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The views expressed herein are those of the authors and do not necessarily represent the views of the Federal Reserve Bank of Richmond or the Federal Reserve System. We thank Eric LaRose and Sara Ho for outstanding research assistance.Using U.S. NETS data, we present evidence that the positive...
Persistent link: https://www.econbiz.de/10012910661
this market have two strategic weapons at their disposal: (1) the price bid for each generation set and (2) the capacity of … rules governing the price determination process in this market, by the strategic use of capacity availability declarations … the two generators use to exercise market power. We then summarize the time series properties of the price of electricity …
Persistent link: https://www.econbiz.de/10013219289
commodity taxation: market deregulation and technological change. When market deregulation facilitates price discrimination, we … differentiated product sector. Finally, we present conditions under which price discrimination is welfare improving …
Persistent link: https://www.econbiz.de/10013237237
In essence, this paper will try to decompose the concentration-profits relationship into separate concentration-price … due to cost effects and how much to price effects. The main conclusion is that, while price effects are not absent, the …
Persistent link: https://www.econbiz.de/10013311668
This paper develops and estimates a search and bargaining model designed to measure the welfare loss associated with frictions in oligopoly markets with negotiated prices. We use the model to quantify the consumer surplus loss induced by the presence of search frictions in the Canadian mortgage...
Persistent link: https://www.econbiz.de/10013058698
Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this quot;make-or-buyquot; choice that highlights the trade-off between productive efficiency and the costs of contract administration. We construct a...
Persistent link: https://www.econbiz.de/10012759893
identified and can be estimated using a semi-parametric estimator given data from the NPSAS. We find substantial price …
Persistent link: https://www.econbiz.de/10012957373
It is well recognized by economists that long-term contracting under an array of price and non-price provisions may be … uncertainty. We identify the 'initial price' as the outcome of the bargaining aver a fixed payment for pipeline to producer, and … describe "price-escalator provisions" as a means of making the contract responsive at the margin to changes in the valuation of …
Persistent link: https://www.econbiz.de/10013217942
markup implies a price elasticity of demand faced by the representative firm. For a given markup, non-competitive conduct is …
Persistent link: https://www.econbiz.de/10013219198
This paper examines vertical arrangements in electricity markets. Vertically integrated wholesalers, or those with long-term contracts, have less incentive to raise wholesale prices when retail prices are determined beforehand. For three restructured markets, we simulate prices that define...
Persistent link: https://www.econbiz.de/10012775797