This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product … corporations in the USA, using publicly-available data. Using the model, I compute firm-level markups and decompose them into: 1) a …

2018. We first show that both markets are not perfectly competitive, as both price markups and wage markdowns are far from …

region and drives up gas and electricity prices. The firms observed to withhold pipeline capacity also own non … estimate that capacity withholding increased average gas and electricity prices by 38% and 20%, respectively, over the three … role in the US electricity generation mix. In recent years, the region’s wholesale natural gas and electricity markets have …

time. In the context of electricity markets, I show how the auction structure and bidding data can be used to estimate … market prices. These fluctuations can induce estimates of market power that ignore dynamic costs to overstate markup … volatility, with predicted markups that can be even negative in periods of low demand. I show how accounting for startup costs …

-parametric formulas, we measure how trade modifies the deadweight loss of markups through two channels: (1) trade-induced change in markup …-markup goods. To measure these effects, we estimate firm-level markups globally using demand-based and cost-based methods and … monopoly distortions, reducing the deadweight loss of markups for high-income countries by 15% while increasing it by 44% among …

divestitures on German wholesale electricity prices. Our identification strategy is based on the observation that energy suppliers … convergence between peak and off-peak prices. Using daily electricity prices for the 2006 - 2012 period and controlling for cost …In 2008, the European Commission investigated E.ON, a large and vertically integrated electricity company, for the …

document that while firms mainly grow by selling to more customers, their markups are only associated with their average sales … customer acquisition and variable markups. Relative to a model without customer acquisition, our model generates higher …

We analyse the drivers of European Power Exchange (EPEX) retail electricity prices between 2012 and early 2022 using … green the energy matrix on retail electricity prices are first order. CO2 permit prices strongly impact electricity prices … (particularly for baseload prices). Among energy sources, natural gas has the largest effect on electricity prices. Importantly, the …

We extend existing theoretical frameworks describing electricity markets where each generator provides a Market … Operator (MO) with a supply schedule in advance. The MO combines these with demand forecasts to produce equilibrium prices and … opportunity to submit rebids. In the Australian National Energy Market (NEM) where settlement prices are an average of six …

The marginal cost of electricity fluctuates hour-by-hour, yet retail customers typically face flat prices. Using data … correct about 10% of mispricing. Second, complex rate structures based on historical prices often backfire. Third, real …