	5	testing	test	VERB
dem-8595	150	6	parallel	parallel	ADJ
dem-8595	150	7	pricing	pricing	NOUN
dem-8595	150	8	behavior	behavior	NOUN
dem-8595	150	9	in	in	ADP
dem-8595	150	10	the	the	DET
dem-8595	150	11	polish	polish	ADJ
dem-8595	150	12	wholesale	wholesale	ADJ
dem-8595	150	13	fuel	fuel	NOUN
dem-8595	150	14	market	market	NOUN
dem-8595	150	15	…	…	PUNCT
dem-8595	150	16	dynamic	dynamic	ADJ
dem-8595	150	17	econometric	econometric	ADJ
dem-8595	150	18	models	model	NOUN
dem-8595	150	19	15	15	NUM
dem-8595	150	20	(	(	PUNCT
dem-8595	150	21	2015	2015	NUM
dem-8595	150	22	)	)	PUNCT
dem-8595	150	23	111–128	111–128	NUM
dem-8595	150	24	121	121	NUM
dem-8595	150	25	cointegration	cointegration	NOUN
dem-8595	150	26	testing	testing	NOUN
dem-8595	150	27	,	,	PUNCT
dem-8595	150	28	the	the	DET
dem-8595	150	29	absence	absence	NOUN
dem-8595	150	30	of	of	ADP
dem-8595	150	31	a	a	DET
dem-8595	150	32	long	long	ADV
dem-8595	150	33	-	-	PUNCT
dem-8595	150	34	run	run	VERB
dem-8595	150	35	equilibrium	equilibrium	NOUN
dem-8595	150	36	relation	relation	NOUN
dem-8595	150	37	between	between	ADP
dem-8595	150	38	the	the	DET
dem-8595	150	39	variables	variable	NOUN
dem-8595	150	40	was	be	AUX
dem-8595	150	41	tested	test	VERB
dem-8595	150	42	for	for	ADP
dem-8595	150	43	.	.	PUNCT
dem-8595	151	1	the	the	DET
dem-8595	151	2	hypothesis	hypothesis	NOUN
dem-8595	151	3	structure	structure	NOUN
dem-8595	151	4	was	be	AUX
dem-8595	151	5	as	as	SCONJ
dem-8595	151	6	follows	follow	VERB
dem-8595	151	7	:	:	PUNCT
dem-8595	151	8	h0	h0	NOUN
dem-8595	151	9	:	:	PUNCT
dem-8595	151	10	0	0	NUM
dem-8595	151	11	,	,	PUNCT
dem-8595	151	12	h1	h1	PROPN
dem-8595	151	13	:	:	PUNCT
dem-8595	151	14	.	.	PUNCT
dem-8595	152	1	table	table	NOUN
dem-8595	152	2	6	6	NUM
dem-8595	152	3	.	.	PUNCT
dem-8595	153	1	ardl	ardl	NOUN
dem-8595	153	2	(	(	PUNCT
dem-8595	153	3	p	p	X
dem-8595	153	4	,	,	PUNCT
dem-8595	153	5	q	q	NOUN
dem-8595	153	6	)	)	PUNCT
dem-8595	153	7	model	model	NOUN
dem-8595	153	8	selection	selection	NOUN
dem-8595	153	9	and	and	CCONJ
dem-8595	153	10	estimation	estimation	NOUN
dem-8595	153	11	ardl	ardl	NOUN
dem-8595	153	12	model	model	NOUN
dem-8595	153	13	aic	aic	PROPN
dem-8595	153	14	sc	sc	PROPN
dem-8595	153	15	ardl(1,1	ardl(1,1	NOUN
dem-8595	153	16	)	)	PUNCT
dem-8595	154	1	9.2751	9.2751	NUM
dem-8595	154	2	9.2852	9.2852	NUM
dem-8595	154	3	ardl(1,2	ardl(1,2	ADJ
dem-8595	154	4	)	)	PUNCT
dem-8595	154	5	9.2721	9.2721	NUM
dem-8595	154	6	9.2847	9.2847	NUM
dem-8595	154	7	ardl(1,3	ardl(1,3	NOUN
dem-8595	154	8	)	)	PUNCT
dem-8595	154	9	9.2732	9.2732	NUM
dem-8595	154	10	9.2883	9.2883	NUM
dem-8595	154	11	variable	variable	ADJ
dem-8595	154	12	coefficient	coefficient	NOUN
dem-8595	154	13	std	std	NOUN
dem-8595	154	14	.	.	NOUN
dem-8595	154	15	error	error	NOUN
dem-8595	154	16	t	t	NOUN
dem-8595	154	17	-	-	PUNCT
dem-8595	154	18	statistic	statistic	NOUN
dem-8595	154	19	p	p	PROPN
dem-8595	154	20	-value	-value	ADJ
dem-8595	154	21	c	c	NOUN
dem-8595	154	22	6.7113	6.7113	NUM
dem-8595	154	23	3.2528	3.2528	NUM
dem-8595	154	24	2.0632	2.0632	NUM
dem-8595	154	25	0.0392	0.0392	NUM
dem-8595	154	26	d(lotospb(–1	d(lotospb(–1	NOUN
dem-8595	154	27	)	)	PUNCT
dem-8595	154	28	)	)	PUNCT
dem-8595	154	29	–	–	PUNCT
dem-8595	155	1	0.0374	0.0374	NUM
dem-8595	155	2	0.0408	0.0408	NUM
dem-8595	155	3	–	–	PUNCT
dem-8595	155	4	0.9160	0.9160	NUM
dem-8595	155	5	0.3598	0.3598	NUM
dem-8595	155	6	d(pknpb(–1	d(pknpb(–1	NUM
dem-8595	155	7	)	)	PUNCT
dem-8595	155	8	)	)	PUNCT
dem-8595	156	1	0.3875	0.3875	NUM
dem-8595	156	2	0.0408	0.0408	NUM
dem-8595	156	3	9.4960	9.4960	NUM
dem-8595	156	4	0	0	NUM
dem-8595	156	5	d(pknpb(–2	d(pknpb(–2	PRON
dem-8595	156	6	)	)	PUNCT
dem-8595	156	7	)	)	PUNCT
dem-8595	157	1	0.0675	0.0675	NUM
dem-8595	157	2	0.0216	0.0216	NUM
dem-8595	157	3	3.1240	3.1240	NUM
dem-8595	157	4	0.0018	0.0018	NUM
dem-8595	157	5	lotospb(–1	lotospb(–1	NUM
dem-8595	157	6	)	)	PUNCT
dem-8595	157	7	–	–	PUNCT
dem-8595	157	8	0.2645	0.2645	NUM
dem-8595	157	9	0.0438	0.0438	NUM
dem-8595	157	10	–	–	PUNCT
dem-8595	157	11	6.0310	6.0310	NUM
dem-8595	157	12	0	0	NUM
dem-8595	157	13	pknpb(–1	pknpb(–1	NUM
dem-8595	157	14	)	)	PUNCT
dem-8595	157	15	0.2629	0.2629	NUM
dem-8595	157	16	0.0438	0.0438	NUM
dem-8595	157	17	5.9938	5.9938	NUM
dem-8595	157	18	0	0	NUM
dem-8595	157	19	breusch	breusch	ADJ
dem-8595	157	20	-	-	PUNCT
dem-8595	157	21	godfrey	godfrey	NOUN
dem-8595	157	22	serial	serial	ADJ
dem-8595	157	23	correlation	correlation	NOUN
dem-8595	157	24	lm	lm	INTJ
dem-8595	157	25	test	test	NOUN
dem-8595	157	26	:	:	PUNCT
dem-8595	157	27	durbin	durbin	ADJ
dem-8595	157	28	-	-	PUNCT
dem-8595	157	29	watson	watson	PROPN
dem-8595	157	30	statistic	statistic	NOUN
dem-8595	157	31	f	f	NOUN
dem-8595	157	32	-	-	PUNCT
dem-8595	157	33	statistic	statistic	ADJ
dem-8595	157	34	0.7081	0.7081	NUM
dem-8595	157	35	prob	prob	NOUN
dem-8595	157	36	.	.	PUNCT
dem-8595	158	1	f(3,2269	f(3,2269	NOUN
dem-8595	158	2	)	)	PUNCT
dem-8595	158	3	0.5471	0.5471	NUM
dem-8595	158	4	obs*r	obs*r	NOUN
dem-8595	158	5	-	-	PUNCT
dem-8595	158	6	squared	square	VERB
dem-8595	158	7	2.1309	2.1309	NUM
dem-8595	158	8	prob	prob	NOUN
dem-8595	158	9	.	.	PUNCT
dem-8595	159	1	chi	chi	PROPN
dem-8595	159	2	-	-	PUNCT
dem-8595	159	3	square(3	square(3	PROPN
dem-8595	159	4	)	)	PUNCT
dem-8595	159	5	0.5457	0.5457	NUM
dem-8595	159	6	durbin	durbin	ADJ
dem-8595	159	7	-	-	PUNCT
dem-8595	159	8	watson	watson	NOUN
dem-8595	159	9	stat	stat	PROPN
dem-8595	159	10	1.9988	1.9988	NUM
dem-8595	159	11	note	note	NOUN
dem-8595	159	12	:	:	PUNCT
dem-8595	159	13	aic	aic	PROPN
dem-8595	159	14	and	and	CCONJ
dem-8595	159	15	sc	sc	PROPN
dem-8595	159	16	information	information	NOUN
dem-8595	159	17	criteria	criterion	NOUN
dem-8595	159	18	for	for	ADP
dem-8595	159	19	the	the	DET
dem-8595	159	20	ardl	ardl	NOUN
dem-8595	159	21	preferred	preferred	ADJ
dem-8595	159	22	structure	structure	NOUN
dem-8595	159	23	are	be	AUX
dem-8595	159	24	in	in	ADP
dem-8595	159	25	bold	bold	ADJ
dem-8595	159	26	.	.	PUNCT
dem-8595	160	1	variables	variable	NOUN
dem-8595	160	2	d	d	X
dem-8595	160	3	(	(	PUNCT
dem-8595	160	4	*	*	NOUN
dem-8595	160	5	)	)	PUNCT
dem-8595	160	6	are	be	AUX
dem-8595	160	7	the	the	DET
dem-8595	160	8	first	first	ADJ
dem-8595	160	9	differences	difference	NOUN
dem-8595	160	10	of	of	ADP
dem-8595	160	11	the	the	DET
dem-8595	160	12	series	series	NOUN
dem-8595	160	13	of	of	ADP
dem-8595	160	14	levels	level	NOUN
dem-8595	160	15	.	.	PUNCT
dem-8595	161	1	a	a	DET
dem-8595	161	2	rejection	rejection	NOUN
dem-8595	161	3	of	of	ADP
dem-8595	161	4	h0	h0	PROPN
dem-8595	161	5	implies	imply	VERB
dem-8595	161	6	that	that	SCONJ
dem-8595	161	7	there	there	PRON
dem-8595	161	8	is	be	VERB
dem-8595	161	9	a	a	DET
dem-8595	161	10	long	long	ADJ
dem-8595	161	11	-	-	PUNCT
dem-8595	161	12	run	run	NOUN
dem-8595	161	13	relation	relation	NOUN
dem-8595	161	14	between	between	ADP
dem-8595	161	15	series	series	NOUN
dem-8595	161	16	.	.	PUNCT
dem-8595	162	1	the	the	DET
dem-8595	162	2	f	f	PROPN
dem-8595	162	3	-	-	PUNCT
dem-8595	162	4	statistics	statistic	NOUN
dem-8595	162	5	in	in	ADP
dem-8595	162	6	the	the	DET
dem-8595	162	7	form	form	NOUN
dem-8595	162	8	presented	present	VERB
dem-8595	162	9	in	in	ADP
dem-8595	162	10	pesaran	pesaran	PROPN
dem-8595	162	11	et	et	PROPN
dem-8595	162	12	al	al	PROPN
dem-8595	162	13	.	.	PROPN
dem-8595	163	1	(	(	PUNCT
dem-8595	163	2	2001	2001	NUM
dem-8595	163	3	)	)	PUNCT
dem-8595	163	4	,	,	PUNCT
dem-8595	163	5	p.	p.	NOUN
dem-8595	163	6	297	297	NUM
dem-8595	163	7	,	,	PUNCT
dem-8595	163	8	equation	equation	NOUN
dem-8595	163	9	(	(	PUNCT
dem-8595	163	10	21	21	NUM
dem-8595	163	11	)	)	PUNCT
dem-8595	163	12	was	be	AUX
dem-8595	163	13	used	use	VERB
dem-8595	163	14	.	.	PUNCT
dem-8595	164	1	because	because	SCONJ
dem-8595	164	2	this	this	DET
dem-8595	164	3	statistic	statistic	NOUN
dem-8595	164	4	has	have	VERB
dem-8595	164	5	non	non	ADJ
dem-8595	164	6	-	-	ADJ
dem-8595	164	7	standard	standard	ADJ
dem-8595	164	8	distributions	distribution	NOUN
dem-8595	164	9	,	,	PUNCT
dem-8595	164	10	in	in	ADP
dem-8595	164	11	accordance	accordance	NOUN
dem-8595	164	12	with	with	ADP
dem-8595	164	13	the	the	DET
dem-8595	164	14	so	so	ADV
dem-8595	164	15	-	-	PUNCT
dem-8595	164	16	called	call	VERB
dem-8595	164	17	bounds	bound	NOUN
dem-8595	164	18	procedure	procedure	NOUN
dem-8595	164	19	proposed	propose	VERB
dem-8595	164	20	by	by	ADP
dem-8595	164	21	pesaran	pesaran	PROPN
dem-8595	164	22	et	et	PROPN
dem-8595	164	23	al	al	PROPN
dem-8595	164	24	.	.	PROPN
dem-8595	165	1	(	(	PUNCT
dem-8595	165	2	2001	2001	NUM
dem-8595	165	3	)	)	PUNCT
dem-8595	165	4	,	,	PUNCT
dem-8595	165	5	we	we	PRON
dem-8595	165	6	tested	test	VERB
dem-8595	165	7	h0	h0	PROPN
dem-8595	165	8	within	within	ADP
dem-8595	165	9	the	the	DET
dem-8595	165	10	conditional	conditional	ADJ
dem-8595	165	11	ecm	ecm	NOUN
dem-8595	165	12	(	(	PUNCT
dem-8595	165	13	3	3	NUM
dem-8595	165	14	)	)	PUNCT
dem-8595	165	15	.	.	PUNCT
dem-8595	166	1	the	the	DET
dem-8595	166	2	researchers	researcher	NOUN
dem-8595	166	3	provided	provide	VERB
dem-8595	166	4	bounds	bound	NOUN
dem-8595	166	5	on	on	ADP
dem-8595	166	6	the	the	DET
dem-8595	166	7	critical	critical	ADJ
dem-8595	166	8	values	value	NOUN
dem-8595	166	9	for	for	ADP
dem-8595	166	10	the	the	DET
dem-8595	166	11	asymptotic	asymptotic	ADJ
dem-8595	166	12	distribution	distribution	NOUN
dem-8595	166	13	of	of	ADP
dem-8595	166	14	the	the	DET
dem-8595	166	15	fstatistic	fstatistic	NOUN
dem-8595	166	16	for	for	ADP
dem-8595	166	17	various	various	ADJ
dem-8595	166	18	specifications	specification	NOUN
dem-8595	166	19	of	of	ADP
dem-8595	166	20	ecm	ecm	NOUN
dem-8595	166	21	for	for	ADP
dem-8595	166	22	sizes	size	NOUN
dem-8595	166	23	0.100	0.100	NUM
dem-8595	166	24	,	,	PUNCT
dem-8595	166	25	0.050	0.050	NUM
dem-8595	166	26	,	,	PUNCT
dem-8595	166	27	0.025	0.025	NUM
dem-8595	166	28	and	and	CCONJ
dem-8595	166	29	0.010	0.010	NUM
dem-8595	166	30	of	of	ADP
dem-8595	166	31	the	the	DET
dem-8595	166	32	test	test	NOUN
dem-8595	166	33	.	.	PUNCT
dem-8595	167	1	the	the	DET
dem-8595	167	2	lower	lower	ADV
dem-8595	167	3	bound	bound	ADJ
dem-8595	167	4	values	value	NOUN
dem-8595	167	5	assume	assume	VERB
dem-8595	167	6	that	that	SCONJ
dem-8595	167	7	the	the	DET
dem-8595	167	8	forcing	force	VERB
dem-8595	167	9	variables	variable	NOUN
dem-8595	167	10	are	be	AUX
dem-8595	167	11	purely	purely	ADV
dem-8595	167	12	i(0	i(0	PROPN
dem-8595	167	13	)	)	PUNCT
dem-8595	167	14	,	,	PUNCT
dem-8595	167	15	and	and	CCONJ
dem-8595	167	16	the	the	DET
dem-8595	167	17	upper	upper	ADJ
dem-8595	167	18	bound	bound	ADJ
dem-8595	167	19	values	value	NOUN
dem-8595	167	20	assume	assume	VERB
dem-8595	167	21	that	that	SCONJ
dem-8595	167	22	variables	variable	NOUN
dem-8595	167	23	are	be	AUX
dem-8595	167	24	purely	purely	ADV
dem-8595	167	25	i(1	i(1	NOUN
dem-8595	167	26	)	)	PUNCT
dem-8595	167	27	.	.	PUNCT
dem-8595	168	1	if	if	SCONJ
dem-8595	168	2	the	the	DET
dem-8595	168	3	computed	computed	ADJ
dem-8595	168	4	f	f	PROPN
dem-8595	168	5	-	-	PUNCT
dem-8595	168	6	statistics	statistic	NOUN
dem-8595	168	7	fall	fall	VERB
dem-8595	168	8	outside	outside	ADP
dem-8595	168	9	the	the	DET
dem-8595	168	10	critical	critical	ADJ
dem-8595	168	11	value	value	NOUN
dem-8595	168	12	bounds	bound	NOUN
dem-8595	168	13	,	,	PUNCT
dem-8595	168	14	a	a	DET
dem-8595	168	15	conclusive	conclusive	ADJ
dem-8595	168	16	decision	decision	NOUN
dem-8595	168	17	results	result	NOUN
dem-8595	168	18	without	without	ADP
dem-8595	168	19	needing	need	VERB
dem-8595	168	20	to	to	PART
dem-8595	168	21	know	know	VERB
dem-8595	168	22	the	the	DET
dem-8595	168	23	cointegration	cointegration	NOUN
dem-8595	168	24	rank	rank	NOUN
dem-8595	168	25	r	r	NOUN
dem-8595	168	26	of	of	ADP
dem-8595	168	27	the	the	DET
dem-8595	168	28	variables	variable	NOUN
dem-8595	168	29	.	.	PUNCT
dem-8595	169	1	however	however	ADV
dem-8595	169	2	,	,	PUNCT
dem-8595	169	3	if	if	SCONJ
dem-8595	169	4	the	the	DET
dem-8595	169	5	wald	wald	NOUN
dem-8595	169	6	or	or	CCONJ
dem-8595	169	7	f	f	X
dem-8595	169	8	-	-	PUNCT
dem-8595	169	9	statistic	statistic	NOUN
dem-8595	169	10	falls	fall	VERB
dem-8595	169	11	within	within	ADP
dem-8595	169	12	these	these	DET
dem-8595	169	13	bounds	bound	NOUN
dem-8595	169	14	,	,	PUNCT
dem-8595	169	15	the	the	DET
dem-8595	169	16	inference	inference	NOUN
dem-8595	169	17	would	would	AUX
dem-8595	169	18	be	be	AUX
dem-8595	169	19	inconclusive	inconclusive	ADJ
dem-8595	169	20	.	.	PUNCT
dem-8595	170	1	in	in	ADP
dem-8595	170	2	such	such	ADJ
dem-8595	170	3	circumstances	circumstance	NOUN
dem-8595	170	4	,	,	PUNCT
dem-8595	170	5	knowledge	knowledge	NOUN
dem-8595	170	6	of	of	ADP
dem-8595	170	7	the	the	DET
dem-8595	170	8	cointegration	cointegration	NOUN
dem-8595	170	9	rank	rank	NOUN
dem-8595	170	10	r	r	NOUN
dem-8595	170	11	of	of	ADP
dem-8595	170	12	the	the	DET
dem-8595	170	13	forcing	force	VERB
dem-8595	170	14	variables	variable	NOUN
dem-8595	170	15	is	be	AUX
dem-8595	170	16	required	require	VERB
dem-8595	170	17	to	to	PART
dem-8595	170	18	proceed	proceed	VERB
dem-8595	170	19	further10	further10	NOUN
dem-8595	170	20	.	.	PUNCT
dem-8595	171	1	additionally	additionally	ADV
dem-8595	171	2	,	,	PUNCT
dem-8595	171	3	a	a	DET
dem-8595	171	4	bounds	bound	NOUN
dem-8595	171	5	t	t	NOUN
dem-8595	171	6	-	-	PUNCT
dem-8595	171	7	test	test	NOUN
dem-8595	171	8	of	of	ADP
dem-8595	171	9	the	the	DET
dem-8595	171	10	θ0	θ0	PROPN
dem-8595	171	11	estimated	estimate	VERB
dem-8595	171	12	value	value	NOUN
dem-8595	171	13	was	be	AUX
dem-8595	171	14	performed	perform	VERB
dem-8595	171	15	:	:	PUNCT
dem-8595	171	16	10	10	NUM
dem-8595	171	17	pesaran	pesaran	VERB
dem-8595	171	18	et	et	PROPN
dem-8595	171	19	al	al	PROPN
dem-8595	171	20	(	(	PUNCT
dem-8595	171	21	2001	2001	NUM
dem-8595	171	22	)	)	PUNCT
dem-8595	171	23	,	,	PUNCT
dem-8595	171	24	p.	p.	NOUN
dem-8595	171	25	299	299	NUM
dem-8595	171	26	.	.	PUNCT
dem-8595	172	1	sylwesterbejger	sylwesterbejger	ADJ
dem-8595	172	2	dynamic	dynamic	ADJ
dem-8595	172	3	econometric	econometric	ADJ
dem-8595	172	4	models	model	NOUN
dem-8595	172	5	15	15	NUM
dem-8595	172	6	(	(	PUNCT
dem-8595	172	7	2015	2015	NUM
dem-8595	172	8	)	)	PUNCT
dem-8595	172	9	111–128	111–128	NUM
dem-8595	172	10	122	122	NUM
dem-8595	172	11	h0	h0	NOUN
dem-8595	172	12	:	:	PUNCT
