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Transport constraints limit competition and arbitrageurs' possibilities of exploiting price differences between goods in neighbouring markets, especially when storage capacity is negligible. We analyse this in markets where strategic producers compete with supply functions, as in wholesale...
Persistent link: https://www.econbiz.de/10010818454
In games with continuum strategy sets, we model a player’s uncertainty about another player’s strategy, as an atomless … uncertainty if it is the limit, as uncertainty vanishes, of some sequence (all sequences) of strategy profiles in which every … player’s strategy is optimal under his or her uncertainty about the others. General properties of this robustness criterion …
Persistent link: https://www.econbiz.de/10010539859
Author: Edward J. Anderson, Pär Holmberg and Andrew B. Philpott Keywords: Pay-as-bid Auction; Divisible Good Auction; Mixed Strategy Equilibria; Wholesale Electricity Markets Pages: 71 Published: November 24, 2009 JEL-codes: D43; D44; C72 Download Wp814.pdf (756 kB) Abstract Using the concept of...
Persistent link: https://www.econbiz.de/10008491695
Forward sales is a credible commitment to aggressive spot market bidding, and it mitigates producers’ market power in electricity markets. Still it can be profitable for a producer to make such a commitment if it results in a soft response from competitors in the spot market (strategies are...
Persistent link: https://www.econbiz.de/10005645406
We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others through hedged compensation contracts or with tournament incentives. Compared to a baseline...
Persistent link: https://www.econbiz.de/10010818495
No abstract.
Persistent link: https://www.econbiz.de/10010684440
Persistent link: https://www.econbiz.de/10005780369
Few EU decisions have caused more international outcry than the extension of the EU Emissions Trading System (ETS) to apply to aviation. The directive was legally challenged by US airlines before a UK court, which referred the case to the European Court of Justice (ECJ) for a preliminary ruling...
Persistent link: https://www.econbiz.de/10010818345
The paper argues that focusing only on disputes formally raised in the WTO Dispute Settlement system underestimates the extent of trade conflict resolution within the WTO. Both the SPS and TBT Committees address a significant number of ‘specific trade concerns’ (STCs) that in the...
Persistent link: https://www.econbiz.de/10010818374
This study contributes to the debate concerning the appropriate role of multilateral environmental agreements (MEAs) in in WTO dispute settlement. Its distinguishing feature is that it seeks to address this relationship in light of the reason why the parties have chosen to separate their...
Persistent link: https://www.econbiz.de/10010818378