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On the Impact of Forward Contract Obligations in Multi-Unit Auctions

de Frutos, Maria-Angeles; Fabra, Natalia - C.E.P.R. Discussion Papers - 2008

Several regulatory authorities worldwide have recently imposed forward contract obligations on electricity producers as … bidding in electricity markets, or in any other auction-based market. For this purpose, we introduce forward contracts in a …

Persistent link: https://www.econbiz.de/10005136602

Competition, Globalization and the Decline of Inflation

Chen, Natalie; Imbs, Jean; Scott, Andrew - C.E.P.R. Discussion Papers - 2004

and significant impact on sectoral prices. Increased openness lowers prices by both reducing markups and raising …We investigate theoretically and empirically the competitive effects of increased trade on prices, productivity and … markups. Using disaggregated data for EU manufacturing over the period 1988-2000 we find increased openness exerts a negative …

Persistent link: https://www.econbiz.de/10005667140

Good rankings are bad - Why reliable rankings can hurt consumers

Bouton, Laurent; Kirchsteiger, Georg - C.E.P.R. Discussion Papers - 2011

off. The existence of a ranking changes the demand structure of consumers. With rigid prices and rationing, the change can … due to consumption externalities. Finally, with perfectly flexible prices the ranking might increase the market power of …

Persistent link: https://www.econbiz.de/10009385758

Asset Auctions, Information, and Liquidity

Vives, Xavier - C.E.P.R. Discussion Papers - 2010

A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...

Persistent link: https://www.econbiz.de/10008468554

Capacity and Product Market Competition: Measuring Market Power in a 'Fat-Cat' Industry

Röller, Lars-Hendrik; Siekles, Robin - C.E.P.R. Discussion Papers - 1998

prices. The model has a two-stage set-up. In the first stage firms make capacity decisions followed by a product …

Persistent link: https://www.econbiz.de/10005123777

Union Power and Product Market Competition: Evidence from the Airline Industry

Neven, Damien J; Röller, Lars-Hendrik; Zhang, Zhentang - C.E.P.R. Discussion Papers - 1998

In this paper, we specify and estimate a structural model, which links product market competition and union power. The model has a two-stage setting, in which wages are determined through bargaining between management and unions in the first stage, with a price-setting market game to follow in...

Persistent link: https://www.econbiz.de/10005124345

Underpricing and Market Power in Uniform Price Auctions

Kremer, Ilan; Nyborg, Kjell G - C.E.P.R. Discussion Papers - 2004

underpricing. We make a realistic modification to the theory by allowing discrete prices, quantities and bids. We show that … a dramatic impact on prices. Our conclusions are robust to bidders being capacity constrained. Finally, we examine …

Persistent link: https://www.econbiz.de/10005067628

Aftermarket Power and Basic Market Competition

Cabral, Luís M B - C.E.P.R. Discussion Papers - 2008

I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers, then...

Persistent link: https://www.econbiz.de/10005497932

Strategic Behaviour and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions

Keloharju, Matti; Nyborg, Kjell G; Rydqvist, Kristian - C.E.P.R. Discussion Papers - 2002

We study uniform price auctions using a dataset that includes individual bidders' demand schedules in Finnish Treasury auctions during the period 1992-99. Average underpricing amounts to 0.041% of face value. Theory suggests that underpricing may result from monopsonistic market power. We...

Persistent link: https://www.econbiz.de/10005498163

Does Antidumping Protection Raise Market Power? Evidence from Firm Level Data

Konings, Jozef; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2002

, while in industries with positive mark-ups before protection, trade policy raises market power between 3% points and 15 …

Persistent link: https://www.econbiz.de/10005656186