dem-8595	172	13	0	0	NUM
dem-8595	172	14	,	,	PUNCT
dem-8595	172	15	h1	h1	NOUN
dem-8595	172	16	0	0	NUM
dem-8595	172	17	.	.	PUNCT
dem-8595	173	1	asymptotic	asymptotic	ADJ
dem-8595	173	2	critical	critical	ADJ
dem-8595	173	3	t	t	PROPN
dem-8595	173	4	-	-	PUNCT
dem-8595	173	5	statistic	statistic	NOUN
dem-8595	173	6	’s	’s	PART
dem-8595	173	7	values	value	NOUN
dem-8595	173	8	for	for	ADP
dem-8595	173	9	this	this	DET
dem-8595	173	10	test	test	NOUN
dem-8595	173	11	are	be	AUX
dem-8595	173	12	provided	provide	VERB
dem-8595	173	13	by	by	ADP
dem-8595	173	14	pesaran	pesaran	PROPN
dem-8595	173	15	et	et	PROPN
dem-8595	173	16	al	al	PROPN
dem-8595	173	17	.	.	PROPN
dem-8595	174	1	(	(	PUNCT
dem-8595	174	2	2001	2001	NUM
dem-8595	174	3	,	,	PUNCT
dem-8595	174	4	p.	p.	NOUN
dem-8595	174	5	303–304	303–304	NUM
dem-8595	174	6	)	)	PUNCT
dem-8595	174	7	in	in	ADP
dem-8595	174	8	a	a	DET
dem-8595	174	9	form	form	NOUN
dem-8595	174	10	of	of	ADP
dem-8595	174	11	similar	similar	ADJ
dem-8595	174	12	to	to	ADP
dem-8595	174	13	the	the	DET
dem-8595	174	14	f	f	PROPN
dem-8595	174	15	-	-	PUNCT
dem-8595	174	16	statistic	statistic	PROPN
dem-8595	174	17	’s	’s	PART
dem-8595	174	18	i(0)–i(1	i(0)–i(1	PROPN
dem-8595	174	19	)	)	PUNCT
dem-8595	174	20	bounds	bound	NOUN
dem-8595	174	21	,	,	PUNCT
dem-8595	174	22	calculated	calculate	VERB
dem-8595	174	23	for	for	ADP
dem-8595	174	24	various	various	ADJ
dem-8595	174	25	specifications	specification	NOUN
dem-8595	174	26	.	.	PUNCT
dem-8595	175	1	inference	inference	NOUN
dem-8595	175	2	is	be	AUX
dem-8595	175	3	similar	similar	ADJ
dem-8595	175	4	,	,	PUNCT
dem-8595	175	5	either	either	CCONJ
dem-8595	175	6	the	the	DET
dem-8595	175	7	calculated	calculated	ADJ
dem-8595	175	8	t	t	NOUN
dem-8595	175	9	-	-	PUNCT
dem-8595	175	10	value	value	NOUN
dem-8595	175	11	is	be	AUX
dem-8595	175	12	smaller	small	ADJ
dem-8595	175	13	than	than	ADP
dem-8595	175	14	the	the	DET
dem-8595	175	15	lower	lower	ADV
dem-8595	175	16	bound	bind	VERB
dem-8595	175	17	,	,	PUNCT
dem-8595	175	18	which	which	PRON
dem-8595	175	19	means	mean	VERB
dem-8595	175	20	stationarity	stationarity	NOUN
dem-8595	175	21	of	of	ADP
dem-8595	175	22	the	the	DET
dem-8595	175	23	data	datum	NOUN
dem-8595	175	24	;	;	PUNCT
dem-8595	175	25	a	a	DET
dem-8595	175	26	t	t	NOUN
dem-8595	175	27	-	-	PUNCT
dem-8595	175	28	value	value	NOUN
dem-8595	175	29	higher	high	ADJ
dem-8595	175	30	than	than	ADP
dem-8595	175	31	i(1	i(1	PROPN
dem-8595	175	32	)	)	PUNCT
dem-8595	175	33	bound	bind	VERB
dem-8595	175	34	supports	support	VERB
dem-8595	175	35	the	the	DET
dem-8595	175	36	hypothesis	hypothesis	NOUN
dem-8595	175	37	of	of	ADP
dem-8595	175	38	a	a	DET
dem-8595	175	39	long	long	ADJ
dem-8595	175	40	run	run	NOUN
dem-8595	175	41	relation	relation	NOUN
dem-8595	175	42	.	.	PUNCT
dem-8595	176	1	table	table	NOUN
dem-8595	176	2	7	7	NUM
dem-8595	176	3	concludes	conclude	VERB
dem-8595	176	4	this	this	DET
dem-8595	176	5	examination	examination	NOUN
dem-8595	176	6	:	:	PUNCT
dem-8595	176	7	table	table	NOUN
dem-8595	176	8	7	7	NUM
dem-8595	176	9	.	.	PUNCT
dem-8595	176	10	bounds	bound	NOUN
dem-8595	176	11	testing	test	VERB
dem-8595	176	12	test	test	NOUN
dem-8595	176	13	statistic	statistic	NOUN
dem-8595	176	14	calculated	calculate	VERB
dem-8595	176	15	value	value	NOUN
dem-8595	176	16	  	  	SPACE
dem-8595	176	17	f	f	NOUN
dem-8595	176	18	-	-	PUNCT
dem-8595	176	19	statistic	statistic	ADJ
dem-8595	176	20	19.6814	19.6814	NUM
dem-8595	176	21	t	t	NOUN
dem-8595	176	22	-	-	PUNCT
dem-8595	176	23	statistic	statistic	NOUN
dem-8595	176	24	–	–	PUNCT
dem-8595	176	25	6.0310	6.0310	NUM
dem-8595	176	26	significance	significance	NOUN
dem-8595	176	27	level	level	NOUN
dem-8595	176	28	0.1	0.1	NUM
dem-8595	176	29	0.05	0.05	NUM
dem-8595	176	30	0.01	0.01	NUM
dem-8595	176	31	f	f	NOUN
dem-8595	176	32	-	-	PUNCT
dem-8595	176	33	stat	stat	NOUN
dem-8595	176	34	.	.	PUNCT
dem-8595	177	1	bounds	bound	VERB
dem-8595	177	2	4.04	4.04	NUM
dem-8595	177	3	;	;	PUNCT
dem-8595	177	4	4.78	4.78	NUM
dem-8595	177	5	4.94	4.94	NUM
dem-8595	177	6	;	;	PUNCT
dem-8595	177	7	5.73	5.73	NUM
dem-8595	177	8	6.84	6.84	NUM
dem-8595	177	9	;	;	PUNCT
dem-8595	177	10	7.84	7.84	NUM
dem-8595	177	11	t-stat.bounds	t-stat.bound	NOUN
dem-8595	177	12	–	–	PUNCT
dem-8595	177	13	2.57	2.57	NUM
dem-8595	177	14	;	;	PUNCT
dem-8595	177	15	–	–	PUNCT
dem-8595	177	16	2.91	2.91	NUM
dem-8595	177	17	–	–	PUNCT
dem-8595	177	18	2.86	2.86	NUM
dem-8595	177	19	;	;	PUNCT
dem-8595	177	20	–	–	PUNCT
dem-8595	177	21	3.22	3.22	NUM
dem-8595	177	22	–	–	PUNCT
dem-8595	177	23	3.43	3.43	NUM
dem-8595	177	24	;	;	PUNCT
dem-8595	177	25	–	–	PUNCT
dem-8595	177	26	3.82	3.82	NUM
dem-8595	177	27	note	note	NOUN
dem-8595	177	28	:	:	PUNCT
dem-8595	177	29	bound	bind	VERB
dem-8595	177	30	values	value	NOUN
dem-8595	177	31	from	from	ADP
dem-8595	177	32	pesaran	pesaran	PROPN
dem-8595	177	33	et	et	PROPN
dem-8595	177	34	al	al	PROPN
dem-8595	177	35	.	.	PROPN
dem-8595	178	1	(	(	PUNCT
dem-8595	178	2	2001	2001	NUM
dem-8595	178	3	)	)	PUNCT
dem-8595	178	4	,	,	PUNCT
dem-8595	178	5	p.300	p.300	NOUN
dem-8595	178	6	,	,	PUNCT
dem-8595	178	7	p.303	p.303	NOUN
dem-8595	178	8	for	for	ADP
dem-8595	178	9	unrestricted	unrestricted	ADJ
dem-8595	178	10	intercept	intercept	NOUN
dem-8595	178	11	,	,	PUNCT
dem-8595	178	12	no	no	DET
dem-8595	178	13	trend	trend	NOUN
dem-8595	178	14	specification	specification	NOUN
dem-8595	178	15	and	and	CCONJ
dem-8595	178	16	k	k	NOUN
dem-8595	179	1	=	=	NOUN
dem-8595	179	2	1	1	X
dem-8595	179	3	.	.	PUNCT
dem-8595	180	1	it	it	PRON
dem-8595	180	2	can	can	AUX
dem-8595	180	3	be	be	AUX
dem-8595	180	4	stated	state	VERB
dem-8595	180	5	that	that	SCONJ
dem-8595	180	6	because	because	SCONJ
dem-8595	180	7	the	the	DET
dem-8595	180	8	value	value	NOUN
dem-8595	180	9	of	of	ADP
dem-8595	180	10	our	our	PRON
dem-8595	180	11	f	f	NOUN
dem-8595	180	12	-	-	PUNCT
dem-8595	180	13	statistic	statistic	PROPN
dem-8595	180	14	and	and	CCONJ
dem-8595	180	15	t	t	PROPN
dem-8595	180	16	-	-	PUNCT
dem-8595	180	17	statistic	statistic	NOUN
dem-8595	180	18	exceeds	exceed	VERB
dem-8595	180	19	the	the	DET
dem-8595	180	20	upper	upper	ADJ
dem-8595	180	21	bound	bind	VERB
dem-8595	180	22	at	at	ADP
dem-8595	180	23	the	the	DET
dem-8595	180	24	1	1	NUM
dem-8595	180	25	%	%	NOUN
dem-8595	180	26	significance	significance	NOUN
dem-8595	180	27	level	level	NOUN
dem-8595	180	28	,	,	PUNCT
dem-8595	180	29	there	there	PRON
dem-8595	180	30	was	be	VERB
dem-8595	180	31	evidence	evidence	NOUN
dem-8595	180	32	of	of	ADP
dem-8595	180	33	a	a	DET
dem-8595	180	34	long	long	ADV
dem-8595	180	35	-	-	PUNCT
dem-8595	180	36	run	run	NOUN
dem-8595	180	37	relation	relation	NOUN
dem-8595	180	38	between	between	ADP
dem-8595	180	39	the	the	DET
dem-8595	180	40	lotospb	lotospb	NOUN
dem-8595	180	41	and	and	CCONJ
dem-8595	180	42	pknpb	pknpb	NOUN
dem-8595	180	43	.	.	PUNCT
dem-8595	181	1	the	the	DET
dem-8595	181	2	estimated	estimate	VERB
dem-8595	181	3	longrun	longrun	NOUN
dem-8595	181	4	multiplier	multiplier	ADV
dem-8595	181	5	between	between	ADP
dem-8595	181	6	pknpb	pknpb	NOUN
dem-8595	181	7	and	and	CCONJ
dem-8595	181	8	lotospb	lotospb	NOUN
dem-8595	181	9	is	be	AUX
dem-8595	181	10	–	–	PUNCT
dem-8595	181	11	(	(	PUNCT
dem-8595	181	12	0.262933/–0.264599	0.262933/–0.264599	NOUN
dem-8595	181	13	)	)	PUNCT
dem-8595	181	14	)	)	PUNCT
dem-8595	182	1	=	=	SYM
dem-8595	182	2	0.9937	0.9937	NUM
dem-8595	182	3	;	;	PUNCT
dem-8595	182	4	therefore	therefore	ADV
dem-8595	182	5	,	,	PUNCT
dem-8595	182	6	in	in	ADP
dem-8595	182	7	the	the	DET
dem-8595	182	8	long	long	ADJ
dem-8595	182	9	run	run	NOUN
dem-8595	182	10	,	,	PUNCT
dem-8595	182	11	an	an	DET
dem-8595	182	12	increase	increase	NOUN
dem-8595	182	13	of	of	ADP
dem-8595	182	14	1	1	NUM
dem-8595	182	15	unit	unit	NOUN
dem-8595	182	16	in	in	ADP
dem-8595	182	17	pknpb	pknpb	NOUN
dem-8595	182	18	will	will	AUX
dem-8595	182	19	lead	lead	VERB
dem-8595	182	20	to	to	ADP
dem-8595	182	21	an	an	DET
dem-8595	182	22	increase	increase	NOUN
dem-8595	182	23	of	of	ADP
dem-8595	182	24	0.9937	0.9937	NUM
dem-8595	182	25	units	unit	NOUN
dem-8595	182	26	in	in	ADP
dem-8595	182	27	lotospb	lotospb	NOUN
dem-8595	182	28	.	.	PUNCT
dem-8595	183	1	after	after	ADP
dem-8595	183	2	confirming	confirm	VERB
dem-8595	183	3	cointegration	cointegration	NOUN
dem-8595	183	4	,	,	PUNCT
dem-8595	183	5	there	there	PRON
dem-8595	183	6	was	be	VERB
dem-8595	183	7	a	a	DET
dem-8595	183	8	possibility	possibility	NOUN
dem-8595	183	9	to	to	PART
dem-8595	183	10	estimate	estimate	VERB
dem-8595	183	11	the	the	DET
dem-8595	183	12	longrun	longrun	PROPN
dem-8595	183	13	relation	relation	NOUN
dem-8595	183	14	meaningfully	meaningfully	ADV
dem-8595	183	15	:	:	PUNCT
dem-8595	183	16	lotospb	lotospb	NOUN
dem-8595	183	17	α	α	PROPN
dem-8595	183	18	α	α	NOUN
dem-8595	183	19	,	,	PUNCT
dem-8595	183	20	(	(	PUNCT
dem-8595	183	21	4	4	NUM
dem-8595	183	22	)	)	PUNCT
dem-8595	183	23	and	and	CCONJ
dem-8595	183	24	use	use	VERB
dem-8595	183	25	the	the	DET
dem-8595	183	26	ols	ol	NOUN
dem-8595	183	27	residuals	residual	NOUN
dem-8595	183	28	series	series	NOUN
dem-8595	183	29	from	from	ADP
dem-8595	183	30	the	the	DET
dem-8595	183	31	(	(	PUNCT
dem-8595	183	32	4	4	NUM
dem-8595	183	33	)	)	PUNCT
dem-8595	183	34	as	as	ADP
dem-8595	183	35	an	an	DET
dem-8595	183	36	error	error	NOUN
dem-8595	183	37	correction	correction	NOUN
dem-8595	183	38	term	term	NOUN
dem-8595	183	39	to	to	PART
dem-8595	183	40	estimate	estimate	VERB
dem-8595	183	41	the	the	DET
dem-8595	183	42	restricted	restricted	ADJ
dem-8595	183	43	ecm	ecm	NOUN
dem-8595	183	44	of	of	ADP
dem-8595	183	45	the	the	DET
dem-8595	183	46	form	form	NOUN
dem-8595	183	47	:	:	PUNCT
dem-8595	183	48	δlotospb	δlotospb	NOUN
dem-8595	183	49	α	α	PRON
dem-8595	183	50	∑	∑	ADV
dem-8595	183	51	δlotospb	δlotospb	VERB
dem-8595	183	52	∑	∑	PUNCT
dem-8595	183	53	∆	∆	PROPN
dem-8595	183	54	,	,	PUNCT
dem-8595	183	55	(	(	PUNCT
dem-8595	183	56	5	5	NUM
dem-8595	183	57	)	)	PUNCT
dem-8595	183	58	where	where	SCONJ
dem-8595	183	59	:	:	PUNCT
dem-8595	183	60	(	(	PUNCT
dem-8595	183	61	6	6	NUM
dem-8595	183	62	)	)	PUNCT
dem-8595	183	63	,	,	PUNCT
dem-8595	183	64	and	and	CCONJ
dem-8595	183	65	a0	a0	NOUN
dem-8595	183	66	,	,	PUNCT
dem-8595	183	67	a1	a1	PROPN
dem-8595	183	68	are	be	AUX
dem-8595	183	69	ols	ol	NOUN
dem-8595	183	70	estimates	estimate	NOUN
dem-8595	183	71	of	of	ADP
dem-8595	183	72	parameters	parameter	NOUN
dem-8595	183	73	in	in	ADP
dem-8595	183	74	(	(	PUNCT
dem-8595	183	75	6	6	NUM
dem-8595	183	76	)	)	PUNCT
dem-8595	183	77	.	.	PUNCT
dem-8595	184	1	table	table	NOUN
dem-8595	184	2	8	8	NUM
dem-8595	184	3	contains	contain	VERB
dem-8595	184	4	estimated	estimate	VERB
dem-8595	184	5	values	value	NOUN
dem-8595	184	6	of	of	ADP
dem-8595	184	7	parameters	parameter	NOUN
dem-8595	184	8	in	in	ADP
dem-8595	184	9	(	(	PUNCT
dem-8595	184	10	5	5	NUM
dem-8595	184	11	)	)	PUNCT
dem-8595	184	12	.	.	PUNCT
dem-8595	185	1	testing	test	VERB
dem-8595	185	2	parallel	parallel	ADJ
dem-8595	185	3	pricing	pricing	NOUN
dem-8595	185	4	behavior	behavior	NOUN
dem-8595	185	5	in	in	ADP
dem-8595	185	6	the	the	DET
dem-8595	185	7	polish	polish	ADJ
dem-8595	185	8	wholesale	wholesale	ADJ
dem-8595	185	9	fuel	fuel	NOUN
dem-8595	185	10	market	market	NOUN
dem-8595	185	11	…	…	PUNCT
dem-8595	185	12	dynamic	dynamic	ADJ
dem-8595	185	13	econometric	econometric	ADJ
dem-8595	185	14	models	model	NOUN
dem-8595	185	15	15	15	NUM
dem-8595	185	16	(	(	PUNCT
dem-8595	185	17	2015	2015	NUM
dem-8595	185	18	)	)	PUNCT
dem-8595	185	19	111–128	111–128	NUM
dem-8595	185	20	123	123	NUM
dem-8595	185	21	table	table	NOUN
dem-8595	185	22	8	8	NUM
dem-8595	185	23	.	.	PUNCT
dem-8595	185	24	estimation	estimation	NOUN
dem-8595	185	25	of	of	ADP
dem-8595	185	26	parameters	parameter	NOUN
dem-8595	185	27	of	of	ADP
dem-8595	185	28	restricted	restricted	ADJ
dem-8595	185	29	ecm	ecm	PROPN
dem-8595	185	30	variable	variable	ADJ
dem-8595	185	31	coefficient	coefficient	NOUN
dem-8595	185	32	std	std	PROPN
dem-8595	185	33	.	.	NOUN
dem-8595	185	34	error	error	NOUN
dem-8595	185	35	t	t	NOUN
dem-8595	185	36	-	-	PUNCT
dem-8595	185	37	statistic	statistic	NOUN
dem-8595	185	38	p	p	NOUN
dem-8595	185	39	-	-	PUNCT
dem-8595	185	40	value	value	NOUN
dem-8595	185	41	c	c	NOUN
dem-8595	185	42	0.3822	0.3822	NUM
dem-8595	185	43	0.5224	0.5224	NUM
dem-8595	185	44	0.7316	0.7316	NUM
dem-8595	185	45	0.4644	0.4644	NUM
dem-8595	185	46	d(lotospb(–1	d(lotospb(–1	NOUN
dem-8595	185	47	)	)	PUNCT
dem-8595	185	48	)	)	PUNCT
dem-8595	185	49	–	–	PUNCT
dem-8595	185	50	0.0367	0.0367	NUM
dem-8595	185	51	0.0408	0.0408	NUM
dem-8595	185	52	–	–	PUNCT
dem-8595	185	53	0.8988	0.8988	NUM
dem-8595	185	54	0.3688	0.3688	NUM
dem-8595	185	55	d(pknpb(–1	d(pknpb(–1	NUM
dem-8595	185	56	)	)	PUNCT
dem-8595	185	57	)	)	PUNCT
dem-8595	185	58	0.3866	0.3866	NUM
dem-8595	185	59	0.0408	0.0408	NUM
dem-8595	185	60	9.4719	9.4719	NUM
dem-8595	185	61	0.0000	0.0000	NUM
dem-8595	185	62	d(pknpb(–2	d(pknpb(–2	PRON
dem-8595	185	63	)	)	PUNCT
dem-8595	185	64	)	)	PUNCT
dem-8595	186	1	0.0666	0.0666	NUM
dem-8595	186	2	0.0216	0.0216	NUM
dem-8595	186	3	3.0800	3.0800	NUM
dem-8595	186	4	0.0021	0.0021	NUM
dem-8595	186	5	ec(–1	ec(–1	PRON
dem-8595	186	6	)	)	PUNCT
dem-8595	186	7	–	–	PUNCT
dem-8595	186	8	0.2649	0.2649	NUM
dem-8595	186	9	0.0438	0.0438	NUM
dem-8595	186	10	–	–	PUNCT
dem-8595	186	11	6.0368	6.0368	NUM
dem-8595	186	12	0.0000	0.0000	NUM
dem-8595	186	13	note	note	NOUN
dem-8595	186	14	:	:	PUNCT
dem-8595	186	15	variables	variable	NOUN
dem-8595	186	16	d	d	X
dem-8595	186	17	(	(	PUNCT
dem-8595	186	18	*	*	NOUN
dem-8595	186	19	)	)	PUNCT
dem-8595	186	20	are	be	AUX
dem-8595	186	21	the	the	DET
dem-8595	186	22	first	first	ADJ
dem-8595	186	23	differences	difference	NOUN
dem-8595	186	24	of	of	ADP
dem-8595	186	25	the	the	DET
dem-8595	186	26	series	series	NOUN
dem-8595	186	27	in	in	ADP
dem-8595	186	28	levels	level	NOUN
dem-8595	186	29	.	.	PUNCT
dem-8595	187	1	it	it	PRON
dem-8595	187	2	can	can	AUX
dem-8595	187	3	be	be	AUX
dem-8595	187	4	observed	observe	VERB
dem-8595	187	5	that	that	SCONJ
dem-8595	187	6	the	the	DET
dem-8595	187	7	estimated	estimate	VERB
dem-8595	187	8	coefficient	coefficient	NOUN
dem-8595	187	9	of	of	ADP
dem-8595	187	10	the	the	DET
dem-8595	187	11	error	error	NOUN
