Most balaning markets of electric power are organized as uniform-price auctions. In 2001, the balancing market of England and Wales switched to a pay-as-bid auction with the intention of reducing wholesale electricity prices. Numerical simultations of an electricity auction model have indicated...

We consider an oligopolistic market where firms compete in price and quality and where consumers are heterogeneous in knowledge: some consumers know both the prices and quality of the products offered, some know only the prices and some know neither. We show that two types of signalling...

This paper studies the innovation dynamics of an oligopolistic industry. The firms compete not only in the output market but also by engaging in productivity enhancing innovations to reduce labor costs. Rent sharing may generate productivity dependent wage differentials. Productivity growth...

Im klassischen Beitrag von Salant, Switzer und Reynolds (1983) wird für symmetrische Unternehmungen gezeigt, daß bei Verfolgung einer Mengenpolitik Fusionen zur Einschränkung des Wettbewerbs nur dann für die beteiligten Unternehmungen lohnend sind, wenn wenigstens 80 % der Unternehmungen an...

Allowing firms to cooperate in their R&D is an industrial policy, which has received much attention in recent economics literature. Many of these contributions are based on the seminal analysis of d'Aspremont and Jacquemin (1988). We provide a general version of their model, which encompasses...