Network industries are now characterized by a regime of permanent innovation, while they continue to be fixed and sunk cost industries, due to the high level of investments in R&D and infrastructures. Players in these industries need to coordinate their investments; hence a threat of collusion....

In this article we focus on the so-called back-loading policy adopted by the European Commission to increase the carbon market price. This environmental measure consists of removing a share of the allowances allocated for a given period in order to reallocate some or all of them later on. To...

It is common to assert, in the literature on commodity derivative markets, that the behavior of futures prices is characterized by the "Samuelson Hypothesis": there is a decreasing pattern of volatilities along the prices curve. Despite some debates about statistical measurements, this...

We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering natural gas as an exhaustible resource. Using US data, we estimate the model’s structural parameters and test economically founded restrictions. We analyze,...

This article treats energy taxation principles in the light of the need to optimise supply by non-EU suppliers. Our model distinguishes and evaluates the three terms of an optimum tax: budget, environment and strategy. Their values depend on technological data (output) and habits (consumption)...

We propose a joint modeling of spot electricity prices, forwards prices and other derivative prices, using recent developments in discrete time asset pricing methods based on the notions of stochastic discount factor and of compound autoregressive (or affine) stochastic processes. We show that...