dem-8595	187	12	-	-	PUNCT
dem-8595	187	13	correction	correction	NOUN
dem-8595	187	14	term	term	NOUN
dem-8595	187	15	,	,	PUNCT
dem-8595	187	16	ect-1	ect-1	X
dem-8595	187	17	,	,	PUNCT
dem-8595	187	18	is	be	AUX
dem-8595	187	19	negative	negative	ADJ
dem-8595	187	20	,	,	PUNCT
dem-8595	187	21	as	as	SCONJ
dem-8595	187	22	expected	expect	VERB
dem-8595	187	23	,	,	PUNCT
dem-8595	187	24	and	and	CCONJ
dem-8595	187	25	significant	significant	ADJ
dem-8595	187	26	.	.	PUNCT
dem-8595	188	1	the	the	DET
dem-8595	188	2	absolute	absolute	ADJ
dem-8595	188	3	value	value	NOUN
dem-8595	188	4	of	of	ADP
dem-8595	188	5	this	this	DET
dem-8595	188	6	coefficient	coefficient	NOUN
dem-8595	188	7	implies	imply	VERB
dem-8595	188	8	that	that	SCONJ
dem-8595	188	9	approximately	approximately	ADV
dem-8595	188	10	27	27	NUM
dem-8595	188	11	%	%	NOUN
dem-8595	188	12	of	of	ADP
dem-8595	188	13	any	any	DET
dem-8595	188	14	disequilibrium	disequilibrium	NOUN
dem-8595	188	15	between	between	ADP
dem-8595	188	16	the	the	DET
dem-8595	188	17	lotospb	lotospb	NOUN
dem-8595	188	18	price	price	NOUN
dem-8595	188	19	level	level	NOUN
dem-8595	188	20	and	and	CCONJ
dem-8595	188	21	the	the	DET
dem-8595	188	22	pknpb	pknpb	NOUN
dem-8595	188	23	price	price	NOUN
dem-8595	188	24	level	level	NOUN
dem-8595	188	25	is	be	AUX
dem-8595	188	26	corrected	correct	VERB
dem-8595	188	27	within	within	ADP
dem-8595	188	28	one	one	NUM
dem-8595	188	29	day	day	NOUN
dem-8595	188	30	.	.	PUNCT
dem-8595	189	1	3.4	3.4	NUM
dem-8595	189	2	.	.	PUNCT
dem-8595	190	1	preliminary	preliminary	ADJ
dem-8595	190	2	analysis	analysis	NOUN
dem-8595	190	3	of	of	ADP
dem-8595	190	4	leader	leader	NOUN
dem-8595	190	5	-	-	PUNCT
dem-8595	190	6	follower	follower	NOUN
dem-8595	190	7	behavior	behavior	NOUN
dem-8595	190	8	in	in	ADP
dem-8595	190	9	subsamples	subsample	NOUN
dem-8595	190	10	the	the	DET
dem-8595	190	11	last	last	ADJ
dem-8595	190	12	problem	problem	NOUN
dem-8595	190	13	,	,	PUNCT
dem-8595	190	14	which	which	PRON
dem-8595	190	15	was	be	AUX
dem-8595	190	16	preliminarily	preliminarily	ADV
dem-8595	190	17	examined	examine	VERB
dem-8595	190	18	,	,	PUNCT
dem-8595	190	19	was	be	AUX
dem-8595	190	20	the	the	DET
dem-8595	190	21	leaderfollower	leaderfollower	ADJ
dem-8595	190	22	behavior	behavior	NOUN
dem-8595	190	23	of	of	ADP
dem-8595	190	24	a	a	DET
dem-8595	190	25	more	more	ADV
dem-8595	190	26	complicated	complicated	ADJ
dem-8595	190	27	nature	nature	NOUN
dem-8595	190	28	(	(	PUNCT
dem-8595	190	29	as	as	ADP
dem-8595	190	30	replications	replication	NOUN
dem-8595	190	31	of	of	ADP
dem-8595	190	32	certain	certain	ADJ
dem-8595	190	33	patterns	pattern	NOUN
dem-8595	190	34	in	in	ADP
dem-8595	190	35	price	price	NOUN
dem-8595	190	36	changes	change	NOUN
dem-8595	190	37	and	and	CCONJ
dem-8595	190	38	price	price	NOUN
dem-8595	190	39	announcements	announcement	NOUN
dem-8595	190	40	)	)	PUNCT
dem-8595	190	41	,	,	PUNCT
dem-8595	190	42	which	which	PRON
dem-8595	190	43	was	be	AUX
dem-8595	190	44	exhibited	exhibit	VERB
dem-8595	190	45	in	in	ADP
dem-8595	190	46	the	the	DET
dem-8595	190	47	sub	sub	NOUN
dem-8595	190	48	-	-	NOUN
dem-8595	190	49	samples	sample	NOUN
dem-8595	190	50	.	.	PUNCT
dem-8595	191	1	to	to	PART
dem-8595	191	2	begin	begin	VERB
dem-8595	191	3	,	,	PUNCT
dem-8595	191	4	the	the	DET
dem-8595	191	5	sub	sub	NOUN
dem-8595	191	6	-	-	NOUN
dem-8595	191	7	samples	sample	NOUN
dem-8595	191	8	were	be	AUX
dem-8595	191	9	examined	examine	VERB
dem-8595	191	10	in	in	ADP
dem-8595	191	11	the	the	DET
dem-8595	191	12	most	most	ADV
dem-8595	191	13	intuitive	intuitive	ADJ
dem-8595	191	14	manner	manner	NOUN
dem-8595	191	15	,	,	PUNCT
dem-8595	191	16	consistent	consistent	ADJ
dem-8595	191	17	with	with	ADP
dem-8595	191	18	the	the	DET
dem-8595	191	19	assumed	assumed	ADJ
dem-8595	191	20	pricing	pricing	NOUN
dem-8595	191	21	mechanism	mechanism	NOUN
dem-8595	191	22	,	,	PUNCT
dem-8595	191	23	i.e.	i.e.	X
dem-8595	191	24	,	,	PUNCT
dem-8595	191	25	by	by	ADP
dem-8595	191	26	testing	test	VERB
dem-8595	191	27	the	the	DET
dem-8595	191	28	differences	difference	NOUN
dem-8595	191	29	between	between	ADP
dem-8595	191	30	the	the	DET
dem-8595	191	31	same	same	ADJ
dem-8595	191	32	day	day	NOUN
dem-8595	191	33	prices	price	NOUN
dem-8595	191	34	of	of	ADP
dem-8595	191	35	both	both	DET
dem-8595	191	36	players	player	NOUN
dem-8595	191	37	,	,	PUNCT
dem-8595	191	38	the	the	DET
dem-8595	191	39	current	current	ADJ
dem-8595	191	40	price	price	NOUN
dem-8595	191	41	of	of	ADP
dem-8595	191	42	one	one	NUM
dem-8595	191	43	of	of	ADP
dem-8595	191	44	the	the	DET
dem-8595	191	45	players	player	NOUN
dem-8595	191	46	and	and	CCONJ
dem-8595	191	47	the	the	DET
dem-8595	191	48	lagged	lag	VERB
dem-8595	191	49	price	price	NOUN
dem-8595	191	50	of	of	ADP
dem-8595	191	51	the	the	DET
dem-8595	191	52	other	other	ADJ
dem-8595	191	53	.	.	PUNCT
dem-8595	192	1	figure	figure	NOUN
dem-8595	192	2	3	3	NUM
dem-8595	192	3	provides	provide	VERB
dem-8595	192	4	the	the	DET
dem-8595	192	5	possibility	possibility	NOUN
dem-8595	192	6	to	to	PART
dem-8595	192	7	visually	visually	ADV
dem-8595	192	8	inspect	inspect	VERB
dem-8595	192	9	various	various	ADJ
dem-8595	192	10	series	series	NOUN
dem-8595	192	11	of	of	ADP
dem-8595	192	12	differences	difference	NOUN
dem-8595	192	13	of	of	ADP
dem-8595	192	14	prices	price	NOUN
dem-8595	192	15	of	of	ADP
dem-8595	192	16	the	the	DET
dem-8595	192	17	players	player	NOUN
dem-8595	192	18	:	:	PUNCT
dem-8595	192	19	figure	figure	VERB
dem-8595	192	20	3	3	NUM
dem-8595	192	21	.	.	PUNCT
dem-8595	193	1	absolute	absolute	ADJ
dem-8595	193	2	values	value	NOUN
dem-8595	193	3	of	of	ADP
dem-8595	193	4	differences	difference	NOUN
dem-8595	193	5	between	between	ADP
dem-8595	193	6	levels	level	NOUN
dem-8595	193	7	of	of	ADP
dem-8595	193	8	prices	price	NOUN
dem-8595	193	9	of	of	ADP
dem-8595	193	10	players	player	NOUN
dem-8595	193	11	and	and	CCONJ
dem-8595	193	12	the	the	DET
dem-8595	193	13	entire	entire	ADJ
dem-8595	193	14	sample	sample	NOUN
dem-8595	193	15	the	the	DET
dem-8595	193	16	differences	difference	NOUN
dem-8595	193	17	of	of	ADP
dem-8595	193	18	the	the	DET
dem-8595	193	19	same	same	ADJ
dem-8595	193	20	day	day	NOUN
dem-8595	193	21	prices	price	NOUN
dem-8595	193	22	appear	appear	VERB
dem-8595	193	23	to	to	PART
dem-8595	193	24	have	have	VERB
dem-8595	193	25	the	the	DET
dem-8595	193	26	smallest	small	ADJ
dem-8595	193	27	mean	mean	NOUN
dem-8595	193	28	and	and	CCONJ
dem-8595	193	29	variance	variance	NOUN
dem-8595	193	30	;	;	PUNCT
dem-8595	193	31	however	however	ADV
dem-8595	193	32	,	,	PUNCT
dem-8595	193	33	an	an	DET
dem-8595	193	34	interesting	interesting	ADJ
dem-8595	193	35	period	period	NOUN
dem-8595	193	36	(	(	PUNCT
dem-8595	193	37	it	it	PRON
dem-8595	193	38	covers	cover	VERB
dem-8595	193	39	nearly	nearly	ADV
dem-8595	193	40	precisely	precisely	ADV
dem-8595	193	41	all	all	PRON
dem-8595	193	42	observations	observation	NOUN
dem-8595	193	43	of	of	ADP
dem-8595	193	44	2007	2007	NUM
dem-8595	193	45	)	)	PUNCT
dem-8595	193	46	in	in	ADP
dem-8595	193	47	the	the	DET
dem-8595	193	48	series	series	NOUN
dem-8595	193	49	of	of	ADP
dem-8595	193	50	differences	difference	NOUN
dem-8595	193	51	of	of	ADP
dem-8595	193	52	the	the	DET
dem-8595	193	53	pknpb	pknpb	NOUN
dem-8595	193	54	and	and	CCONJ
dem-8595	193	55	lagged	lag	VERB
dem-8595	193	56	1	1	NUM
dem-8595	193	57	-	-	PUNCT
dem-8595	193	58	day	day	NOUN
dem-8595	193	59	0	0	NUM
dem-8595	193	60	50	50	NUM
dem-8595	193	61	100	100	NUM
dem-8595	193	62	150	150	NUM
dem-8595	193	63	200	200	NUM
dem-8595	193	64	04	04	NUM
dem-8595	193	65	05	05	NUM
dem-8595	193	66	06	06	NUM
dem-8595	193	67	07	07	NUM
dem-8595	193	68	08	08	NUM
dem-8595	193	69	09	09	NUM
dem-8595	193	70	10	10	NUM
dem-8595	193	71	11	11	NUM
dem-8595	193	72	12	12	NUM
dem-8595	193	73	13	13	NUM
dem-8595	193	74	lotospb	lotospb	NOUN
dem-8595	193	75	minus	minus	CCONJ
dem-8595	193	76	pknpb	pknpb	PROPN
dem-8595	193	77	(	(	PUNCT
dem-8595	193	78	abs	ab	NOUN
dem-8595	193	79	v	v	NOUN
dem-8595	193	80	alues	alue	NOUN
dem-8595	193	81	)	)	PUNCT
dem-8595	193	82	0	0	NUM
dem-8595	194	1	50	50	NUM
dem-8595	194	2	100	100	NUM
dem-8595	194	3	150	150	NUM
dem-8595	194	4	200	200	NUM
dem-8595	194	5	04	04	NUM
dem-8595	194	6	05	05	NUM
dem-8595	194	7	06	06	NUM
dem-8595	194	8	07	07	NUM
dem-8595	194	9	08	08	NUM
dem-8595	194	10	09	09	NUM
dem-8595	194	11	10	10	NUM
dem-8595	194	12	11	11	NUM
dem-8595	194	13	12	12	NUM
dem-8595	194	14	13	13	NUM
dem-8595	194	15	lotospb	lotospb	NOUN
dem-8595	194	16	minus	minus	CCONJ
dem-8595	194	17	pknpbt-1	pknpbt-1	PROPN
dem-8595	194	18	(	(	PUNCT
dem-8595	194	19	abs	ab	VERB
dem-8595	194	20	v	v	NOUN
dem-8595	194	21	alues	alue	NOUN
dem-8595	194	22	)	)	PUNCT
dem-8595	194	23	0	0	NUM
dem-8595	194	24	50	50	NUM
dem-8595	194	25	100	100	NUM
dem-8595	194	26	150	150	NUM
dem-8595	194	27	200	200	NUM
dem-8595	194	28	04	04	NUM
dem-8595	194	29	05	05	NUM
dem-8595	194	30	06	06	NUM
dem-8595	194	31	07	07	NUM
dem-8595	194	32	08	08	NUM
dem-8595	194	33	09	09	NUM
dem-8595	194	34	10	10	NUM
dem-8595	194	35	11	11	NUM
dem-8595	194	36	12	12	NUM
dem-8595	194	37	13	13	NUM
dem-8595	194	38	lotospb	lotospb	NOUN
dem-8595	194	39	minus	minus	ADP
dem-8595	194	40	pknpbt+1	pknpbt+1	PROPN
dem-8595	194	41	(	(	PUNCT
dem-8595	194	42	abs	ab	VERB
dem-8595	194	43	v	v	NOUN
dem-8595	194	44	alues	alue	NOUN
dem-8595	194	45	)	)	PUNCT
dem-8595	194	46	sylwesterbejger	sylwesterbejger	PROPN
dem-8595	194	47	dynamic	dynamic	ADJ
dem-8595	194	48	econometric	econometric	ADJ
dem-8595	194	49	models	model	NOUN
dem-8595	194	50	15	15	NUM
dem-8595	194	51	(	(	PUNCT
dem-8595	194	52	2015	2015	NUM
dem-8595	194	53	)	)	PUNCT
dem-8595	194	54	111–128	111–128	NUM
dem-8595	194	55	124	124	NUM
dem-8595	194	56	table	table	NOUN
dem-8595	194	57	9	9	NUM
dem-8595	194	58	.	.	PUNCT
dem-8595	194	59	price	price	NOUN
dem-8595	194	60	’s	’s	PART
dem-8595	194	61	differences	difference	NOUN
dem-8595	194	62	analysis	analysis	NOUN
dem-8595	194	63	descriptive	descriptive	ADJ
dem-8595	194	64	statistics	statistic	NOUN
dem-8595	194	65	–	–	PUNCT
dem-8595	194	66	whole	whole	ADJ
dem-8595	194	67	sample	sample	NOUN
dem-8595	194	68	descriptive	descriptive	ADJ
dem-8595	194	69	statistics	statistic	NOUN
dem-8595	194	70	–	–	PUNCT
dem-8595	194	71	year	year	NOUN
dem-8595	194	72	2007	2007	NUM
dem-8595	194	73	subsample	subsample	ADJ
dem-8595	194	74	s1	s1	NOUN
dem-8595	194	75	=	=	PUNCT
dem-8595	194	76	yt	yt	PROPN
dem-8595	194	77	–	–	PUNCT
dem-8595	194	78	xt	xt	X
dem-8595	194	79	s2	s2	NOUN
dem-8595	194	80	=	=	PUNCT
dem-8595	194	81	yt	yt	PROPN
dem-8595	194	82	–	–	PUNCT
dem-8595	194	83	xt–1	xt–1	NUM
dem-8595	195	1	s3	s3	PROPN
dem-8595	195	2	=	=	SYM
dem-8595	195	3	xt	xt	PROPN
dem-8595	195	4	–	–	PUNCT
dem-8595	195	5	yt–1	yt–1	PRON
dem-8595	195	6	s1	s1	NOUN
dem-8595	195	7	=	=	PUNCT
dem-8595	195	8	yt	yt	PROPN
dem-8595	195	9	–	–	PUNCT
dem-8595	195	10	xt	xt	NUM
dem-8595	195	11	s3	s3	PROPN
dem-8595	195	12	=	=	SYM
dem-8595	195	13	xt	xt	PROPN
dem-8595	195	14	–	–	PUNCT
dem-8595	195	15	yt–1	yt–1	PRON
dem-8595	195	16	mean	mean	VERB
dem-8595	195	17	9.749	9.749	NUM
dem-8595	195	18	20.873	20.873	NUM
dem-8595	195	19	19.386	19.386	NUM
dem-8595	195	20	11.530	11.530	NUM
dem-8595	195	21	8.724	8.724	NUM
dem-8595	195	22	median	median	NOUN
dem-8595	195	23	6	6	NUM
dem-8595	195	24	16	16	NUM
dem-8595	195	25	14	14	NUM
dem-8595	195	26	10	10	NUM
dem-8595	195	27	7	7	NUM
dem-8595	195	28	std	std	NOUN
dem-8595	195	29	.	.	PUNCT
dem-8595	195	30	dev	dev	PROPN
dem-8595	195	31	.	.	PUNCT
dem-8595	196	1	10.755	10.755	NUM
dem-8595	196	2	19.391	19.391	NUM
dem-8595	196	3	19.853	19.853	NUM
dem-8595	196	4	7.980	7.980	NUM
dem-8595	196	5	6.814	6.814	NUM
dem-8595	196	6	skewness	skewness	NOUN
dem-8595	196	7	1.992	1.992	NUM
dem-8595	196	8	2.529	2.529	NUM
dem-8595	196	9	2.802	2.802	NUM
dem-8595	196	10	0.341	0.341	NUM
dem-8595	196	11	1.077	1.077	NUM
dem-8595	196	12	kurtosis	kurtosis	NOUN
dem-8595	196	13	10.060	10.060	NUM
dem-8595	196	14	17.332	17.332	NUM
dem-8595	196	15	18.119	18.119	NUM
dem-8595	196	16	2.348	2.348	NUM
dem-8595	196	17	4.251	4.251	NUM
dem-8595	196	18	test	test	NOUN
dem-8595	196	19	–	–	PUNCT
dem-8595	196	20	equality	equality	NOUN
dem-8595	196	21	of	of	ADP
dem-8595	196	22	means	mean	NOUN
dem-8595	196	23	e(s1	e(s1	ADJ
dem-8595	196	24	)	)	PUNCT
dem-8595	196	25	=	=	SYM
dem-8595	196	26	e(s2	e(s2	ADJ
dem-8595	196	27	)	)	PUNCT
dem-8595	196	28	test	test	NOUN
dem-8595	196	29	test	test	NOUN
dem-8595	196	30	stat	stat	PROPN
dem-8595	196	31	value	value	NOUN
dem-8595	196	32	p	p	NOUN
dem-8595	196	33	-	-	PUNCT
dem-8595	196	34	value	value	NOUN
dem-8595	196	35	test	test	NOUN
dem-8595	196	36	stat	stat	NOUN
dem-8595	196	37	value	value	NOUN
dem-8595	196	38	p	p	NOUN
dem-8595	196	39	-	-	PUNCT
dem-8595	196	40	value	value	NOUN
dem-8595	196	41	t	t	NOUN
dem-8595	196	42	-	-	PUNCT
dem-8595	196	43	test	test	NOUN
dem-8595	196	44	–	–	PUNCT
dem-8595	196	45	23.9695	23.9695	NUM
dem-8595	196	46	0.0000	0.0000	NUM
dem-8595	196	47	anova	anova	X
dem-8595	196	48	f	f	X
dem-8595	196	49	-	-	PUNCT
dem-8595	196	50	test	test	NOUN
dem-8595	196	51	574.5346	574.5346	NUM
dem-8595	196	52	0.0000	0.0000	NUM
dem-8595	196	53	test	test	NOUN
dem-8595	196	54	–	–	PUNCT
dem-8595	196	55	equality	equality	NOUN
dem-8595	196	56	of	of	ADP
dem-8595	196	57	means	mean	NOUN
dem-8595	196	58	e(s1	e(s1	ADJ
dem-8595	196	59	)	)	PUNCT
dem-8595	196	60	=	=	SYM
dem-8595	196	61	e(s3	e(s3	PROPN
dem-8595	196	62	)	)	PUNCT
dem-8595	196	63	t	t	PROPN
dem-8595	196	64	-	-	PUNCT
dem-8595	196	65	test	test	NOUN
dem-8595	196	66	–	–	PUNCT
dem-8595	196	67	20.4223	20.4223	NUM
dem-8595	196	68	0.0000	0.0000	NUM
dem-8595	196	69	4.2020	4.2020	NUM
dem-8595	196	70	0.0000	0.0000	NUM
dem-8595	196	71	anova	anova	PROPN
dem-8595	196	72	f	f	X
dem-8595	196	73	-	-	PUNCT
dem-8595	196	74	test	test	NOUN
dem-8595	196	75	417.0719	417.0719	NUM
dem-8595	196	76	0.0000	0.0000	NUM
dem-8595	196	77	17.6569	17.6569	NUM
dem-8595	196	78	0.0000	0.0000	NUM
dem-8595	196	79	test	test	NOUN
dem-8595	196	80	–	–	PUNCT
dem-8595	196	81	equality	equality	NOUN
dem-8595	196	82	of	of	ADP
dem-8595	196	83	medians	median	NOUN
dem-8595	196	84	me(s1	me(s1	NOUN
dem-8595	196	85	)	)	PUNCT
dem-8595	196	86	=	=	SYM
dem-8595	196	87	me(s2	me(s2	X
dem-8595	196	88	)	)	PUNCT
