Conference Program

Modeling the Covid effect on Gasoline Price Changes using Latent Markov Models (310202)

Ryan Gill, University of Louisville 
*Rasitha R Jayasekare, Butler University  
Kiseop Lee, Purdue University 

Keywords: gasoline price, latent markov model

The COVID-19 pandemic has made impacts on many things in our lives. The pandemic has definitely affected the commodities that people use every day. This paper investigates the changes in the gasoline price during the pandemic and attempts to uncover any change points in the gasoline price as a response to the spikes in the COVID outbreak. A Latent Markov model with continuous outcome is applied to the price changes in the gasoline price. The daily gasoline prices from Western Australia have been used with wholesale prices in the same region.