Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740]...

The aim of this paper is to examine portfolio management of emission allowances in the US Sulfur Dioxide Emissions Allowance Trading Program, to determine whether utilities have a real motive to bank when risk increases. We test a theoretical model linking the motivation of the firm to...

This paper considers a model of two interconnected networks with different qualities. There are call externalities in the sense that consumers value calls they send and receive. Networks compete in two part tariffs. We show that call externalities create private incentives for each competitor to...

Lorsqu’on évoque les risques de distorsions de concurrence liés à l’introduction d’un marché de permis, on considère généralement les distorsions de concurrence provenant de la manipulation du prix de marché des permis, c’est-à-dire qu’on envisage un marché des permis non...

Les cinq derniere decennies sont marquees en Europen par un large processus d'integration. L'objectif de ce papier est d'utiliser a la gois les interdependances structurelles, nees de ce processus d'integration, et les contraintes economiques et institutionnelles decoulant de l'unification...

L'engouement pour les energies substituables, non conventionnelles, sera-t-il economiquement viable et donc durable? Certains des interets qui se rejoignaient pour encourager l'exploitation de la biomasse a des dfins energetiques se sont progressivement emousses. Le renouveau de l'interet en...

The gas deregulation process implies crucial choices concerning access to transportation networks. These choices deal with the nature, the structure and the level of access fees. This paper proposes an evaluation of different systems implemented both in Europe and North America, in relation to...

This paper studies the design of a mining concession contract as a multi-period autoselection problem where production is the depletion of a non renewable resource. As compared to symmetric information, we show that overproduction (resp. underproduction) is optimal in the initial phase (resp....