dem-8595	196	89	wilcoxon	wilcoxon	PROPN
dem-8595	196	90	/	/	SYM
dem-8595	196	91	mann	mann	PROPN
dem-8595	196	92	-	-	PUNCT
dem-8595	196	93	whitney	whitney	PROPN
dem-8595	196	94	(	(	PUNCT
dem-8595	196	95	tieadj	tieadj	PROPN
dem-8595	196	96	.	.	PUNCT
dem-8595	196	97	)	)	PUNCT
dem-8595	197	1	24.3783	24.3783	NUM
dem-8595	197	2	0.0000	0.0000	NUM
dem-8595	197	3	adj	adj	X
dem-8595	197	4	.	.	PROPN
dem-8595	197	5	med	med	PROPN
dem-8595	197	6	.	.	PUNCT
dem-8595	198	1	chi	chi	ADJ
dem-8595	198	2	-	-	PUNCT
dem-8595	198	3	square	square	ADJ
dem-8595	198	4	441.7884	441.7884	NUM
dem-8595	198	5	0.0000	0.0000	NUM
dem-8595	198	6	van	van	PROPN
dem-8595	198	7	der	der	NOUN
dem-8595	198	8	waerden	waerden	VERB
dem-8595	198	9	613.5586	613.5586	NUM
dem-8595	198	10	0.0000	0.0000	NUM
dem-8595	198	11	test	test	NOUN
dem-8595	198	12	–	–	PUNCT
dem-8595	198	13	equality	equality	NOUN
dem-8595	198	14	of	of	ADP
dem-8595	198	15	medians	median	NOUN
dem-8595	198	16	me(s1	me(s1	NOUN
dem-8595	198	17	)	)	PUNCT
dem-8595	198	18	=	=	SYM
dem-8595	198	19	me(s3	me(s3	NOUN
dem-8595	198	20	)	)	PUNCT
dem-8595	198	21	wilcoxon	wilcoxon	PROPN
dem-8595	198	22	/	/	SYM
dem-8595	198	23	mann	mann	PROPN
dem-8595	198	24	-	-	PUNCT
dem-8595	198	25	whitney	whitney	PROPN
dem-8595	198	26	(	(	PUNCT
dem-8595	198	27	tie	tie	NOUN
dem-8595	198	28	-	-	PUNCT
dem-8595	198	29	adj	adj	NOUN
dem-8595	198	30	.	.	PUNCT
dem-8595	198	31	)	)	PUNCT
dem-8595	198	32	21.4293	21.4293	NUM
dem-8595	199	1	0.0000	0.0000	NUM
dem-8595	199	2	3.8747	3.8747	NUM
dem-8595	199	3	0.0001	0.0001	NUM
dem-8595	199	4	adj	adj	X
dem-8595	199	5	.	.	PROPN
dem-8595	199	6	med	med	PROPN
dem-8595	199	7	.	.	PUNCT
dem-8595	200	1	chi	chi	ADJ
dem-8595	200	2	-	-	PUNCT
dem-8595	200	3	square	square	NOUN
dem-8595	200	4	346.6815	346.6815	NUM
dem-8595	200	5	0.0000	0.0000	NUM
dem-8595	200	6	18.6559	18.6559	NUM
dem-8595	200	7	0.0000	0.0000	NUM
dem-8595	200	8	van	van	PROPN
dem-8595	200	9	der	der	NOUN
dem-8595	200	10	waerden	waerden	VERB
dem-8595	200	11	502.5227	502.5227	NUM
dem-8595	200	12	0.0000	0.0000	NUM
dem-8595	200	13	11.8360	11.8360	NUM
dem-8595	200	14	0.0006	0.0006	NUM
dem-8595	200	15	test	test	NOUN
dem-8595	200	16	–	–	PUNCT
dem-8595	200	17	equality	equality	NOUN
dem-8595	200	18	of	of	ADP
dem-8595	200	19	variances	variance	NOUN
dem-8595	200	20	var(s1	var(s1	NOUN
dem-8595	200	21	)	)	PUNCT
dem-8595	200	22	=	=	SYM
dem-8595	200	23	var	var	NOUN
dem-8595	200	24	(	(	PUNCT
dem-8595	200	25	s2	s2	PROPN
dem-8595	200	26	)	)	PUNCT
dem-8595	200	27	f	f	X
dem-8595	200	28	-	-	PUNCT
dem-8595	200	29	test	test	NOUN
dem-8595	200	30	3.4100	3.4100	NUM
dem-8595	200	31	0.0000	0.0000	NUM
dem-8595	200	32	bartlett	bartlett	PROPN
dem-8595	200	33	808.2732	808.2732	NUM
dem-8595	200	34	0.0000	0.0000	NUM
dem-8595	200	35	brown	brown	ADJ
dem-8595	200	36	-	-	PUNCT
dem-8595	200	37	forsythe	forsythe	PROPN
dem-8595	200	38	201.9853	201.9853	NUM
dem-8595	200	39	0.0000	0.0000	NUM
dem-8595	200	40	test	test	NOUN
dem-8595	200	41	–	–	PUNCT
dem-8595	200	42	equality	equality	NOUN
dem-8595	200	43	of	of	ADP
dem-8595	200	44	variances	variance	NOUN
dem-8595	200	45	var(s1	var(s1	NOUN
dem-8595	200	46	)	)	PUNCT
dem-8595	200	47	=	=	SYM
dem-8595	200	48	var	var	NOUN
dem-8595	200	49	(	(	PUNCT
dem-8595	200	50	s3	s3	PROPN
dem-8595	200	51	)	)	PUNCT
dem-8595	200	52	f	f	X
dem-8595	200	53	-	-	PUNCT
dem-8595	200	54	test	test	NOUN
dem-8595	200	55	3.2498	3.2498	NUM
dem-8595	200	56	0.0000	0.0000	NUM
dem-8595	200	57	1.371368	1.371368	NUM
dem-8595	200	58	0.0135	0.0135	NUM
dem-8595	200	59	bartlett	bartlett	NOUN
dem-8595	200	60	749.3125	749.3125	NUM
dem-8595	200	61	0.0000	0.0000	NUM
dem-8595	200	62	6.096009	6.096009	NUM
dem-8595	200	63	0.0135	0.0135	NUM
dem-8595	200	64	brown	brown	ADJ
dem-8595	200	65	-	-	PUNCT
dem-8595	200	66	forsythe	forsythe	NOUN
dem-8595	200	67	282.6512	282.6512	NUM
dem-8595	200	68	0.0000	0.0000	NUM
dem-8595	200	69	9.518529	9.518529	NUM
dem-8595	200	70	0.0021	0.0021	NUM
dem-8595	200	71	note	note	NOUN
dem-8595	200	72	:	:	PUNCT
dem-8595	200	73	series	series	NOUN
dem-8595	200	74	x	x	INTJ
dem-8595	200	75	–	–	PUNCT
dem-8595	200	76	pknpb	pknpb	NOUN
dem-8595	200	77	in	in	ADP
dem-8595	200	78	levels	level	NOUN
dem-8595	200	79	,	,	PUNCT
dem-8595	200	80	series	series	PROPN
dem-8595	200	81	y	y	PROPN
dem-8595	200	82	–	–	PUNCT
dem-8595	200	83	lotospb	lotospb	NOUN
dem-8595	200	84	in	in	ADP
dem-8595	200	85	levels	level	NOUN
dem-8595	200	86	.	.	PUNCT
dem-8595	201	1	all	all	DET
dem-8595	201	2	the	the	DET
dem-8595	201	3	series	series	NOUN
dem-8595	201	4	in	in	ADP
dem-8595	201	5	pln	pln	PROPN
dem-8595	201	6	/	/	SYM
dem-8595	201	7	m3	m3	PROPN
dem-8595	201	8	.	.	PUNCT
dem-8595	202	1	price	price	NOUN
dem-8595	202	2	of	of	ADP
dem-8595	202	3	lotos	lotos	NOUN
dem-8595	202	4	(	(	PUNCT
dem-8595	202	5	rightmost	rightmost	ADJ
dem-8595	202	6	panel)11	panel)11	PROPN
dem-8595	202	7	can	can	AUX
dem-8595	202	8	be	be	AUX
dem-8595	202	9	observed	observe	VERB
dem-8595	202	10	.	.	PUNCT
dem-8595	203	1	descriptive	descriptive	ADJ
dem-8595	203	2	statistics	statistic	NOUN
dem-8595	203	3	and	and	CCONJ
dem-8595	203	4	various	various	ADJ
dem-8595	203	5	test	test	NOUN
dem-8595	203	6	statistics	statistic	NOUN
dem-8595	203	7	are	be	AUX
dem-8595	203	8	reported	report	VERB
dem-8595	203	9	in	in	ADP
dem-8595	203	10	table	table	NOUN
dem-8595	203	11	9	9	NUM
dem-8595	203	12	.	.	PUNCT
dem-8595	204	1	these	these	DET
dem-8595	204	2	statistics	statistic	NOUN
dem-8595	204	3	confirm	confirm	VERB
dem-8595	204	4	that	that	SCONJ
dem-8595	204	5	the	the	DET
dem-8595	204	6	measures	measure	NOUN
dem-8595	204	7	of	of	ADP
dem-8595	204	8	the	the	DET
dem-8595	204	9	average	average	ADJ
dem-8595	204	10	level	level	NOUN
dem-8595	204	11	and	and	CCONJ
dem-8595	204	12	dispersion	dispersion	NOUN
dem-8595	204	13	were	be	AUX
dem-8595	204	14	significantly	significantly	ADV
dem-8595	204	15	different	different	ADJ
dem-8595	204	16	in	in	ADP
dem-8595	204	17	a	a	DET
dem-8595	204	18	case	case	NOUN
dem-8595	204	19	of	of	ADP
dem-8595	204	20	three	three	NUM
dem-8595	204	21	series	series	NOUN
dem-8595	204	22	,	,	PUNCT
dem-8595	204	23	s1	s1	NOUN
dem-8595	204	24	,	,	PUNCT
dem-8595	204	25	s2	s2	NOUN
dem-8595	204	26	and	and	CCONJ
dem-8595	204	27	s3	s3	PROPN
dem-8595	204	28	,	,	PUNCT
dem-8595	204	29	and	and	CCONJ
dem-8595	204	30	that	that	SCONJ
dem-8595	204	31	the	the	DET
dem-8595	204	32	smallest	small	ADJ
dem-8595	204	33	values	value	NOUN
dem-8595	204	34	of	of	ADP
dem-8595	204	35	11	11	NUM
dem-8595	204	36	to	to	PART
dem-8595	204	37	ensure	ensure	VERB
dem-8595	204	38	coherent	coherent	ADJ
dem-8595	204	39	interpretation	interpretation	NOUN
dem-8595	204	40	,	,	PUNCT
dem-8595	204	41	we	we	PRON
dem-8595	204	42	use	use	VERB
dem-8595	204	43	differences	difference	NOUN
dem-8595	204	44	lotos	loto	NOUN
dem-8595	204	45	–	–	PUNCT
dem-8595	204	46	pkn	pkn	PROPN
dem-8595	204	47	in	in	ADP
dem-8595	204	48	every	every	DET
dem-8595	204	49	case	case	NOUN
dem-8595	204	50	;	;	PUNCT
dem-8595	204	51	however	however	ADV
dem-8595	204	52	,	,	PUNCT
dem-8595	204	53	for	for	ADP
dem-8595	204	54	absolute	absolute	ADJ
dem-8595	204	55	values	value	NOUN
dem-8595	204	56	,	,	PUNCT
dem-8595	204	57	x	x	X
dem-8595	204	58	–	–	PUNCT
dem-8595	204	59	yt+1	yt+1	NUM
dem-8595	204	60	=	=	SYM
dem-8595	204	61	y	y	PROPN
dem-8595	204	62	–	–	PUNCT
dem-8595	204	63	xt-1	xt-1	PUNCT
dem-8595	204	64	testing	test	VERB
dem-8595	204	65	parallel	parallel	ADJ
dem-8595	204	66	pricing	pricing	NOUN
dem-8595	204	67	behavior	behavior	NOUN
dem-8595	204	68	in	in	ADP
dem-8595	204	69	the	the	DET
dem-8595	204	70	polish	polish	ADJ
dem-8595	204	71	wholesale	wholesale	ADJ
dem-8595	204	72	fuel	fuel	NOUN
dem-8595	204	73	market	market	NOUN
dem-8595	204	74	…	…	PUNCT
dem-8595	204	75	dynamic	dynamic	ADJ
dem-8595	204	76	econometric	econometric	ADJ
dem-8595	204	77	models	model	NOUN
dem-8595	204	78	15	15	NUM
dem-8595	204	79	(	(	PUNCT
dem-8595	204	80	2015	2015	NUM
dem-8595	204	81	)	)	PUNCT
dem-8595	205	1	111–128	111–128	NUM
dem-8595	205	2	125	125	NUM
dem-8595	205	3	the	the	DET
dem-8595	205	4	average	average	ADJ
dem-8595	205	5	and	and	CCONJ
dem-8595	205	6	dispersion	dispersion	NOUN
dem-8595	205	7	measures	measure	NOUN
dem-8595	205	8	can	can	AUX
dem-8595	205	9	be	be	AUX
dem-8595	205	10	observed	observe	VERB
dem-8595	205	11	in	in	ADP
dem-8595	205	12	a	a	DET
dem-8595	205	13	case	case	NOUN
dem-8595	205	14	of	of	ADP
dem-8595	205	15	differences	difference	NOUN
dem-8595	205	16	between	between	ADP
dem-8595	205	17	the	the	DET
dem-8595	205	18	same	same	ADJ
dem-8595	205	19	day	day	NOUN
dem-8595	205	20	prices	price	NOUN
dem-8595	205	21	in	in	ADP
dem-8595	205	22	an	an	DET
dem-8595	205	23	entire	entire	ADJ
dem-8595	205	24	sample	sample	NOUN
dem-8595	205	25	.	.	PUNCT
dem-8595	206	1	this	this	DET
dem-8595	206	2	observance	observance	NOUN
dem-8595	206	3	excludes	exclude	VERB
dem-8595	206	4	the	the	DET
dem-8595	206	5	subsample	subsample	NOUN
dem-8595	206	6	from	from	ADP
dem-8595	206	7	2007	2007	NUM
dem-8595	206	8	,	,	PUNCT
dem-8595	206	9	when	when	SCONJ
dem-8595	206	10	the	the	DET
dem-8595	206	11	smallest	small	ADJ
dem-8595	206	12	values	value	NOUN
dem-8595	206	13	of	of	ADP
dem-8595	206	14	those	those	DET
dem-8595	206	15	measures	measure	NOUN
dem-8595	206	16	for	for	ADP
dem-8595	206	17	the	the	DET
dem-8595	206	18	difference	difference	NOUN
dem-8595	206	19	between	between	ADP
dem-8595	206	20	lotos	loto	NOUN
dem-8595	206	21	’	'	PUNCT
dem-8595	206	22	day	day	NOUN
dem-8595	206	23	t	t	NOUN
dem-8595	206	24	price	price	NOUN
dem-8595	206	25	and	and	CCONJ
dem-8595	206	26	pkn	pkn	PROPN
dem-8595	206	27	’s	’s	PART
dem-8595	206	28	day	day	NOUN
dem-8595	206	29	t+1	t+1	PRON
dem-8595	206	30	price	price	NOUN
dem-8595	206	31	were	be	AUX
dem-8595	206	32	noted	note	VERB
dem-8595	206	33	.	.	PUNCT
dem-8595	207	1	these	these	DET
dem-8595	207	2	results	result	NOUN
dem-8595	207	3	lead	lead	VERB
dem-8595	207	4	to	to	ADP
dem-8595	207	5	the	the	DET
dem-8595	207	6	conclusion	conclusion	NOUN
dem-8595	207	7	that	that	SCONJ
dem-8595	207	8	,	,	PUNCT
dem-8595	207	9	if	if	SCONJ
dem-8595	207	10	the	the	DET
dem-8595	207	11	research	research	NOUN
dem-8595	207	12	is	be	AUX
dem-8595	207	13	restricted	restrict	VERB
dem-8595	207	14	to	to	ADP
dem-8595	207	15	ipp	ipp	NOUN
dem-8595	207	16	pricing	pricing	NOUN
dem-8595	207	17	based	base	VERB
dem-8595	207	18	on	on	ADP
dem-8595	207	19	previous	previous	ADJ
dem-8595	207	20	day	day	NOUN
dem-8595	207	21	fundamentals	fundamental	NOUN
dem-8595	207	22	,	,	PUNCT
dem-8595	207	23	the	the	DET
dem-8595	207	24	players	player	NOUN
dem-8595	207	25	will	will	AUX
dem-8595	207	26	,	,	PUNCT
dem-8595	207	27	in	in	ADP
dem-8595	207	28	fact	fact	NOUN
dem-8595	207	29	,	,	PUNCT
dem-8595	207	30	choose	choose	VERB
dem-8595	207	31	levels	level	NOUN
dem-8595	207	32	of	of	ADP
dem-8595	207	33	prices	price	NOUN
dem-8595	207	34	in	in	ADP
dem-8595	207	35	a	a	DET
dem-8595	207	36	parallel	parallel	ADJ
dem-8595	207	37	mode	mode	NOUN
dem-8595	207	38	;	;	PUNCT
dem-8595	207	39	this	this	PRON
dem-8595	207	40	excludes	exclude	VERB
dem-8595	207	41	2007	2007	NUM
dem-8595	207	42	,	,	PUNCT
dem-8595	207	43	when	when	SCONJ
dem-8595	207	44	lotos	loto	NOUN
dem-8595	207	45	appeared	appear	VERB
dem-8595	207	46	to	to	PART
dem-8595	207	47	be	be	AUX
dem-8595	207	48	the	the	DET
dem-8595	207	49	price	price	NOUN
dem-8595	207	50	leader12	leader12	NOUN
dem-8595	207	51	.	.	PUNCT
dem-8595	208	1	conclusions	conclusion	NOUN
dem-8595	208	2	to	to	PART
dem-8595	208	3	inspect	inspect	VERB
dem-8595	208	4	the	the	DET
dem-8595	208	5	parallel	parallel	ADJ
dem-8595	208	6	pricing	pricing	NOUN
dem-8595	208	7	policy	policy	NOUN
dem-8595	208	8	,	,	PUNCT
dem-8595	208	9	certain	certain	ADJ
dem-8595	208	10	descriptive	descriptive	ADJ
dem-8595	208	11	statistics	statistic	NOUN
dem-8595	208	12	for	for	ADP
dem-8595	208	13	the	the	DET
dem-8595	208	14	raw	raw	ADJ
dem-8595	208	15	price	price	NOUN
dem-8595	208	16	series	series	NOUN
dem-8595	208	17	(	(	PUNCT
dem-8595	208	18	not	not	PART
dem-8595	208	19	paired	pair	VERB
dem-8595	208	20	)	)	PUNCT
dem-8595	208	21	were	be	AUX
dem-8595	208	22	calculated	calculate	VERB
dem-8595	208	23	to	to	PART
dem-8595	208	24	evaluate	evaluate	VERB
dem-8595	208	25	how	how	SCONJ
dem-8595	208	26	consistent	consistent	ADJ
dem-8595	208	27	the	the	DET
dem-8595	208	28	pricing	pricing	NOUN
dem-8595	208	29	policies	policy	NOUN
dem-8595	208	30	were	be	AUX
dem-8595	208	31	.	.	PUNCT
dem-8595	209	1	this	this	DET
dem-8595	209	2	study	study	NOUN
dem-8595	209	3	found	find	VERB
dem-8595	209	4	that	that	SCONJ
dem-8595	209	5	for	for	ADP
dem-8595	209	6	the	the	DET
dem-8595	209	7	entire	entire	ADJ
dem-8595	209	8	sample	sample	NOUN
dem-8595	209	9	,	,	PUNCT
dem-8595	209	10	an	an	DET
dem-8595	209	11	average	average	ADJ
dem-8595	209	12	positive	positive	ADJ
dem-8595	209	13	and	and	CCONJ
dem-8595	209	14	negative	negative	ADJ
dem-8595	209	15	value	value	NOUN
dem-8595	209	16	of	of	ADP
dem-8595	209	17	prices	price	NOUN
dem-8595	209	18	change	change	NOUN
dem-8595	209	19	were	be	AUX
dem-8595	209	20	statistically	statistically	ADV
dem-8595	209	21	equal	equal	ADJ
dem-8595	209	22	(	(	PUNCT
dem-8595	209	23	on	on	ADP
dem-8595	209	24	standard	standard	ADJ
dem-8595	209	25	0.05	0.05	NUM
dem-8595	209	26	significance	significance	NOUN
dem-8595	209	27	level	level	NOUN
dem-8595	209	28	)	)	PUNCT
dem-8595	209	29	;	;	PUNCT
dem-8595	209	30	however	however	ADV
dem-8595	209	31	,	,	PUNCT
dem-8595	209	32	the	the	DET
dem-8595	209	33	mean	mean	ADJ
dem-8595	209	34	changes	change	NOUN
dem-8595	209	35	between	between	ADP
dem-8595	209	36	players	player	NOUN
dem-8595	209	37	were	be	AUX
dem-8595	209	38	significantly	significantly	ADV
dem-8595	209	39	different	different	ADJ
dem-8595	209	40	.	.	PUNCT
dem-8595	210	1	analysis	analysis	NOUN
dem-8595	210	2	of	of	ADP
dem-8595	210	3	the	the	DET
dem-8595	210	4	yearly	yearly	ADJ
dem-8595	210	5	subsamples	subsample	NOUN
dem-8595	210	6	revealed	reveal	VERB
dem-8595	210	7	that	that	SCONJ
dem-8595	210	8	the	the	DET
dem-8595	210	9	years	year	NOUN
dem-8595	210	10	2006–2008	2006–2008	NUM
dem-8595	210	11	were	be	AUX
dem-8595	210	12	highly	highly	ADV
dem-8595	210	13	different	different	ADJ
dem-8595	210	14	than	than	ADP
