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Do firms sell forward for strategic reasons? : an application to the wholesale market for natural gas
Eijkel, Remco van; Moraga-González, José Luis - 2010
empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for … both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if …
Persistent link: https://www.econbiz.de/10008757521
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How does the EU ETS reform impact allowance prices? : the role of myopia, hedging requirements and the hotelling rule
Bocklet, Johanna; Hintermayer, Martin - 2020
the impact of the recent reform on allowance prices. By including bounded rationality such as myopia or hedging …-ante in the decision making of the firms. Myopia and hedging requirements have little impact in the prereform market but … strongly drive market outcomes after the reform. In the post-reform market, hedging requirements in combination with …
Persistent link: https://www.econbiz.de/10012291879
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The risk-adjusted carbon price
Bremer, Ton S. van den; Ploeg, Frederick van der - 2019
sensitivity and damage rate hedging effects to deal with future economic and climatic and damage risks. …
Persistent link: https://www.econbiz.de/10011996310
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Frequency volatility connectedness and portfolio hedging of U.S. energy commodities
Kočenda, Evžen; Moravcová, Michala - 2024
We analyze (frequency) connectedness and portfolio hedging among U.S. energy commodities from 1997 to 2023. We show …
Persistent link: https://www.econbiz.de/10014456134
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Technology shocks and aggregate fluctuations in an estimated hybrid RBC model
Malley, James R.; Woitek, Ulrich - 2009
This paper contributes to the on-going empirical debate regarding the role of the RBC model and in particular of technology shocks in explaining aggregate fluctuations. To this end we estimate the model's posterior density using Markov-Chain Monte-Carlo (MCMC) methods. Within this framework we...
Persistent link: https://www.econbiz.de/10003833344
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The war on illegal drugs in producer and consumer countries : a simple analytical framework
Mejía, Daniel (contributor) - 2008
This paper develops a model of the war against illegal drugs in both producer and consumer countries. The paper studies the trade-off faced by the government of the drug consumer country between prevention policies (aimed at reducing the demand for drugs) and enforcement policies (aimed at...
Persistent link: https://www.econbiz.de/10003790762
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Population, pensions, and endogenous economic growth
Heer, Burkhard (contributor); Irmen, Andreas (contributor) - 2008
We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor...
Persistent link: https://www.econbiz.de/10003791799
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Variable selection and inference for multi-period forecasting problems
Pesaran, M. Hashem; Pick, Andreas; Timmermann, Allan - 2009
This paper conducts a broad-based comparison of iterated and direct multi-step forecasting approaches applied to both univariate and multivariate models. Theoretical results and Monte Carlo simulations suggest that iterated forecasts dominate direct forecasts when estimation error is a...
Persistent link: https://www.econbiz.de/10003807908
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Taxes and pensions
Diamond, Peter A. - 2009
Pension benefit rules depend on individual history far more than taxes do, and age plays a much larger role in pension determination than in tax determination. Apart from some simulation studies, theoretical studies of optimal tax design typically contain neither a mandatory pension system nor...
Persistent link: https://www.econbiz.de/10003850157
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How "Chicagoan" are Gary Becker's economic models of marriage?
Grossbard-Shechtman, Shoshana - 2009
models. At the market level, Becker offers two major types of models: partial equilibrium models based on Price Theory as … possible intellectual influences on Becker's theory of marriage, compares Becker's research on marriage with that of some …
Persistent link: https://www.econbiz.de/10003850161