We use demand and plant-level cost data to simulate competition in a restructured California electricity market. This … for significant market power in high demand hours. During some months, congestion over Path 15, the primary in-state north …-south transmission line, exacerbates the market power potential in northern California. While these results make deregulation of …

We study price convergence between the two major markets for wholesale electricity in California from their … deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit … understanding of the markets, however, could have delayed or prevented price convergence. We find that the two benchmark electricity …

Standard models of informed speculation suggest that traders try to learn information that others do not have. This …

Electricity restructuring has created the opportunity for producers to exercise market power. Oligopolists increase … implications of production inefficiencies attributed to market power in the Pennsylvania, New Jersey, and Maryland electricity … market. Air pollution fell substantially during 1999, the year in which both electricity restructuring and new environmental …

elasticity using counterfactual simulations in a structural model of the Pennsylvania-Jersey-Maryland electricity market. The … important element of market design in some restructured electricity markets … electricity prices in peak hours, contrary to predictions from short run models, while decreasing Capacity Market prices and total …

of oil prices, relates these to the predictions of theory, and looks in detail at key features of petroleum demand and … supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that …

characterize the state envisaged under the hypothesis. If a market is subject to efficient speculation, the supply of speculative … rational expectations or market efficiency and in order to stress this fact, the term "speculative efficiency" is used to … price is a market price determined as the solution to the underlying rational expectations macroeconomic model. Although the …

whether short-sales restrictions affect the efficiency of the market, and the distributional characteristics of returns to … individual stocks and market indices. Using the approach developed in Morck et.al. (2000) we find significantly more cross … regulators is that short-selling restrictions can reduce the relative severity of a market panic. We test this conjecture by …

residential electricity market, we document evidence of consumer inertia. We estimate an econometric model of retail choice to …

. We study such a setting in the Texas electricity market, in which bidding behavior of some firms persistently and …Oligopoly models of short-run price competition predict that large firms can exercise market power and generate … sophistication of specific firms in the market. We do this embedding a Cognitive Hierarchy model into a structural model of bidding …