dem-8595	210	15	the	the	DET
dem-8595	210	16	remainder	remainder	NOUN
dem-8595	210	17	of	of	ADP
dem-8595	210	18	the	the	DET
dem-8595	210	19	sample	sample	NOUN
dem-8595	210	20	because	because	SCONJ
dem-8595	210	21	the	the	DET
dem-8595	210	22	average	average	ADJ
dem-8595	210	23	changes	change	NOUN
dem-8595	210	24	(	(	PUNCT
dem-8595	210	25	of	of	ADP
dem-8595	210	26	both	both	DET
dem-8595	210	27	signs	sign	NOUN
dem-8595	210	28	)	)	PUNCT
dem-8595	210	29	decreased	decrease	VERB
dem-8595	210	30	but	but	CCONJ
dem-8595	210	31	became	become	VERB
dem-8595	210	32	significantly	significantly	ADV
dem-8595	210	33	different	different	ADJ
dem-8595	210	34	for	for	ADP
dem-8595	210	35	the	the	DET
dem-8595	210	36	both	both	DET
dem-8595	210	37	players	player	NOUN
dem-8595	210	38	.	.	PUNCT
dem-8595	211	1	that	that	DET
dem-8595	211	2	finding	find	VERB
dem-8595	211	3	signals	signal	VERB
dem-8595	211	4	certain	certain	ADJ
dem-8595	211	5	disturbances	disturbance	NOUN
dem-8595	211	6	in	in	ADP
dem-8595	211	7	the	the	DET
dem-8595	211	8	behavior	behavior	NOUN
dem-8595	211	9	of	of	ADP
dem-8595	211	10	players	player	NOUN
dem-8595	211	11	in	in	ADP
dem-8595	211	12	that	that	DET
dem-8595	211	13	period	period	NOUN
dem-8595	211	14	.	.	PUNCT
dem-8595	212	1	the	the	DET
dem-8595	212	2	beginning	beginning	NOUN
dem-8595	212	3	of	of	ADP
dem-8595	212	4	this	this	DET
dem-8595	212	5	change	change	NOUN
dem-8595	212	6	corresponded	correspond	VERB
dem-8595	212	7	to	to	ADP
dem-8595	212	8	lotos	loto	NOUN
dem-8595	212	9	’	'	PUNCT
dem-8595	212	10	introduction	introduction	NOUN
dem-8595	212	11	of	of	ADP
dem-8595	212	12	other	other	ADJ
dem-8595	212	13	than	than	ADP
dem-8595	212	14	5	5	NUM
dem-8595	212	15	pln	pln	NOUN
dem-8595	212	16	values	value	NOUN
dem-8595	212	17	of	of	ADP
dem-8595	212	18	the	the	DET
dem-8595	212	19	price	price	NOUN
dem-8595	212	20	grid	grid	NOUN
dem-8595	212	21	and	and	CCONJ
dem-8595	212	22	the	the	DET
dem-8595	212	23	synchronization	synchronization	NOUN
dem-8595	212	24	of	of	ADP
dem-8595	212	25	the	the	DET
dem-8595	212	26	price	price	NOUN
dem-8595	212	27	announcement	announcement	NOUN
dem-8595	212	28	.	.	PUNCT
dem-8595	213	1	from	from	ADP
dem-8595	213	2	2009	2009	NUM
dem-8595	213	3	to	to	ADP
dem-8595	213	4	the	the	DET
dem-8595	213	5	end	end	NOUN
dem-8595	213	6	of	of	ADP
dem-8595	213	7	the	the	DET
dem-8595	213	8	sample	sample	NOUN
dem-8595	213	9	,	,	PUNCT
dem-8595	213	10	the	the	DET
dem-8595	213	11	average	average	ADJ
dem-8595	213	12	price	price	NOUN
dem-8595	213	13	changes	change	NOUN
dem-8595	213	14	became	become	VERB
dem-8595	213	15	statistically	statistically	ADV
dem-8595	213	16	equal	equal	ADJ
dem-8595	213	17	.	.	PUNCT
dem-8595	214	1	analyzing	analyze	VERB
dem-8595	214	2	the	the	DET
dem-8595	214	3	empirical	empirical	ADJ
dem-8595	214	4	distributions	distribution	NOUN
dem-8595	214	5	of	of	ADP
dem-8595	214	6	price	price	NOUN
dem-8595	214	7	grids	grid	NOUN
dem-8595	214	8	and	and	CCONJ
dem-8595	214	9	the	the	DET
dem-8595	214	10	absolute	absolute	ADJ
dem-8595	214	11	values	value	NOUN
dem-8595	214	12	of	of	ADP
dem-8595	214	13	price	price	NOUN
dem-8595	214	14	changes	change	NOUN
dem-8595	214	15	,	,	PUNCT
dem-8595	214	16	other	other	ADJ
dem-8595	214	17	differences	difference	NOUN
dem-8595	214	18	in	in	ADP
dem-8595	214	19	pricing	pricing	NOUN
dem-8595	214	20	policies	policy	NOUN
dem-8595	214	21	were	be	AUX
dem-8595	214	22	detected	detect	VERB
dem-8595	214	23	.	.	PUNCT
dem-8595	215	1	however	however	ADV
dem-8595	215	2	,	,	PUNCT
dem-8595	215	3	an	an	DET
dem-8595	215	4	examination	examination	NOUN
dem-8595	215	5	of	of	ADP
dem-8595	215	6	the	the	DET
dem-8595	215	7	empirical	empirical	ADJ
dem-8595	215	8	distributions	distribution	NOUN
dem-8595	215	9	of	of	ADP
dem-8595	215	10	daily	daily	ADJ
dem-8595	215	11	price	price	NOUN
dem-8595	215	12	movements	movement	NOUN
dem-8595	215	13	has	have	AUX
dem-8595	215	14	confirmed	confirm	VERB
dem-8595	215	15	that	that	SCONJ
dem-8595	215	16	the	the	DET
dem-8595	215	17	daily	daily	ADJ
dem-8595	215	18	price	price	NOUN
dem-8595	215	19	changes	change	NOUN
dem-8595	215	20	policy	policy	NOUN
dem-8595	215	21	of	of	ADP
dem-8595	215	22	both	both	DET
dem-8595	215	23	players	player	NOUN
dem-8595	215	24	was	be	AUX
dem-8595	215	25	not	not	PART
dem-8595	215	26	significantly	significantly	ADV
dem-8595	215	27	different	different	ADJ
dem-8595	215	28	over	over	ADP
dem-8595	215	29	the	the	DET
dem-8595	215	30	entire	entire	ADJ
dem-8595	215	31	sample	sample	NOUN
dem-8595	215	32	period	period	NOUN
dem-8595	215	33	.	.	PUNCT
dem-8595	216	1	next	next	ADV
dem-8595	216	2	,	,	PUNCT
dem-8595	216	3	the	the	DET
dem-8595	216	4	casual	casual	ADJ
dem-8595	216	5	dependencies	dependency	NOUN
dem-8595	216	6	and	and	CCONJ
dem-8595	216	7	the	the	DET
dem-8595	216	8	cointegration	cointegration	NOUN
dem-8595	216	9	of	of	ADP
dem-8595	216	10	gasoline	gasoline	NOUN
dem-8595	216	11	prices	price	NOUN
dem-8595	216	12	was	be	AUX
dem-8595	216	13	examined	examine	VERB
dem-8595	216	14	.	.	PUNCT
dem-8595	217	1	on	on	ADP
dem-8595	217	2	the	the	DET
dem-8595	217	3	basis	basis	NOUN
dem-8595	217	4	of	of	ADP
dem-8595	217	5	the	the	DET
dem-8595	217	6	estimated	estimate	VERB
dem-8595	217	7	ardl	ardl	NOUN
dem-8595	217	8	(	(	PUNCT
dem-8595	217	9	1	1	NUM
dem-8595	217	10	,	,	PUNCT
dem-8595	217	11	2	2	X
dem-8595	217	12	)	)	PUNCT
dem-8595	217	13	model	model	NOUN
dem-8595	217	14	,	,	PUNCT
dem-8595	217	15	the	the	DET
dem-8595	217	16	bound	bound	ADJ
dem-8595	217	17	testing	testing	NOUN
dem-8595	217	18	procedure	procedure	NOUN
dem-8595	217	19	of	of	ADP
dem-8595	217	20	cointegration	cointegration	NOUN
dem-8595	217	21	testing	testing	NOUN
dem-8595	217	22	was	be	AUX
dem-8595	217	23	used	use	VERB
dem-8595	217	24	.	.	PUNCT
dem-8595	218	1	f	f	X
dem-8595	218	2	-	-	PUNCT
dem-8595	218	3	test	test	NOUN
dem-8595	218	4	and	and	CCONJ
dem-8595	218	5	t	t	PROPN
dem-8595	218	6	-	-	PUNCT
dem-8595	218	7	test	test	NOUN
dem-8595	218	8	results	result	NOUN
dem-8595	218	9	have	have	AUX
dem-8595	218	10	confirmed	confirm	VERB
dem-8595	218	11	the	the	DET
dem-8595	218	12	existence	existence	NOUN
dem-8595	218	13	of	of	ADP
dem-8595	218	14	a	a	DET
dem-8595	218	15	long	long	ADV
dem-8595	218	16	-	-	PUNCT
dem-8595	218	17	run	run	NOUN
dem-8595	218	18	relation	relation	NOUN
dem-8595	218	19	between	between	ADP
dem-8595	218	20	the	the	DET
dem-8595	218	21	wholesale	wholesale	ADJ
dem-8595	218	22	prices	price	NOUN
dem-8595	218	23	of	of	ADP
dem-8595	218	24	gasoline	gasoline	NOUN
dem-8595	218	25	at	at	ADP
dem-8595	218	26	the	the	DET
dem-8595	218	27	1	1	NUM
dem-8595	218	28	%	%	NOUN
dem-8595	218	29	significance	significance	NOUN
dem-8595	218	30	level	level	NOUN
dem-8595	218	31	.	.	PUNCT
dem-8595	219	1	the	the	DET
dem-8595	219	2	estimated	estimate	VERB
dem-8595	219	3	long	long	ADJ
dem-8595	219	4	-	-	PUNCT
dem-8595	219	5	run	run	NOUN
dem-8595	219	6	multiplier	multiplier	ADV
dem-8595	219	7	between	between	ADP
dem-8595	219	8	pknpb	pknpb	NOUN
dem-8595	219	9	and	and	CCONJ
dem-8595	219	10	lotospb	lotospb	NOUN
dem-8595	219	11	was	be	AUX
dem-8595	219	12	0.9937	0.9937	NUM
dem-8595	219	13	;	;	PUNCT
dem-8595	219	14	therefore	therefore	ADV
dem-8595	219	15	,	,	PUNCT
dem-8595	219	16	in	in	ADP
dem-8595	219	17	the	the	DET
dem-8595	219	18	long	long	ADJ
dem-8595	219	19	run	run	NOUN
dem-8595	219	20	,	,	PUNCT
dem-8595	219	21	an	an	DET
dem-8595	219	22	increase	increase	NOUN
dem-8595	219	23	12	12	NUM
dem-8595	219	24	we	we	PRON
dem-8595	219	25	have	have	AUX
dem-8595	219	26	checked	check	VERB
dem-8595	219	27	the	the	DET
dem-8595	219	28	medians	median	NOUN
dem-8595	219	29	and	and	CCONJ
dem-8595	219	30	means	mean	VERB
dem-8595	219	31	equality	equality	NOUN
dem-8595	219	32	hypothesis	hypothesis	NOUN
dem-8595	219	33	in	in	ADP
dem-8595	219	34	all	all	DET
dem-8595	219	35	pairs	pair	NOUN
dem-8595	219	36	of	of	ADP
dem-8595	219	37	the	the	DET
dem-8595	219	38	three	three	NUM
dem-8595	219	39	series	series	NOUN
dem-8595	219	40	of	of	ADP
dem-8595	219	41	differences	difference	NOUN
dem-8595	219	42	for	for	ADP
dem-8595	219	43	all	all	DET
dem-8595	219	44	the	the	DET
dem-8595	219	45	year	year	NOUN
dem-8595	219	46	’s	’s	PART
dem-8595	219	47	subsamples	subsample	NOUN
dem-8595	219	48	and	and	CCONJ
dem-8595	219	49	have	have	AUX
dem-8595	219	50	not	not	PART
dem-8595	219	51	confirmed	confirm	VERB
dem-8595	219	52	the	the	DET
dem-8595	219	53	phenomenon	phenomenon	NOUN
dem-8595	219	54	of	of	ADP
dem-8595	219	55	2007	2007	NUM
dem-8595	219	56	in	in	ADP
dem-8595	219	57	the	the	DET
dem-8595	219	58	remaining	remain	VERB
dem-8595	219	59	years	year	NOUN
dem-8595	219	60	.	.	PUNCT
dem-8595	220	1	sylwesterbejger	sylwesterbejger	ADJ
dem-8595	220	2	dynamic	dynamic	ADJ
dem-8595	220	3	econometric	econometric	ADJ
dem-8595	220	4	models	model	NOUN
dem-8595	220	5	15	15	NUM
dem-8595	220	6	(	(	PUNCT
dem-8595	220	7	2015	2015	NUM
dem-8595	220	8	)	)	PUNCT
dem-8595	220	9	111–128	111–128	NUM
dem-8595	220	10	126	126	NUM
dem-8595	220	11	of	of	ADP
dem-8595	220	12	1	1	NUM
dem-8595	220	13	pln	pln	NOUN
dem-8595	220	14	of	of	ADP
dem-8595	220	15	pknpb	pknpb	NOUN
dem-8595	220	16	will	will	AUX
dem-8595	220	17	lead	lead	VERB
dem-8595	220	18	to	to	ADP
dem-8595	220	19	an	an	DET
dem-8595	220	20	increase	increase	NOUN
dem-8595	220	21	of	of	ADP
dem-8595	220	22	0.9937	0.9937	NUM
dem-8595	220	23	pln	pln	NOUN
dem-8595	220	24	in	in	ADP
dem-8595	220	25	lotospb	lotospb	NOUN
dem-8595	220	26	.	.	PUNCT
dem-8595	221	1	the	the	DET
dem-8595	221	2	estimation	estimation	NOUN
dem-8595	221	3	of	of	ADP
dem-8595	221	4	the	the	DET
dem-8595	221	5	regular	regular	ADJ
dem-8595	221	6	ecm	ecm	PROPN
dem-8595	221	7	model	model	NOUN
dem-8595	221	8	provided	provide	VERB
dem-8595	221	9	information	information	NOUN
dem-8595	221	10	regarding	regard	VERB
dem-8595	221	11	the	the	DET
dem-8595	221	12	short	short	ADJ
dem-8595	221	13	-	-	PUNCT
dem-8595	221	14	run	run	NOUN
dem-8595	221	15	adjustments	adjustment	NOUN
dem-8595	221	16	of	of	ADP
dem-8595	221	17	prices	price	NOUN
dem-8595	221	18	.	.	PUNCT
dem-8595	222	1	the	the	DET
dem-8595	222	2	absolute	absolute	ADJ
dem-8595	222	3	value	value	NOUN
dem-8595	222	4	of	of	ADP
dem-8595	222	5	the	the	DET
dem-8595	222	6	estimated	estimate	VERB
dem-8595	222	7	coefficient	coefficient	NOUN
dem-8595	222	8	of	of	ADP
dem-8595	222	9	the	the	DET
dem-8595	222	10	error	error	NOUN
dem-8595	222	11	-	-	PUNCT
dem-8595	222	12	correction	correction	NOUN
dem-8595	222	13	term	term	NOUN
dem-8595	222	14	implies	imply	VERB
dem-8595	222	15	that	that	SCONJ
dem-8595	222	16	approximately	approximately	ADV
dem-8595	222	17	27	27	NUM
dem-8595	222	18	%	%	NOUN
dem-8595	222	19	of	of	ADP
dem-8595	222	20	any	any	DET
dem-8595	222	21	disequilibrium	disequilibrium	NOUN
dem-8595	222	22	between	between	ADP
dem-8595	222	23	the	the	DET
dem-8595	222	24	lotospb	lotospb	NOUN
dem-8595	222	25	price	price	NOUN
dem-8595	222	26	level	level	NOUN
dem-8595	222	27	and	and	CCONJ
dem-8595	222	28	the	the	DET
dem-8595	222	29	pknpb	pknpb	NOUN
dem-8595	222	30	price	price	NOUN
dem-8595	222	31	level	level	NOUN
dem-8595	222	32	was	be	AUX
dem-8595	222	33	corrected	correct	VERB
dem-8595	222	34	within	within	ADP
dem-8595	222	35	one	one	NUM
dem-8595	222	36	day	day	NOUN
dem-8595	222	37	.	.	PUNCT
dem-8595	223	1	finally	finally	ADV
dem-8595	223	2	,	,	PUNCT
dem-8595	223	3	the	the	DET
dem-8595	223	4	simple	simple	ADJ
dem-8595	223	5	test	test	NOUN
dem-8595	223	6	of	of	ADP
dem-8595	223	7	the	the	DET
dem-8595	223	8	leaderfollower	leaderfollower	ADJ
dem-8595	223	9	pricing	pricing	NOUN
dem-8595	223	10	behavior	behavior	NOUN
dem-8595	223	11	over	over	ADP
dem-8595	223	12	the	the	DET
dem-8595	223	13	subsamples	subsample	NOUN
dem-8595	223	14	was	be	AUX
dem-8595	223	15	performed	perform	VERB
dem-8595	223	16	.	.	PUNCT
dem-8595	224	1	to	to	PART
dem-8595	224	2	check	check	VERB
dem-8595	224	3	that	that	DET
dem-8595	224	4	test	test	NOUN
dem-8595	224	5	in	in	ADP
dem-8595	224	6	a	a	DET
dem-8595	224	7	manner	manner	NOUN
dem-8595	224	8	consistent	consistent	ADJ
dem-8595	224	9	with	with	ADP
dem-8595	224	10	the	the	DET
dem-8595	224	11	assumed	assumed	ADJ
dem-8595	224	12	pricing	pricing	NOUN
dem-8595	224	13	mechanism	mechanism	NOUN
dem-8595	224	14	,	,	PUNCT
dem-8595	224	15	the	the	DET
dem-8595	224	16	differences	difference	NOUN
dem-8595	224	17	between	between	ADP
dem-8595	224	18	the	the	DET
dem-8595	224	19	same	same	ADJ
dem-8595	224	20	day	day	NOUN
dem-8595	224	21	prices	price	NOUN
dem-8595	224	22	of	of	ADP
dem-8595	224	23	both	both	DET
dem-8595	224	24	players	player	NOUN
dem-8595	224	25	,	,	PUNCT
dem-8595	224	26	the	the	DET
dem-8595	224	27	current	current	ADJ
dem-8595	224	28	price	price	NOUN
dem-8595	224	29	of	of	ADP
dem-8595	224	30	one	one	NUM
dem-8595	224	31	of	of	ADP
dem-8595	224	32	the	the	DET
dem-8595	224	33	players	player	NOUN
dem-8595	224	34	and	and	CCONJ
dem-8595	224	35	the	the	DET
dem-8595	224	36	lagged	lag	VERB
dem-8595	224	37	price	price	NOUN
dem-8595	224	38	of	of	ADP
dem-8595	224	39	the	the	DET
dem-8595	224	40	other	other	ADJ
dem-8595	224	41	were	be	AUX
dem-8595	224	42	examined	examine	VERB
dem-8595	224	43	.	.	PUNCT
dem-8595	225	1	overall	overall	ADV
dem-8595	225	2	,	,	PUNCT
dem-8595	225	3	this	this	DET
dem-8595	225	4	study	study	NOUN
dem-8595	225	5	finds	find	VERB
dem-8595	225	6	that	that	SCONJ
dem-8595	225	7	,	,	PUNCT
dem-8595	225	8	if	if	SCONJ
dem-8595	225	9	we	we	PRON
dem-8595	225	10	restricted	restrict	VERB
dem-8595	225	11	our	our	PRON
dem-8595	225	12	research	research	NOUN
dem-8595	225	13	to	to	ADP
dem-8595	225	14	described	describe	VERB
dem-8595	225	15	pricing	pricing	NOUN
dem-8595	225	16	mechanism	mechanism	NOUN
dem-8595	225	17	(	(	PUNCT
dem-8595	225	18	ipp	ipp	NOUN
dem-8595	225	19	pricing	pricing	NOUN
dem-8595	225	20	based	base	VERB
dem-8595	225	21	on	on	ADP
dem-8595	225	22	previous	previous	ADJ
dem-8595	225	23	day	day	NOUN
dem-8595	225	24	fundamentals	fundamental	NOUN
dem-8595	225	25	)	)	PUNCT
dem-8595	225	26	players	player	NOUN
dem-8595	225	27	really	really	ADV
dem-8595	225	28	chose	choose	VERB
dem-8595	225	29	the	the	DET
dem-8595	225	30	levels	level	NOUN
dem-8595	225	31	of	of	ADP
dem-8595	225	32	price	price	NOUN
dem-8595	225	33	in	in	ADP
