The German reserve power market was subject to important regulatory changes in recent years. A new market design was created by synchronization and interconnection of the four control areas. In this paper, we analyze whether or not the reforms led to lower prices for minute reserve power (MRP)....

Betting markets have been frequently used as a natural laboratory to test the efficient market hypothesis and to obtain insights especially for financial markets. We add to this literature in analyzing the velocity and accuracy in which market expectations adapt to an exogenous shock: the...

This paper examines the relation between crowd support and home advantage in professional soccer. For that purpose, we make use of a unique "natural experiment": so-called ghost games in the three top divisions of German professional soccer during the Corona pandemic. We find that there is a...