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Understanding the Estimation of Oil Demand and Oil Supply Elasticities

Kilian, Lutz - 2020

This paper examines the advantages and drawbacks of alternative methods of estimating oil supply and oil demand elasticities and of incorporating this information into structural VAR models. I not only summarize the state of the literature, but also draw attention to a number of econometric...

Persistent link: https://www.econbiz.de/10012822493

Preferential Trade Liberalization with Endogenous Cartel Discipline : Implications for Welfare and Optimal Trade Policies

Agnosteva, Delina - 2020

We consider an international cartel whose members interact repeatedly in their own as well as in third …-country segmented markets. Cartel discipline-an inverse measure of the degree of competition between firms-is endogenously determined by … the cartel's incentive compatibility constraint (ICC), which links strategically markets that are seemingly unrelated …

Persistent link: https://www.econbiz.de/10012822505

Gender and Collusion

Haucap, Justus; Heldman, Christina; Rau, Holger Andreas - 2022

Many cartels are formed by individual managers of different firms, but not by firms as collectives. However, most of the literature in industrial economics neglects individuals’ incentives to form cartels. Although oligopoly experiments reveal important insights on individuals acting as firms,...

Persistent link: https://www.econbiz.de/10013296722

Negative Intra-Group Externalities in Two-Sided Markets

Belleflamme, Paul; Toulemonde, Eric - 2021

Two types of agents interact on a pre-existing free platform. Agents value positively the presence of agents of the other type but may value negatively the presence of agents of their own type. We ask whether a new platform can find fees and subsidies so as to divert agents from the existing...

Persistent link: https://www.econbiz.de/10013317024

The Welfare Effects of Persuasion and Taxation : Theory and Evidence from the Field

Rodemeier, Matthias - 2020

How much information should governments reveal to consumers if consumption choices have uninternalized consequences to society? How does an alternative tax policy compare to information disclosure? We develop a price theoretic model of information design that allows empiricists to identify the...

Persistent link: https://www.econbiz.de/10012834876

The Econometrics of Oil Market VAR Models

Kilian, Lutz - 2020

Oil market VAR models have become the standard tool for understanding the evolution of the real price of oil and its impact in the macro economy. As this literature has expanded at a rapid pace, it has become increasingly difficult for mainstream economists to understand the differences between...

Persistent link: https://www.econbiz.de/10012839764

Environmental Policy with Green Consumerism

Ambec, Stefan - 2020

Is green consumerism beneficial to the environment and the economy? To shed light on this question, we study the political economy of environmental regulations in a model with neutral and green consumers where the latter derive some warm glow from buying a good of higher environmental quality...

Persistent link: https://www.econbiz.de/10012826061

Efficiency in Wholesale Electricity Markets : On the Role of Externalities and Subsidies

Bialek, Sylwia; Unel, Burcin - 2021

This paper studies the effects of capacity market reforms that the U.S. grid operators have undertaken in response to state-level subsidies paid to emission-free electricity generation. We first derive an analytical model of energy-and-capacity markets that allows us to predict the price and...

Persistent link: https://www.econbiz.de/10013234520

Interdependencies between Countries in the Provision of Energy

Radulescu, Doina; Sulger, Philippe - 2021

Many economies are concerned with the future security of electricity supply. This is rooted in the necessity to decarbonise energy systems and in the nuclear phase-out. Hence, some economies, instead of investing in own domestic energy capacity, rely on energy production by their neighbours. At...

Persistent link: https://www.econbiz.de/10013245630

Heterogeneity in the Pass-Through from Oil to Gasoline Prices : A New Instrument for Estimating the Price Elasticity of Gasoline Demand

Kilian, Lutz; Zhou, Xiaoqing - 2023

We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences across U.S. states in the pass-through of oil price shocks to retail gasoline prices. We show that these differences are primarily driven by the cost of producing and...

Persistent link: https://www.econbiz.de/10014358334