dem-8595	225	34	a	a	DET
dem-8595	225	35	parallel	parallel	ADJ
dem-8595	225	36	mode	mode	NOUN
dem-8595	225	37	,	,	PUNCT
dem-8595	225	38	with	with	ADP
dem-8595	225	39	the	the	DET
dem-8595	225	40	exclusion	exclusion	NOUN
dem-8595	225	41	of	of	ADP
dem-8595	225	42	year	year	NOUN
dem-8595	225	43	2007	2007	NUM
dem-8595	225	44	when	when	SCONJ
dem-8595	225	45	lotos	loto	NOUN
dem-8595	225	46	appeared	appear	VERB
dem-8595	225	47	to	to	PART
dem-8595	225	48	be	be	AUX
dem-8595	225	49	the	the	DET
dem-8595	225	50	price	price	NOUN
dem-8595	225	51	leader	leader	NOUN
dem-8595	225	52	.	.	PUNCT
dem-8595	226	1	in	in	ADP
dem-8595	226	2	terms	term	NOUN
dem-8595	226	3	of	of	ADP
dem-8595	226	4	the	the	DET
dem-8595	226	5	assessment	assessment	NOUN
dem-8595	226	6	of	of	ADP
dem-8595	226	7	the	the	DET
dem-8595	226	8	players	player	NOUN
dem-8595	226	9	’	’	PART
dem-8595	226	10	strategic	strategic	ADJ
dem-8595	226	11	behavior	behavior	NOUN
dem-8595	226	12	,	,	PUNCT
dem-8595	226	13	this	this	DET
dem-8595	226	14	study	study	NOUN
dem-8595	226	15	confirmed	confirm	VERB
dem-8595	226	16	that	that	SCONJ
dem-8595	226	17	the	the	DET
dem-8595	226	18	publically	publically	ADV
dem-8595	226	19	observable	observable	ADJ
dem-8595	226	20	pricing	pricing	NOUN
dem-8595	226	21	conduct	conduct	NOUN
dem-8595	226	22	of	of	ADP
dem-8595	226	23	the	the	DET
dem-8595	226	24	players	player	NOUN
dem-8595	226	25	in	in	ADP
dem-8595	226	26	the	the	DET
dem-8595	226	27	polish	polish	ADJ
dem-8595	226	28	wholesale	wholesale	ADJ
dem-8595	226	29	fuel	fuel	NOUN
dem-8595	226	30	market	market	NOUN
dem-8595	226	31	could	could	AUX
dem-8595	226	32	be	be	AUX
dem-8595	226	33	consistent	consistent	ADJ
dem-8595	226	34	with	with	ADP
dem-8595	226	35	an	an	DET
dem-8595	226	36	equilibrium	equilibrium	NOUN
dem-8595	226	37	of	of	ADP
dem-8595	226	38	an	an	DET
dem-8595	226	39	assumed	assumed	ADJ
dem-8595	226	40	game	game	NOUN
dem-8595	226	41	theory	theory	NOUN
dem-8595	226	42	model	model	NOUN
dem-8595	226	43	.	.	PUNCT
dem-8595	227	1	this	this	DET
dem-8595	227	2	finding	finding	NOUN
dem-8595	227	3	,	,	PUNCT
dem-8595	227	4	in	in	ADP
dem-8595	227	5	turn	turn	NOUN
dem-8595	227	6	,	,	PUNCT
dem-8595	227	7	implies	imply	VERB
dem-8595	227	8	that	that	SCONJ
dem-8595	227	9	the	the	DET
dem-8595	227	10	players	player	NOUN
dem-8595	227	11	’	’	PART
dem-8595	227	12	observed	observed	ADJ
dem-8595	227	13	behavior	behavior	NOUN
dem-8595	227	14	was	be	AUX
dem-8595	227	15	coherent	coherent	ADJ
dem-8595	227	16	with	with	ADP
dem-8595	227	17	the	the	DET
dem-8595	227	18	assumed	assume	VERB
dem-8595	227	19	competition	competition	NOUN
dem-8595	227	20	model	model	NOUN
dem-8595	227	21	and	and	CCONJ
dem-8595	227	22	did	do	AUX
dem-8595	227	23	not	not	PART
dem-8595	227	24	exhibit	exhibit	VERB
dem-8595	227	25	disturbances	disturbance	NOUN
dem-8595	227	26	(	(	PUNCT
dem-8595	227	27	unreasonable	unreasonable	ADJ
dem-8595	227	28	conduct	conduct	NOUN
dem-8595	227	29	)	)	PUNCT
dem-8595	227	30	,	,	PUNCT
dem-8595	227	31	which	which	PRON
dem-8595	227	32	could	could	AUX
dem-8595	227	33	reflect	reflect	VERB
dem-8595	227	34	competition	competition	NOUN
dem-8595	227	35	’s	’s	PART
dem-8595	227	36	distortions	distortion	NOUN
dem-8595	227	37	.	.	PUNCT
dem-8595	228	1	however	however	ADV
dem-8595	228	2	,	,	PUNCT
dem-8595	228	3	it	it	PRON
dem-8595	228	4	should	should	AUX
dem-8595	228	5	be	be	AUX
dem-8595	228	6	emphasized	emphasize	VERB
dem-8595	228	7	that	that	SCONJ
dem-8595	228	8	for	for	ADP
dem-8595	228	9	a	a	DET
dem-8595	228	10	decisive	decisive	ADJ
dem-8595	228	11	“	"	PUNCT
dem-8595	228	12	screening	screening	NOUN
dem-8595	228	13	”	"	PUNCT
dem-8595	228	14	of	of	ADP
dem-8595	228	15	conclusions	conclusion	NOUN
dem-8595	228	16	based	base	VERB
dem-8595	228	17	on	on	ADP
dem-8595	228	18	the	the	DET
dem-8595	228	19	model	model	NOUN
dem-8595	228	20	,	,	PUNCT
dem-8595	228	21	the	the	DET
dem-8595	228	22	test	test	NOUN
dem-8595	228	23	of	of	ADP
dem-8595	228	24	the	the	DET
dem-8595	228	25	second	second	ADJ
dem-8595	228	26	behavioral	behavioral	ADJ
dem-8595	228	27	implication	implication	NOUN
dem-8595	228	28	of	of	ADP
dem-8595	228	29	the	the	DET
dem-8595	228	30	theoretical	theoretical	ADJ
dem-8595	228	31	model	model	NOUN
dem-8595	228	32	,	,	PUNCT
dem-8595	228	33	i.e.	i.e.	X
dem-8595	228	34	,	,	PUNCT
dem-8595	228	35	the	the	DET
dem-8595	228	36	focal	focal	ADJ
dem-8595	228	37	role	role	NOUN
dem-8595	228	38	of	of	ADP
dem-8595	228	39	the	the	DET
dem-8595	228	40	ipp	ipp	PROPN
dem-8595	228	41	price	price	NOUN
dem-8595	228	42	,	,	PUNCT
dem-8595	228	43	must	must	AUX
dem-8595	228	44	be	be	AUX
dem-8595	228	45	examined	examine	VERB
dem-8595	228	46	.	.	PUNCT
dem-8595	229	1	this	this	DET
dem-8595	229	2	test	test	NOUN
dem-8595	229	3	and	and	CCONJ
dem-8595	229	4	examination	examination	NOUN
dem-8595	229	5	will	will	AUX
dem-8595	229	6	be	be	AUX
dem-8595	229	7	a	a	DET
dem-8595	229	8	subject	subject	NOUN
dem-8595	229	9	of	of	ADP
dem-8595	229	10	the	the	DET
dem-8595	229	11	subsequent	subsequent	ADJ
dem-8595	229	12	research	research	NOUN
dem-8595	229	13	.	.	PUNCT
dem-8595	230	1	references	reference	NOUN
dem-8595	230	2	abrantes	abrante	NOUN
dem-8595	230	3	-	-	PUNCT
dem-8595	230	4	metz	metz	PROPN
dem-8595	230	5	,	,	PUNCT
dem-8595	230	6	r.	r.	PROPN
dem-8595	230	7	(	(	PUNCT
dem-8595	230	8	2011	2011	NUM
dem-8595	230	9	)	)	PUNCT
dem-8595	230	10	,	,	PUNCT
dem-8595	230	11	design	design	NOUN
dem-8595	230	12	and	and	CCONJ
dem-8595	230	13	implementation	implementation	NOUN
dem-8595	230	14	of	of	ADP
dem-8595	230	15	screens	screen	NOUN
dem-8595	230	16	and	and	CCONJ
dem-8595	230	17	their	their	PRON
dem-8595	230	18	use	use	NOUN
dem-8595	230	19	by	by	ADP
dem-8595	230	20	defendants	defendant	NOUN
dem-8595	230	21	,	,	PUNCT
dem-8595	230	22	antitrust	antitrust	ADJ
dem-8595	230	23	chronicle	chronicle	NOUN
dem-8595	230	24	,	,	PUNCT
dem-8595	230	25	competition	competition	NOUN
dem-8595	230	26	policy	policy	NOUN
dem-8595	230	27	international	international	NOUN
dem-8595	230	28	,	,	PUNCT
dem-8595	230	29	9	9	NUM
dem-8595	230	30	,	,	PUNCT
dem-8595	230	31	2–11	2–11	NOUN
dem-8595	230	32	.	.	PUNCT
dem-8595	231	1	abrantes	abrante	NOUN
dem-8595	231	2	-	-	PUNCT
dem-8595	231	3	metz	metz	PROPN
dem-8595	231	4	,	,	PUNCT
dem-8595	231	5	r.	r.	PROPN
dem-8595	231	6	,	,	PUNCT
dem-8595	231	7	bajari	bajari	ADJ
dem-8595	231	8	,	,	PUNCT
dem-8595	231	9	p.	p.	NOUN
dem-8595	231	10	(	(	PUNCT
dem-8595	231	11	2012	2012	NUM
dem-8595	231	12	)	)	PUNCT
dem-8595	231	13	,	,	PUNCT
dem-8595	231	14	screens	screen	NOUN
dem-8595	231	15	for	for	ADP
dem-8595	231	16	conspiracies	conspiracy	NOUN
dem-8595	231	17	and	and	CCONJ
dem-8595	231	18	their	their	PRON
dem-8595	231	19	multiple	multiple	ADJ
dem-8595	231	20	applications	application	NOUN
dem-8595	231	21	,	,	PUNCT
dem-8595	231	22	antitrust	antitrust	ADJ
dem-8595	231	23	magazine	magazine	NOUN
dem-8595	231	24	,	,	PUNCT
dem-8595	231	25	24(1	24(1	NUM
dem-8595	231	26	)	)	PUNCT
dem-8595	231	27	,	,	PUNCT
dem-8595	231	28	23–35	23–35	NUM
dem-8595	231	29	.	.	PUNCT
dem-8595	231	30	bejger	bejger	NOUN
dem-8595	231	31	,	,	PUNCT
dem-8595	231	32	s.	s.	PROPN
dem-8595	231	33	(	(	PUNCT
dem-8595	231	34	2015	2015	NUM
dem-8595	231	35	)	)	PUNCT
dem-8595	231	36	,	,	PUNCT
dem-8595	231	37	theoretical	theoretical	ADJ
dem-8595	231	38	model	model	NOUN
dem-8595	231	39	of	of	ADP
dem-8595	231	40	pricing	pricing	NOUN
dem-8595	231	41	behavior	behavior	NOUN
dem-8595	231	42	on	on	ADP
dem-8595	231	43	the	the	DET
dem-8595	231	44	polish	polish	ADJ
dem-8595	231	45	wholesale	wholesale	ADJ
dem-8595	231	46	fuel	fuel	NOUN
dem-8595	231	47	market	market	NOUN
dem-8595	231	48	,	,	PUNCT
dem-8595	231	49	univeristy	univeristy	NOUN
dem-8595	231	50	of	of	ADP
dem-8595	231	51	szczecin	szczecin	PROPN
dem-8595	231	52	,	,	PUNCT
dem-8595	231	53	forthcoming	forthcoming	ADJ
dem-8595	231	54	.	.	PUNCT
dem-8595	232	1	bejger	bejger	NOUN
dem-8595	232	2	,	,	PUNCT
dem-8595	232	3	s.	s.	PROPN
dem-8595	232	4	,	,	PUNCT
dem-8595	232	5	bruzda	bruzda	PROPN
dem-8595	232	6	,	,	PUNCT
dem-8595	232	7	j.	j.	PROPN
dem-8595	232	8	(	(	PUNCT
dem-8595	232	9	2002	2002	NUM
dem-8595	232	10	)	)	PUNCT
dem-8595	232	11	,	,	PUNCT
dem-8595	232	12	identification	identification	NOUN
dem-8595	232	13	of	of	ADP
dem-8595	232	14	market	market	NOUN
dem-8595	232	15	power	power	NOUN
dem-8595	232	16	using	use	VERB
dem-8595	232	17	test	test	NOUN
dem-8595	232	18	for	for	ADP
dem-8595	232	19	asymmetric	asymmetric	ADJ
dem-8595	232	20	pricing	pricing	NOUN
dem-8595	232	21	–	–	PUNCT
dem-8595	232	22	an	an	DET
dem-8595	232	23	example	example	NOUN
dem-8595	232	24	of	of	ADP
dem-8595	232	25	polish	polish	ADJ
dem-8595	232	26	petrochemical	petrochemical	NOUN
dem-8595	232	27	industry	industry	NOUN
dem-8595	232	28	,	,	PUNCT
dem-8595	232	29	dynamic	dynamic	ADJ
dem-8595	232	30	econometric	econometric	ADJ
dem-8595	232	31	models	model	NOUN
dem-8595	232	32	,	,	PUNCT
dem-8595	232	33	5	5	NUM
dem-8595	232	34	,	,	PUNCT
dem-8595	232	35	135–146	135–146	NUM
dem-8595	232	36	.	.	PUNCT
dem-8595	233	1	brock	brock	PROPN
dem-8595	233	2	,	,	PUNCT
dem-8595	233	3	w.	w.	PROPN
dem-8595	233	4	a.	a.	PROPN
dem-8595	233	5	,	,	PUNCT
dem-8595	233	6	scheinkman	scheinkman	NOUN
dem-8595	233	7	,	,	PUNCT
dem-8595	233	8	j.	j.	PROPN
dem-8595	233	9	a.	a.	PROPN
dem-8595	233	10	(	(	PUNCT
dem-8595	233	11	1985	1985	NUM
dem-8595	233	12	)	)	PUNCT
dem-8595	233	13	,	,	PUNCT
dem-8595	233	14	price	price	NOUN
dem-8595	233	15	setting	setting	NOUN
dem-8595	233	16	supergames	supergame	NOUN
dem-8595	233	17	with	with	ADP
dem-8595	233	18	capacity	capacity	NOUN
dem-8595	233	19	constraints	constraint	NOUN
dem-8595	233	20	,	,	PUNCT
dem-8595	233	21	the	the	DET
dem-8595	233	22	review	review	NOUN
dem-8595	233	23	of	of	ADP
dem-8595	233	24	economic	economic	ADJ
dem-8595	233	25	studies	study	NOUN
dem-8595	233	26	,	,	PUNCT
dem-8595	233	27	52	52	NUM
dem-8595	233	28	,	,	PUNCT
dem-8595	233	29	371–382	371–382	NUM
dem-8595	233	30	,	,	PUNCT
dem-8595	233	31	doi	doi	NOUN
dem-8595	233	32	:	:	PUNCT
dem-8595	233	33	http://dx.doi.org/10.2307/2297659	http://dx.doi.org/10.2307/2297659	PROPN
dem-8595	233	34	.	.	PUNCT
dem-8595	234	1	buccirossi	buccirossi	PROPN
dem-8595	234	2	,	,	PUNCT
dem-8595	234	3	p.	p.	NOUN
dem-8595	234	4	(	(	PUNCT
dem-8595	234	5	2006	2006	NUM
dem-8595	234	6	)	)	PUNCT
dem-8595	234	7	,	,	PUNCT
dem-8595	234	8	does	do	AUX
dem-8595	234	9	parallel	parallel	ADJ
dem-8595	234	10	behavior	behavior	NOUN
dem-8595	234	11	provide	provide	VERB
dem-8595	234	12	some	some	DET
dem-8595	234	13	evidence	evidence	NOUN
dem-8595	234	14	of	of	ADP
dem-8595	234	15	collusion	collusion	NOUN
dem-8595	234	16	?	?	PUNCT
dem-8595	235	1	review	review	NOUN
dem-8595	235	2	of	of	ADP
dem-8595	235	3	law	law	NOUN
dem-8595	235	4	and	and	CCONJ
dem-8595	235	5	economics	economic	NOUN
dem-8595	235	6	,	,	PUNCT
dem-8595	235	7	2:1	2:1	NUM
dem-8595	235	8	,	,	PUNCT
dem-8595	235	9	86–102	86–102	NUM
dem-8595	235	10	,	,	PUNCT
dem-8595	235	11	doi	doi	NOUN
dem-8595	235	12	:	:	PUNCT
dem-8595	235	13	http://dx.doi.org/10.2202/1555-5879.1027	http://dx.doi.org/10.2202/1555-5879.1027	NOUN
dem-8595	235	14	.	.	PUNCT
dem-8595	236	1	testing	test	VERB
dem-8595	236	2	parallel	parallel	ADJ
dem-8595	236	3	pricing	pricing	NOUN
dem-8595	236	4	behavior	behavior	NOUN
dem-8595	236	5	in	in	ADP
dem-8595	236	6	the	the	DET
dem-8595	236	7	polish	polish	ADJ
dem-8595	236	8	wholesale	wholesale	ADJ
dem-8595	236	9	fuel	fuel	NOUN
dem-8595	236	10	market	market	NOUN
dem-8595	236	11	…	…	PUNCT
dem-8595	236	12	dynamic	dynamic	ADJ
dem-8595	236	13	econometric	econometric	ADJ
dem-8595	236	14	models	model	NOUN
dem-8595	236	15	15	15	NUM
dem-8595	236	16	(	(	PUNCT
dem-8595	236	17	2015	2015	NUM
dem-8595	236	18	)	)	PUNCT
dem-8595	236	19	111–128	111–128	NUM
dem-8595	236	20	127	127	NUM
dem-8595	236	21	deneckere	deneckere	NOUN
dem-8595	236	22	,	,	PUNCT
dem-8595	236	23	r.	r.	PROPN
dem-8595	236	24	j.	j.	PROPN
dem-8595	236	25	,	,	PUNCT
dem-8595	236	26	kovenock	kovenock	PROPN
dem-8595	236	27	,	,	PUNCT
dem-8595	236	28	d.	d.	PROPN
dem-8595	236	29	(	(	PUNCT
dem-8595	236	30	1992	1992	NUM
dem-8595	236	31	)	)	PUNCT
dem-8595	236	32	,	,	PUNCT
dem-8595	236	33	price	price	NOUN
dem-8595	236	34	leadership	leadership	NOUN
dem-8595	236	35	,	,	PUNCT
dem-8595	236	36	the	the	DET
dem-8595	236	37	review	review	NOUN
dem-8595	236	38	of	of	ADP
dem-8595	236	39	economic	economic	ADJ
dem-8595	236	40	studies	study	NOUN
dem-8595	236	41	,	,	PUNCT
dem-8595	236	42	59	59	NUM
dem-8595	236	43	,	,	PUNCT
dem-8595	236	44	143–162	143–162	NUM
dem-8595	236	45	,	,	PUNCT
dem-8595	236	46	doi	doi	NOUN
dem-8595	236	47	:	:	PUNCT
dem-8595	236	48	http://dx.doi.org/10.2307/2297930	http://dx.doi.org/10.2307/2297930	PROPN
dem-8595	236	49	.	.	PUNCT
dem-8595	237	1	dudey	dudey	PROPN
dem-8595	237	2	,	,	PUNCT
dem-8595	237	3	m.	m.	NOUN
dem-8595	237	4	(	(	PUNCT
dem-8595	237	5	1992	1992	NUM
dem-8595	237	6	)	)	PUNCT
dem-8595	237	7	,	,	PUNCT
dem-8595	237	8	dynamic	dynamic	ADJ
dem-8595	237	9	edgeworth	edgeworth	PROPN
dem-8595	237	10	-	-	PUNCT
dem-8595	237	11	bertrand	bertrand	PROPN
dem-8595	237	12	competition	competition	NOUN
dem-8595	237	13	,	,	PUNCT
dem-8595	237	14	the	the	DET
dem-8595	237	15	quarterly	quarterly	ADJ
dem-8595	237	16	journal	journal	NOUN
dem-8595	237	17	of	of	ADP
dem-8595	237	18	economics	economic	NOUN
dem-8595	237	19	,	,	PUNCT
dem-8595	237	20	107(4	107(4	NUM
dem-8595	237	21	)	)	PUNCT
dem-8595	237	22	,	,	PUNCT
dem-8595	237	23	1461–1477	1461–1477	NUM
dem-8595	237	24	,	,	PUNCT
dem-8595	237	25	doi	doi	NOUN
dem-8595	237	26	:	:	PUNCT
dem-8595	237	27	http://dx.doi.org/10.2307/2118397	http://dx.doi.org/10.2307/2118397	NOUN
dem-8595	237	28	.	.	PUNCT
dem-8595	238	1	edgeworth	edgeworth	PROPN
dem-8595	238	2	,	,	PUNCT
dem-8595	238	3	f.	f.	PROPN
dem-8595	238	4	y.	y.	PROPN
dem-8595	238	5	(	(	PUNCT
dem-8595	238	6	1925	1925	NUM
dem-8595	238	7	)	)	PUNCT
dem-8595	238	8	,	,	PUNCT
dem-8595	238	9	the	the	DET
dem-8595	238	10	pure	pure	ADJ
dem-8595	238	11	theory	theory	NOUN
dem-8595	238	12	of	of	ADP
dem-8595	238	13	monopoly	monopoly	NOUN
dem-8595	238	14	,	,	PUNCT
dem-8595	238	15	papers	paper	NOUN
dem-8595	238	16	relating	relate	VERB
dem-8595	238	17	to	to	ADP
