contracting to a pre-existing spot market. We deal separately with the cases where spot market competition is in quantities and … types of competition the introduction of a forward market significantly lowers prices. The combination of supply function … competition with a forward market leads to high efficiency levels. …

Competition typically involves two main dimensions, a rivalry for resources and the ranking of relative performances … sometimes underperform under– competition. It has been argued that adapting the institutions under which competition takes place …