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 …

Motivated by the regulatory debate in electricity markets, we seek to understand how market design affects market … (iii) bid duration. We find that, although the discriminatory auction tends to lower prices, this does not imply that …

distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions …

an attempt to manipulate security prices to their benefit. This leads to incomplete risk-sharing, despite the existence … of complete markets and the absence of aggregate risk. When a fiscal union centralizes fiscal policy, security prices can …