dem-8595	238	18	political	political	ADJ
dem-8595	238	19	economy	economy	NOUN
dem-8595	238	20	,	,	PUNCT
dem-8595	238	21	1	1	NUM
dem-8595	238	22	,	,	PUNCT
dem-8595	238	23	111–142	111–142	NUM
dem-8595	238	24	.	.	PUNCT
dem-8595	239	1	faber	faber	PROPN
dem-8595	239	2	,	,	PUNCT
dem-8595	239	3	r.	r.	PROPN
dem-8595	239	4	p.	p.	PROPN
dem-8595	239	5	,	,	PUNCT
dem-8595	239	6	janssen	janssen	PROPN
dem-8595	239	7	,	,	PUNCT
dem-8595	239	8	m.	m.	PROPN
dem-8595	239	9	c.	c.	PROPN
dem-8595	239	10	w.	w.	PROPN
dem-8595	239	11	(	(	PUNCT
dem-8595	239	12	2011	2011	NUM
dem-8595	239	13	)	)	PUNCT
dem-8595	239	14	,	,	PUNCT
dem-8595	239	15	on	on	ADP
dem-8595	239	16	the	the	DET
dem-8595	239	17	effects	effect	NOUN
dem-8595	239	18	of	of	ADP
dem-8595	239	19	suggested	suggest	VERB
dem-8595	239	20	prices	price	NOUN
dem-8595	239	21	in	in	ADP
dem-8595	239	22	gasoline	gasoline	NOUN
dem-8595	239	23	markets	market	NOUN
dem-8595	239	24	,	,	PUNCT
dem-8595	239	25	working	working	NOUN
dem-8595	239	26	paper	paper	NOUN
dem-8595	239	27	,	,	PUNCT
dem-8595	239	28	cpb	cpb	PROPN
dem-8595	239	29	netherlands	netherlands	PROPN
dem-8595	239	30	bureau	bureau	PROPN
dem-8595	239	31	for	for	ADP
dem-8595	239	32	economic	economic	ADJ
dem-8595	239	33	policy	policy	NOUN
dem-8595	239	34	analysis	analysis	NOUN
dem-8595	239	35	,	,	PUNCT
dem-8595	239	36	department	department	NOUN
dem-8595	239	37	of	of	ADP
dem-8595	239	38	competition	competition	NOUN
dem-8595	239	39	and	and	CCONJ
dem-8595	239	40	regulation	regulation	NOUN
dem-8595	239	41	,	,	PUNCT
dem-8595	239	42	doi	doi	PROPN
dem-8595	239	43	:	:	PUNCT
dem-8595	239	44	http://dx.doi.org/10.2139/ssrn.1309608	http://dx.doi.org/10.2139/ssrn.1309608	PROPN
dem-8595	239	45	.	.	PUNCT
dem-8595	239	46	green	green	PROPN
dem-8595	239	47	,	,	PUNCT
dem-8595	239	48	e.	e.	PROPN
dem-8595	239	49	,	,	PUNCT
dem-8595	239	50	porter	porter	PROPN
dem-8595	239	51	,	,	PUNCT
dem-8595	239	52	r.	r.	PROPN
dem-8595	239	53	(	(	PUNCT
dem-8595	239	54	1984	1984	NUM
dem-8595	239	55	)	)	PUNCT
dem-8595	239	56	,	,	PUNCT
dem-8595	239	57	non	non	ADJ
dem-8595	239	58	–	–	PUNCT
dem-8595	239	59	cooperative	cooperative	ADJ
dem-8595	239	60	collusion	collusion	NOUN
dem-8595	239	61	under	under	ADP
dem-8595	239	62	imperfect	imperfect	ADJ
dem-8595	239	63	price	price	NOUN
dem-8595	239	64	information	information	NOUN
dem-8595	239	65	,	,	PUNCT
dem-8595	239	66	econometrica	econometrica	PROPN
dem-8595	239	67	,	,	PUNCT
dem-8595	239	68	52	52	NUM
dem-8595	239	69	,	,	PUNCT
dem-8595	239	70	87–100	87–100	PROPN
dem-8595	239	71	.	.	PUNCT
dem-8595	239	72	harrington	harrington	PROPN
dem-8595	239	73	,	,	PUNCT
dem-8595	239	74	j.	j.	PROPN
dem-8595	239	75	e.	e.	PROPN
dem-8595	239	76	(	(	PUNCT
dem-8595	239	77	2006	2006	NUM
dem-8595	239	78	)	)	PUNCT
dem-8595	239	79	,	,	PUNCT
dem-8595	239	80	behavioral	behavioral	ADJ
dem-8595	239	81	screening	screening	NOUN
dem-8595	239	82	and	and	CCONJ
dem-8595	239	83	the	the	DET
dem-8595	239	84	detection	detection	NOUN
dem-8595	239	85	of	of	ADP
dem-8595	239	86	cartels	cartel	NOUN
dem-8595	239	87	,	,	PUNCT
dem-8595	239	88	european	european	ADJ
dem-8595	239	89	competition	competition	NOUN
dem-8595	239	90	law	law	NOUN
dem-8595	239	91	annual	annual	NOUN
dem-8595	239	92	,	,	PUNCT
dem-8595	239	93	234–251	234–251	NUM
dem-8595	239	94	.	.	PUNCT
dem-8595	240	1	harrington	harrington	PROPN
dem-8595	240	2	,	,	PUNCT
dem-8595	240	3	j.	j.	PROPN
dem-8595	240	4	e.	e.	PROPN
dem-8595	240	5	(	(	PUNCT
dem-8595	240	6	2008	2008	NUM
dem-8595	240	7	)	)	PUNCT
dem-8595	240	8	,	,	PUNCT
dem-8595	240	9	detecting	detect	VERB
dem-8595	240	10	cartels	cartel	NOUN
dem-8595	240	11	,	,	PUNCT
dem-8595	240	12	in	in	ADP
dem-8595	240	13	:	:	PUNCT
dem-8595	240	14	buccirossi	buccirossi	NOUN
dem-8595	240	15	(	(	PUNCT
dem-8595	240	16	ed	ed	NOUN
dem-8595	240	17	.	.	PUNCT
dem-8595	240	18	)	)	PUNCT
dem-8595	240	19	handbook	handbook	NOUN
dem-8595	240	20	of	of	ADP
dem-8595	240	21	antitrust	antitrust	ADJ
dem-8595	240	22	economics	economic	NOUN
dem-8595	240	23	,	,	PUNCT
dem-8595	240	24	the	the	DET
dem-8595	240	25	mit	mit	PROPN
dem-8595	240	26	press	press	NOUN
dem-8595	240	27	.	.	PUNCT
dem-8595	241	1	knittel	knittel	PROPN
dem-8595	241	2	,	,	PUNCT
dem-8595	241	3	c.	c.	PROPN
dem-8595	241	4	r.	r.	PROPN
dem-8595	241	5	,	,	PUNCT
dem-8595	241	6	stango	stango	PROPN
dem-8595	241	7	,	,	PUNCT
dem-8595	241	8	v.	v.	PROPN
dem-8595	241	9	(	(	PUNCT
dem-8595	241	10	2003	2003	NUM
dem-8595	241	11	)	)	PUNCT
dem-8595	241	12	,	,	PUNCT
dem-8595	241	13	price	price	NOUN
dem-8595	241	14	ceilings	ceiling	NOUN
dem-8595	241	15	as	as	ADP
dem-8595	241	16	focal	focal	ADJ
dem-8595	241	17	points	point	NOUN
dem-8595	241	18	for	for	ADP
dem-8595	241	19	tacit	tacit	ADJ
dem-8595	241	20	collusion	collusion	NOUN
dem-8595	241	21	:	:	PUNCT
dem-8595	241	22	evidence	evidence	NOUN
dem-8595	241	23	from	from	ADP
dem-8595	241	24	credit	credit	NOUN
dem-8595	241	25	cards	card	NOUN
dem-8595	241	26	,	,	PUNCT
dem-8595	241	27	american	american	PROPN
dem-8595	241	28	economic	economic	PROPN
dem-8595	241	29	review	review	PROPN
dem-8595	241	30	,	,	PUNCT
dem-8595	241	31	93(5	93(5	NUM
dem-8595	241	32	)	)	PUNCT
dem-8595	241	33	,	,	PUNCT
dem-8595	241	34	1703–1729	1703–1729	NUM
dem-8595	241	35	,	,	PUNCT
dem-8595	241	36	doi	doi	NOUN
dem-8595	241	37	:	:	PUNCT
dem-8595	241	38	http://dx.doi.org/10.1257/000282803322655509	http://dx.doi.org/10.1257/000282803322655509	ADJ
dem-8595	241	39	.	.	PUNCT
dem-8595	242	1	kreps	kreps	PROPN
dem-8595	242	2	,	,	PUNCT
dem-8595	242	3	d.	d.	PROPN
dem-8595	242	4	,	,	PUNCT
dem-8595	242	5	scheinkman	scheinkman	PROPN
dem-8595	242	6	,	,	PUNCT
dem-8595	242	7	j.	j.	PROPN
dem-8595	242	8	a.	a.	PROPN
dem-8595	242	9	(	(	PUNCT
dem-8595	242	10	1983	1983	NUM
dem-8595	242	11	)	)	PUNCT
dem-8595	242	12	,	,	PUNCT
dem-8595	242	13	quantity	quantity	NOUN
dem-8595	242	14	precommitment	precommitment	VERB
dem-8595	242	15	and	and	CCONJ
dem-8595	242	16	bertrand	bertrand	PROPN
dem-8595	242	17	competition	competition	NOUN
dem-8595	242	18	yield	yield	VERB
dem-8595	243	1	cournot	cournot	ADV
dem-8595	243	2	outcomes	outcome	NOUN
dem-8595	243	3	,	,	PUNCT
dem-8595	243	4	bell	bell	PROPN
dem-8595	243	5	journal	journal	NOUN
dem-8595	243	6	of	of	ADP
dem-8595	243	7	economics	economic	NOUN
dem-8595	243	8	,	,	PUNCT
dem-8595	243	9	14	14	NUM
dem-8595	243	10	,	,	PUNCT
dem-8595	243	11	326–337	326–337	NUM
dem-8595	243	12	,	,	PUNCT
dem-8595	243	13	doi	doi	NOUN
dem-8595	243	14	:	:	PUNCT
dem-8595	243	15	http://dx.doi.org/10.2307/3003636	http://dx.doi.org/10.2307/3003636	PROPN
dem-8595	243	16	.	.	PUNCT
dem-8595	244	1	lambson	lambson	PROPN
dem-8595	244	2	,	,	PUNCT
dem-8595	244	3	v.	v.	PROPN
dem-8595	244	4	e.	e.	PROPN
dem-8595	244	5	(	(	PUNCT
dem-8595	244	6	1987	1987	NUM
dem-8595	244	7	)	)	PUNCT
dem-8595	244	8	,	,	PUNCT
dem-8595	244	9	optimal	optimal	ADJ
dem-8595	244	10	penal	penal	ADJ
dem-8595	244	11	codes	code	NOUN
dem-8595	244	12	in	in	ADP
dem-8595	244	13	price	price	NOUN
dem-8595	244	14	-	-	PUNCT
dem-8595	244	15	setting	set	VERB
dem-8595	244	16	supergames	supergame	NOUN
dem-8595	244	17	with	with	ADP
dem-8595	244	18	capacity	capacity	NOUN
dem-8595	244	19	constraints	constraint	NOUN
dem-8595	244	20	,	,	PUNCT
dem-8595	244	21	the	the	DET
dem-8595	244	22	review	review	NOUN
dem-8595	244	23	of	of	ADP
dem-8595	244	24	economic	economic	ADJ
dem-8595	244	25	studies	study	NOUN
dem-8595	244	26	,	,	PUNCT
dem-8595	244	27	54(3	54(3	NUM
dem-8595	244	28	)	)	PUNCT
dem-8595	244	29	,	,	PUNCT
dem-8595	244	30	385–397	385–397	NUM
dem-8595	244	31	,	,	PUNCT
dem-8595	244	32	doi	doi	NOUN
dem-8595	244	33	:	:	PUNCT
dem-8595	244	34	http://dx.doi.org/10.2307/2297565	http://dx.doi.org/10.2307/2297565	PROPN
dem-8595	244	35	.	.	PUNCT
dem-8595	245	1	leszkiewicz	leszkiewicz	ADJ
dem-8595	245	2	-	-	PUNCT
dem-8595	245	3	kędzior	kędzior	NOUN
dem-8595	245	4	,	,	PUNCT
dem-8595	245	5	k.	k.	PROPN
dem-8595	245	6	(	(	PUNCT
dem-8595	245	7	2012	2012	NUM
dem-8595	245	8	)	)	PUNCT
dem-8595	245	9	,	,	PUNCT
dem-8595	245	10	modelling	model	VERB
dem-8595	245	11	fuel	fuel	NOUN
dem-8595	245	12	prices	price	NOUN
dem-8595	245	13	.	.	PUNCT
dem-8595	246	1	an	an	DET
dem-8595	246	2	i(1	i(1	PROPN
dem-8595	246	3	)	)	PUNCT
dem-8595	246	4	analysis	analysis	NOUN
dem-8595	246	5	;	;	PUNCT
dem-8595	246	6	central	central	ADJ
dem-8595	246	7	european	european	ADJ
dem-8595	246	8	journal	journal	PROPN
dem-8595	246	9	of	of	ADP
dem-8595	246	10	economic	economic	ADJ
dem-8595	246	11	modelling	modelling	NOUN
dem-8595	246	12	and	and	CCONJ
dem-8595	246	13	econometrics	econometric	NOUN
dem-8595	246	14	,	,	PUNCT
dem-8595	246	15	3	3	NUM
dem-8595	246	16	,	,	PUNCT
dem-8595	246	17	75–95	75–95	NUM
dem-8595	246	18	.	.	PUNCT
dem-8595	247	1	levitan	levitan	PROPN
dem-8595	247	2	,	,	PUNCT
dem-8595	247	3	r.	r.	PROPN
dem-8595	247	4	,	,	PUNCT
dem-8595	247	5	shubik	shubik	PROPN
dem-8595	247	6	,	,	PUNCT
dem-8595	247	7	m.	m.	NOUN
dem-8595	247	8	(	(	PUNCT
dem-8595	247	9	1972	1972	NUM
dem-8595	247	10	)	)	PUNCT
dem-8595	247	11	,	,	PUNCT
dem-8595	247	12	price	price	NOUN
dem-8595	247	13	duopoly	duopoly	ADJ
dem-8595	247	14	and	and	CCONJ
dem-8595	247	15	capacity	capacity	NOUN
dem-8595	247	16	constraints	constraint	NOUN
dem-8595	247	17	,	,	PUNCT
dem-8595	247	18	international	international	ADJ
dem-8595	247	19	economic	economic	ADJ
dem-8595	247	20	review	review	NOUN
dem-8595	247	21	,	,	PUNCT
dem-8595	247	22	13	13	NUM
dem-8595	247	23	,	,	PUNCT
dem-8595	247	24	111–123	111–123	NUM
dem-8595	247	25	,	,	PUNCT
dem-8595	247	26	doi	doi	NOUN
dem-8595	247	27	:	:	PUNCT
dem-8595	247	28	http://dx.doi.org/10.2307/2525908	http://dx.doi.org/10.2307/2525908	X
dem-8595	247	29	.	.	PUNCT
dem-8595	248	1	maskin	maskin	PROPN
dem-8595	248	2	,	,	PUNCT
dem-8595	248	3	e.	e.	PROPN
dem-8595	248	4	,	,	PUNCT
dem-8595	248	5	tirole	tirole	PROPN
dem-8595	248	6	,	,	PUNCT
dem-8595	248	7	j.	j.	PROPN
dem-8595	248	8	(	(	PUNCT
dem-8595	248	9	1988	1988	NUM
dem-8595	248	10	)	)	PUNCT
dem-8595	248	11	,	,	PUNCT
dem-8595	248	12	a	a	DET
dem-8595	248	13	theory	theory	NOUN
dem-8595	248	14	of	of	ADP
dem-8595	248	15	dynamic	dynamic	PROPN
dem-8595	248	16	oligopoly	oligopoly	PROPN
dem-8595	248	17	ii	ii	PROPN
dem-8595	248	18	,	,	PUNCT
dem-8595	248	19	econometrica	econometrica	PROPN
dem-8595	248	20	,	,	PUNCT
dem-8595	248	21	56	56	NUM
dem-8595	248	22	,	,	PUNCT
dem-8595	248	23	571–599	571–599	NUM
dem-8595	248	24	,	,	PUNCT
dem-8595	248	25	doi	doi	NOUN
dem-8595	248	26	:	:	PUNCT
dem-8595	248	27	http://dx.doi.org/10.2307/1913726	http://dx.doi.org/10.2307/1913726	PROPN
dem-8595	248	28	.	.	PUNCT
dem-8595	249	1	miłobędzki	miłobędzki	PROPN
dem-8595	249	2	,	,	PUNCT
dem-8595	249	3	p.	p.	NOUN
dem-8595	249	4	(	(	PUNCT
dem-8595	249	5	2008	2008	NUM
dem-8595	249	6	)	)	PUNCT
dem-8595	249	7	,	,	PUNCT
dem-8595	249	8	orlen	orlen	ADJ
dem-8595	249	9	or	or	CCONJ
dem-8595	249	10	lotos	loto	NOUN
dem-8595	249	11	?	?	PUNCT
dem-8595	250	1	which	which	PRON
dem-8595	250	2	is	be	AUX
dem-8595	250	3	setting	set	VERB
dem-8595	250	4	prices	price	NOUN
dem-8595	250	5	at	at	ADP
dem-8595	250	6	the	the	DET
dem-8595	250	7	wholesale	wholesale	ADJ
dem-8595	250	8	market	market	NOUN
dem-8595	250	9	for	for	ADP
dem-8595	250	10	unleaded	unleaded	ADJ
dem-8595	250	11	petrol	petrol	NOUN
dem-8595	250	12	in	in	ADP
dem-8595	250	13	poland	poland	PROPN
dem-8595	250	14	?	?	PUNCT
dem-8595	250	15	,	,	PUNCT
dem-8595	250	16	dynamic	dynamic	ADJ
dem-8595	250	17	econometric	econometric	ADJ
dem-8595	250	18	models	model	NOUN
dem-8595	250	19	,	,	PUNCT
dem-8595	250	20	8	8	NUM
dem-8595	250	21	,	,	PUNCT
dem-8595	250	22	37–43	37–43	NUM
dem-8595	250	23	.	.	PUNCT
dem-8595	250	24	osborne	osborne	PROPN
dem-8595	250	25	,	,	PUNCT
dem-8595	250	26	m.	m.	NOUN
dem-8595	250	27	,	,	PUNCT
dem-8595	250	28	pitchik	pitchik	PROPN
dem-8595	250	29	,	,	PUNCT
dem-8595	250	30	c.	c.	PROPN
dem-8595	250	31	(	(	PUNCT
dem-8595	250	32	1986	1986	NUM
dem-8595	250	33	)	)	PUNCT
dem-8595	250	34	,	,	PUNCT
dem-8595	250	35	price	price	NOUN
dem-8595	250	36	competition	competition	NOUN
dem-8595	250	37	in	in	ADP
dem-8595	250	38	a	a	DET
dem-8595	250	39	capacity	capacity	NOUN
dem-8595	250	40	-	-	PUNCT
dem-8595	250	41	constrained	constrain	VERB
dem-8595	250	42	duopoly	duopoly	ADJ
dem-8595	250	43	,	,	PUNCT
dem-8595	250	44	journal	journal	NOUN
dem-8595	250	45	of	of	ADP
dem-8595	250	46	economic	economic	ADJ
dem-8595	250	47	theory	theory	NOUN
dem-8595	250	48	,	,	PUNCT
dem-8595	250	49	38	38	NUM
dem-8595	250	50	,	,	PUNCT
dem-8595	250	51	238–260	238–260	NUM
dem-8595	250	52	,	,	PUNCT
dem-8595	250	53	doi	doi	NOUN
dem-8595	250	54	:	:	PUNCT
dem-8595	251	1	http://dx.doi.org/10.1016/0022-0531(86)90117-1	http://dx.doi.org/10.1016/0022-0531(86)90117-1	PROPN
dem-8595	251	2	.	.	PUNCT
dem-8595	252	1	pesaran	pesaran	PROPN
dem-8595	252	2	,	,	PUNCT
dem-8595	252	3	h.	h.	PROPN
dem-8595	252	4	m.	m.	PROPN
dem-8595	252	5	,	,	PUNCT
dem-8595	252	6	shin	shin	NOUN
dem-8595	252	7	,	,	PUNCT
dem-8595	252	8	y.	y.	PROPN
dem-8595	252	9	c.	c.	PROPN
dem-8595	252	10	,	,	PUNCT
dem-8595	252	11	smith	smith	PROPN
dem-8595	252	12	,	,	PUNCT
dem-8595	252	13	j.	j.	PROPN
dem-8595	252	14	r.	r.	PROPN
dem-8595	252	15	(	(	PUNCT
dem-8595	252	16	2001	2001	NUM
dem-8595	252	17	)	)	PUNCT
dem-8595	252	18	,	,	PUNCT
dem-8595	252	19	bounds	bound	VERB
dem-8595	252	20	testing	test	VERB
dem-8595	252	21	approaches	approach	NOUN
dem-8595	252	22	to	to	ADP
dem-8595	252	23	the	the	DET
dem-8595	252	24	analysis	analysis	NOUN
dem-8595	252	25	of	of	ADP
dem-8595	252	26	level	level	NOUN
dem-8595	252	27	relationships	relationship	NOUN
dem-8595	252	28	,	,	PUNCT
dem-8595	252	29	journal	journal	NOUN
dem-8595	252	30	of	of	ADP
dem-8595	252	31	applied	applied	ADJ
dem-8595	252	32	econometrics	econometric	NOUN
dem-8595	252	33	,	,	PUNCT
dem-8595	252	34	16	16	NUM
dem-8595	252	35	,	,	PUNCT
dem-8595	252	36	289–326	289–326	NUM
dem-8595	252	37	,	,	PUNCT
dem-8595	252	38	doi	doi	NOUN
dem-8595	252	39	:	:	PUNCT
dem-8595	252	40	http://dx.doi.org/10.1002/jae.616	http://dx.doi.org/10.1002/jae.616	PROPN
dem-8595	252	41	.	.	PUNCT
dem-8595	253	1	pesaran	pesaran	PROPN
dem-8595	253	2	,	,	PUNCT
dem-8595	253	3	m.	m.	PROPN
dem-8595	253	4	h.	h.	PROPN
dem-8595	253	5	,	,	PUNCT
dem-8595	253	6	shin	shin	PROPN
dem-8595	253	7	,	,	PUNCT
