In this paper, we model the dynamic behavior of prices in a network of interconnected, but decentralized, electric power markets--an architecture very different from the centralized exchanges and power pools currently being implemented by many state regulators. We estimate dynamic equations of...

Every motion picture is an innovation that competes for theater screens and audiences during its brief life against a changing array of imperfect substitutes. The authors analyze a large sample of motion pictures as an evolving rank tournament of survival and death. The results indicate that the...

Decontrol of the wellhead price of natural gas under the Natural Gas Policy Act of 1978 ended the general shortage of natural gas, which had begun in the 1960s. It also led to dislocations in gas markets because of regulatory uncertainties that created difficulties in renegotiating contracts...