dem-8595	253	8	y.	y.	PROPN
dem-8595	253	9	(	(	PUNCT
dem-8595	253	10	1999	1999	NUM
dem-8595	253	11	)	)	PUNCT
dem-8595	253	12	,	,	PUNCT
dem-8595	253	13	an	an	DET
dem-8595	253	14	autoregressive	autoregressive	ADJ
dem-8595	253	15	distributed	distribute	VERB
dem-8595	253	16	lag	lag	NOUN
dem-8595	253	17	modelling	modelling	NOUN
dem-8595	253	18	approach	approach	NOUN
dem-8595	253	19	to	to	ADP
dem-8595	253	20	cointegration	cointegration	NOUN
dem-8595	253	21	analysis	analysis	NOUN
dem-8595	253	22	,	,	PUNCT
dem-8595	253	23	in	in	ADP
dem-8595	253	24	s.	s.	PROPN
dem-8595	253	25	strom	strom	PROPN
dem-8595	253	26	(	(	PUNCT
dem-8595	253	27	ed	ed	NOUN
dem-8595	253	28	.	.	PUNCT
dem-8595	253	29	)	)	PUNCT
dem-8595	253	30	,	,	PUNCT
dem-8595	253	31	econometrics	econometrics	NOUN
dem-8595	253	32	and	and	CCONJ
dem-8595	253	33	economic	economic	ADJ
dem-8595	253	34	theory	theory	NOUN
dem-8595	253	35	in	in	ADP
dem-8595	253	36	the	the	DET
dem-8595	253	37	20th	20th	ADJ
dem-8595	253	38	century	century	NOUN
dem-8595	253	39	:	:	PUNCT
dem-8595	253	40	the	the	DET
dem-8595	253	41	ragnar	ragnar	PROPN
dem-8595	253	42	frisch	frisch	PROPN
dem-8595	253	43	centennial	centennial	PROPN
dem-8595	253	44	symposium	symposium	PROPN
dem-8595	253	45	,	,	PUNCT
dem-8595	253	46	cambridge	cambridge	PROPN
dem-8595	253	47	university	university	PROPN
dem-8595	253	48	press	press	PROPN
dem-8595	253	49	,	,	PUNCT
dem-8595	253	50	cambridge	cambridge	PROPN
dem-8595	253	51	,	,	PUNCT
dem-8595	253	52	doi	doi	PROPN
dem-8595	253	53	:	:	PUNCT
dem-8595	253	54	http://dx.doi.org/10.1017/ccol521633230	http://dx.doi.org/10.1017/ccol521633230	PROPN
dem-8595	253	55	.	.	PUNCT
dem-8595	254	1	rotemberg	rotemberg	PROPN
dem-8595	254	2	,	,	PUNCT
dem-8595	254	3	j.	j.	PROPN
dem-8595	254	4	,	,	PUNCT
dem-8595	254	5	saloner	saloner	PROPN
dem-8595	254	6	,	,	PUNCT
dem-8595	254	7	g.	g.	PROPN
dem-8595	254	8	(	(	PUNCT
dem-8595	254	9	1986	1986	NUM
dem-8595	254	10	)	)	PUNCT
dem-8595	254	11	,	,	PUNCT
dem-8595	254	12	a	a	DET
dem-8595	254	13	supergame	supergame	ADJ
dem-8595	254	14	theoretic	theoretic	NOUN
dem-8595	254	15	model	model	NOUN
dem-8595	254	16	of	of	ADP
dem-8595	254	17	business	business	NOUN
dem-8595	254	18	cycles	cycle	NOUN
dem-8595	254	19	and	and	CCONJ
dem-8595	254	20	price	price	NOUN
dem-8595	254	21	wars	war	NOUN
dem-8595	254	22	during	during	ADP
dem-8595	254	23	booms	boom	NOUN
dem-8595	254	24	,	,	PUNCT
dem-8595	254	25	american	american	PROPN
dem-8595	254	26	economic	economic	PROPN
dem-8595	254	27	review	review	PROPN
dem-8595	254	28	,	,	PUNCT
dem-8595	254	29	76	76	NUM
dem-8595	254	30	,	,	PUNCT
dem-8595	254	31	390–407	390–407	NUM
dem-8595	254	32	.	.	PUNCT
dem-8595	255	1	scherer	scherer	PROPN
dem-8595	255	2	,	,	PUNCT
dem-8595	255	3	f.	f.	PROPN
dem-8595	255	4	m.	m.	PROPN
dem-8595	255	5	(	(	PUNCT
dem-8595	255	6	1980	1980	NUM
dem-8595	255	7	)	)	PUNCT
dem-8595	255	8	,	,	PUNCT
dem-8595	255	9	industrial	industrial	ADJ
dem-8595	255	10	market	market	NOUN
dem-8595	255	11	structure	structure	NOUN
dem-8595	255	12	and	and	CCONJ
dem-8595	255	13	performance	performance	NOUN
dem-8595	255	14	,	,	PUNCT
dem-8595	255	15	2	2	NUM
dem-8595	255	16	ed	ed	NOUN
dem-8595	255	17	.	.	PUNCT
dem-8595	255	18	,	,	PUNCT
dem-8595	255	19	chicago	chicago	PROPN
dem-8595	255	20	:	:	PUNCT
dem-8595	255	21	rand	rand	PROPN
dem-8595	255	22	mcnally	mcnally	PROPN
dem-8595	255	23	.	.	PUNCT
dem-8595	256	1	tarverdi	tarverdi	NOUN
dem-8595	256	2	,	,	PUNCT
dem-8595	256	3	m.	m.	NOUN
dem-8595	256	4	y.	y.	PROPN
dem-8595	256	5	(	(	PUNCT
dem-8595	256	6	2014	2014	NUM
dem-8595	256	7	)	)	PUNCT
dem-8595	256	8	,	,	PUNCT
dem-8595	256	9	ardlbound	ardlbound	NOUN
dem-8595	256	10	:	:	PUNCT
dem-8595	256	11	an	an	DET
dem-8595	256	12	eviews	eview	NOUN
dem-8595	256	13	add	add	VERB
dem-8595	256	14	-	-	PUNCT
dem-8595	256	15	in	in	NOUN
dem-8595	256	16	to	to	PART
dem-8595	256	17	perform	perform	VERB
dem-8595	256	18	ardl	ardl	NOUN
dem-8595	256	19	bound	bind	VERB
dem-8595	256	20	test	test	NOUN
dem-8595	256	21	based	base	VERB
dem-8595	256	22	on	on	ADP
dem-8595	256	23	pesaran	pesaran	PROPN
dem-8595	256	24	et	et	PROPN
dem-8595	256	25	al	al	PROPN
dem-8595	256	26	.	.	PROPN
dem-8595	256	27	(	(	PUNCT
dem-8595	256	28	2001	2001	NUM
dem-8595	256	29	)	)	PUNCT
dem-8595	256	30	,	,	PUNCT
dem-8595	256	31	electronic	electronic	ADJ
dem-8595	256	32	document	document	NOUN
dem-8595	256	33	provided	provide	VERB
dem-8595	256	34	with	with	ADP
dem-8595	256	35	program	program	NOUN
dem-8595	256	36	.	.	PUNCT
dem-8595	257	1	tirole	tirole	PROPN
dem-8595	257	2	,	,	PUNCT
dem-8595	257	3	j.	j.	PROPN
dem-8595	257	4	(	(	PUNCT
dem-8595	257	5	1998	1998	NUM
dem-8595	257	6	)	)	PUNCT
dem-8595	257	7	,	,	PUNCT
dem-8595	257	8	the	the	DET
dem-8595	257	9	theory	theory	NOUN
dem-8595	257	10	of	of	ADP
dem-8595	257	11	industrial	industrial	ADJ
dem-8595	257	12	organization	organization	NOUN
dem-8595	257	13	,	,	PUNCT
dem-8595	257	14	the	the	DET
dem-8595	257	15	mit	mit	PROPN
dem-8595	257	16	press	press	PROPN
dem-8595	257	17	,	,	PUNCT
dem-8595	257	18	england	england	PROPN
dem-8595	257	19	.	.	PUNCT
dem-8595	258	1	sylwesterbejger	sylwesterbejger	PROPN
dem-8595	258	2	dynamic	dynamic	ADJ
dem-8595	258	3	econometric	econometric	ADJ
dem-8595	258	4	models	model	NOUN
dem-8595	258	5	15	15	NUM
dem-8595	258	6	(	(	PUNCT
dem-8595	258	7	2015	2015	NUM
dem-8595	258	8	)	)	PUNCT
dem-8595	258	9	111–128	111–128	NUM
dem-8595	258	10	128	128	NUM
dem-8595	258	11	toda	toda	NOUN
dem-8595	258	12	,	,	PUNCT
dem-8595	258	13	h.	h.	PROPN
dem-8595	258	14	y.	y.	PROPN
dem-8595	258	15	,	,	PUNCT
dem-8595	258	16	yamamoto	yamamoto	NOUN
dem-8595	258	17	,	,	PUNCT
dem-8595	258	18	t.	t.	PROPN
dem-8595	258	19	(	(	PUNCT
dem-8595	258	20	1995	1995	NUM
dem-8595	258	21	)	)	PUNCT
dem-8595	258	22	,	,	PUNCT
dem-8595	258	23	statistical	statistical	ADJ
dem-8595	258	24	inferences	inference	NOUN
dem-8595	258	25	in	in	ADP
dem-8595	258	26	vector	vector	NOUN
dem-8595	258	27	autoregressions	autoregression	NOUN
dem-8595	258	28	with	with	ADP
dem-8595	258	29	possibly	possibly	ADV
dem-8595	258	30	integrated	integrate	VERB
dem-8595	258	31	processes	process	NOUN
dem-8595	258	32	,	,	PUNCT
dem-8595	258	33	journal	journal	NOUN
dem-8595	258	34	of	of	ADP
dem-8595	258	35	econometrics	econometric	NOUN
dem-8595	258	36	,	,	PUNCT
dem-8595	258	37	66	66	NUM
dem-8595	258	38	,	,	PUNCT
dem-8595	258	39	225–250	225–250	NUM
dem-8595	258	40	,	,	PUNCT
dem-8595	258	41	doi	doi	NOUN
dem-8595	258	42	:	:	PUNCT
dem-8595	258	43	http://dx.doi.org/10.1016/0304-4076(94)01616-8	http://dx.doi.org/10.1016/0304-4076(94)01616-8	PROPN
dem-8595	258	44	.	.	PUNCT
dem-8595	259	1	vives	vive	NOUN
dem-8595	259	2	,	,	PUNCT
dem-8595	259	3	x.	x.	NOUN
dem-8595	259	4	(	(	PUNCT
dem-8595	259	5	2001	2001	NUM
dem-8595	259	6	)	)	PUNCT
dem-8595	259	7	,	,	PUNCT
dem-8595	259	8	oligopoly	oligopoly	ADJ
dem-8595	259	9	pricing	pricing	NOUN
dem-8595	259	10	.	.	PUNCT
dem-8595	260	1	old	old	ADJ
dem-8595	260	2	ideas	idea	NOUN
dem-8595	260	3	and	and	CCONJ
dem-8595	260	4	new	new	ADJ
dem-8595	260	5	tools	tool	NOUN
dem-8595	260	6	,	,	PUNCT
dem-8595	260	7	the	the	DET
dem-8595	260	8	mit	mit	PROPN
dem-8595	260	9	press	press	PROPN
dem-8595	260	10	,	,	PUNCT
dem-8595	260	11	cambridge	cambridge	PROPN
dem-8595	260	12	.	.	PUNCT
dem-8595	261	1	lu	lu	PROPN
dem-8595	261	2	,	,	PUNCT
dem-8595	261	3	y.	y.	PROPN
dem-8595	261	4	,	,	PUNCT
dem-8595	261	5	wright	wright	PROPN
dem-8595	261	6	,	,	PUNCT
dem-8595	261	7	j.	j.	PROPN
dem-8595	261	8	(	(	PUNCT
dem-8595	261	9	2010	2010	NUM
dem-8595	261	10	)	)	PUNCT
dem-8595	261	11	,	,	PUNCT
dem-8595	261	12	tacit	tacit	ADJ
dem-8595	261	13	collusion	collusion	NOUN
dem-8595	261	14	with	with	ADP
dem-8595	261	15	price	price	NOUN
dem-8595	261	16	-	-	PUNCT
dem-8595	261	17	matching	matching	NOUN
dem-8595	261	18	punishments	punishment	NOUN
dem-8595	261	19	,	,	PUNCT
dem-8595	261	20	international	international	ADJ
dem-8595	261	21	journal	journal	NOUN
dem-8595	261	22	of	of	ADP
dem-8595	261	23	industrial	industrial	ADJ
dem-8595	261	24	organization	organization	NOUN
dem-8595	261	25	,	,	PUNCT
dem-8595	261	26	28	28	NUM
dem-8595	261	27	,	,	PUNCT
dem-8595	261	28	298–306	298–306	NUM
dem-8595	261	29	,	,	PUNCT
dem-8595	261	30	doi	doi	PROPN
dem-8595	261	31	:	:	PUNCT
dem-8595	261	32	http://dx.doi.org/10.1016/j.ijindorg.2009.10.001	http://dx.doi.org/10.1016/j.ijindorg.2009.10.001	PROPN
dem-8595	261	33	.	.	PUNCT
dem-8595	261	34	test	test	NOUN
dem-8595	261	35	paralelnych	paralelnych	NOUN
dem-8595	261	36	zachowań	zachowań	NOUN
dem-8595	261	37	cenowych	cenowych	PROPN
dem-8595	261	38	na	na	X
dem-8595	261	39	hurtowym	hurtowym	PROPN
dem-8595	261	40	rynku	rynku	ADJ
dem-8595	261	41	paliw	paliw	PROPN
dem-8595	261	42	płynnych	płynnych	PROPN
dem-8595	261	43	w	w	PROPN
dem-8595	261	44	polsce	polsce	PROPN
dem-8595	261	45	oparty	oparty	NOUN
dem-8595	261	46	na	na	AUX
dem-8595	261	47	podejściu	podejściu	VERB
dem-8595	261	48	ardl	ardl	PROPN
dem-8595	261	49	/bound	/bound	PUNCT
dem-8595	261	50	testing	test	VERB
dem-8595	261	51	z	z	NOUN
dem-8595	261	52	a	a	DET
dem-8595	261	53	r	r	NOUN
dem-8595	261	54	y	y	PROPN
dem-8595	261	55	s	s	PROPN
dem-8595	261	56	t	t	NOUN
dem-8595	261	57	r	r	NOUN
dem-8595	261	58	e	e	PROPN
dem-8595	261	59	ś	ś	PROPN
dem-8595	261	60	c	c	PROPN
dem-8595	261	61	i.	i.	PROPN
dem-8595	261	62	artykuł	artykuł	PROPN
dem-8595	261	63	dotyczy	dotyczy	PROPN
dem-8595	261	64	badania	badania	PROPN
dem-8595	261	65	,	,	PUNCT
dem-8595	261	66	czy	czy	PROPN
dem-8595	261	67	obserwowane	obserwowane	PROPN
dem-8595	261	68	cen	cen	PROPN
dem-8595	261	69	paliw	paliw	PROPN
dem-8595	261	70	płynnych	płynnych	NOUN
dem-8595	261	71	na	na	ADP
dem-8595	261	72	rynku	rynku	ADJ
dem-8595	261	73	hurtowym	hurtowym	PROPN
dem-8595	261	74	mogą	mogą	PROPN
dem-8595	261	75	być	być	PROPN
dem-8595	261	76	zgodne	zgodne	PROPN
dem-8595	261	77	z	z	PROPN
dem-8595	261	78	określonym	określonym	PROPN
dem-8595	261	79	modelem	modelem	NOUN
dem-8595	261	80	teoretycznym	teoretycznym	NOUN
dem-8595	261	81	interakcji	interakcji	PROPN
dem-8595	261	82	strategicznych	strategicznych	PROPN
dem-8595	261	83	graczy	graczy	PROPN
dem-8595	261	84	.	.	PUNCT
dem-8595	262	1	głównym	głównym	PROPN
dem-8595	262	2	celem	celem	PROPN
dem-8595	262	3	badawczym	badawczym	PROPN
dem-8595	262	4	było	było	PROPN
dem-8595	262	5	określanie	określanie	PROPN
dem-8595	262	6	,	,	PUNCT
dem-8595	262	7	czy	czy	PROPN
dem-8595	262	8	paralelne	paralelne	PROPN
dem-8595	262	9	zachowania	zachowania	PROPN
dem-8595	262	10	cenowe	cenowe	PROPN
dem-8595	262	11	,	,	PUNCT
dem-8595	262	12	implikowane	implikowane	NOUN
dem-8595	262	13	równowagą	równowagą	PROPN
dem-8595	262	14	teoretycznego	teoretycznego	PROPN
dem-8595	262	15	modelu	modelu	PROPN
dem-8595	262	16	interakcji	interakcji	PROPN
dem-8595	262	17	strategicznych	strategicznych	PROPN
dem-8595	262	18	,	,	PUNCT
dem-8595	262	19	mogą	mogą	PROPN
dem-8595	262	20	być	być	PROPN
dem-8595	262	21	mechanizmem	mechanizmem	PROPN
dem-8595	262	22	ustalania	ustalania	PROPN
dem-8595	262	23	cen	cen	PROPN
dem-8595	262	24	faktycznie	faktycznie	PROPN
dem-8595	262	25	obserwowanym	obserwowanym	NOUN
dem-8595	262	26	na	na	AUX
dem-8595	262	27	rynku	rynku	ADJ
dem-8595	262	28	.	.	PUNCT
dem-8595	263	1	aby	aby	PROPN
dem-8595	263	2	to	to	ADP
dem-8595	263	3	stwierdzić	stwierdzić	PROPN
dem-8595	263	4	wyznaczono	wyznaczono	PROPN
dem-8595	263	5	statystyki	statystyki	PROPN
dem-8595	263	6	opisowe	opisowe	PROPN
dem-8595	263	7	indywidualnych	indywidualnych	ADJ
dem-8595	263	8	szeregów	szeregów	NOUN
dem-8595	263	9	czasowych	czasowych	PROPN
dem-8595	263	10	cen	cen	PROPN
dem-8595	263	11	dla	dla	PROPN
dem-8595	263	12	ustalenia	ustalenia	PROPN
dem-8595	263	13	podobieństw	podobieństw	PROPN
dem-8595	263	14	.	.	PUNCT
dem-8595	264	1	następnie	następnie	NOUN
dem-8595	264	2	zbadano	zbadano	VERB
dem-8595	264	3	współzależność	współzależność	DET
dem-8595	264	4	ruchów	ruchów	NOUN
dem-8595	264	5	cenowych	cenowych	PROPN
dem-8595	264	6	graczy	graczy	PROPN
dem-8595	264	7	wykorzystując	wykorzystując	PROPN
dem-8595	264	8	podejście	podejście	PROPN
dem-8595	264	9	ardl	ardl	PROPN
dem-8595	264	10	/bound	/bound	PUNCT
dem-8595	264	11	testing	testing	PROPN
dem-8595	264	12	.	.	PUNCT
dem-8595	265	1	stwierdzono	stwierdzono	PROPN
dem-8595	265	2	,	,	PUNCT
dem-8595	265	3	że	że	PROPN
dem-8595	265	4	jeśli	jeśli	PROPN
dem-8595	265	5	gracze	gracze	PROPN
dem-8595	265	6	wykorzystują	wykorzystują	PROPN
dem-8595	265	7	mechanizm	mechanizm	PROPN
dem-8595	265	8	cenowy	cenowy	PROPN
dem-8595	265	9	ceny	ceny	PROPN
dem-8595	265	10	parytetu	parytetu	PROPN
dem-8595	265	11	importowego	importowego	NOUN
dem-8595	265	12	(	(	PUNCT
dem-8595	265	13	przyjęty	przyjęty	NOUN
dem-8595	265	14	w	w	PROPN
dem-8595	265	15	modelu	modelu	PROPN
dem-8595	265	16	teoretycznym	teoretycznym	PROPN
dem-8595	265	17	)	)	PUNCT
dem-8595	265	18	,	,	PUNCT
dem-8595	265	19	ich	ich	PROPN
dem-8595	265	20	zachowania	zachowania	PROPN
dem-8595	265	21	replikują	replikują	PROPN
dem-8595	265	22	paralelne	paralelne	PROPN
dem-8595	265	23	zachowanie	zachowanie	PROPN
dem-8595	265	24	cenowe	cenowe	PROPN
dem-8595	265	25	,	,	PUNCT
dem-8595	265	26	za	za	PROPN
dem-8595	265	27	wyjątkiem	wyjątkiem	PROPN
dem-8595	265	28	roku	roku	PROPN
dem-8595	265	29	2007	2007	NUM
dem-8595	265	30	,	,	PUNCT
dem-8595	265	31	w	w	PROPN
dem-8595	265	32	którym	którym	PROPN
dem-8595	265	33	lotos	lotos	PROPN
dem-8595	265	34	wydaje	wydaje	PROPN
dem-8595	265	35	się	się	PROPN
dem-8595	265	36	być	być	PROPN
dem-8595	265	37	liderem	liderem	PROPN
dem-8595	265	38	cenowym	cenowym	NOUN
dem-8595	265	39	.	.	PUNCT
dem-8595	266	1	s	s	PROPN
dem-8595	266	2	ł	ł	PROPN
dem-8595	266	3	o	o	X
dem-8595	266	4	w	w	NOUN
dem-8595	266	5	a	a	DET
dem-8595	266	6	k	k	X
dem-8595	266	7	l	l	NOUN
dem-8595	266	8	u	u	NOUN
dem-8595	267	1	c	c	NOUN
dem-8595	267	2	z	z	NOUN
dem-8595	267	3	o	o	X
dem-8595	267	4	w	w	PROPN
dem-8595	267	5	e	e	NOUN
dem-8595	267	6	:	:	PUNCT
dem-8595	267	7	hurtowy	hurtowy	VERB
dem-8595	267	8	rynek	rynek	PROPN
dem-8595	267	9	paliw	paliw	PROPN
dem-8595	267	10	,	,	PUNCT
dem-8595	267	11	zachowania	zachowania	PROPN
dem-8595	267	12	paralelne	paralelne	PROPN
dem-8595	267	13	,	,	PUNCT
dem-8595	267	14	kointegracja	kointegracja	NOUN
dem-8595	267	15	.	.	PUNCT