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The Smart Grid, Entry, and Imperfect Competition in Electricity Markets
Allcott, Hunt - National Bureau of Economic Research (NBER) - 2012
counterfactual bid functions. This routine is nested as the second stage of a static entry game that models the Capacity Market, an … predictions from short run models, while decreasing Capacity Market prices and total entry. Second, although the increased demand …
Persistent link: https://www.econbiz.de/10011271447
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Pass-through of Emissions Costs in Electricity Markets
Fabra, Natalia; Reguant, Mar - National Bureau of Economic Research (NBER) - 2013
We measure the pass-through of emissions costs to electricity prices and explore its determinants. We perform both reduced-form and structural estimations based on optimal bidding in this market. Using rich micro-level data, we estimate the channels affecting pass-through in a flexible manner,...
Persistent link: https://www.econbiz.de/10010950912
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Sequential Markets, Market Power and Arbitrage
Ito, Koichiro; Reguant, Mar - National Bureau of Economic Research (NBER) - 2014
We develop a theoretical framework to characterize strategic behavior in sequential markets under imperfect competition and limited arbitrage. Our theory predicts that these two elements can generate a systematic price premium. We test the model predictions using micro-data from the Iberian...
Persistent link: https://www.econbiz.de/10011105926
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A Model of Dynamic Limit Pricing with an Application to the Airline Industry
Gedge, Christopher; Roberts, James W.; Sweeting, Andrew - National Bureau of Economic Research (NBER) - 2014
The one-shot nature of most theoretical models of strategic investment, especially those based on asymmetric information, limits our ability to test whether they can fit the data. We develop a dynamic version of the classic Milgrom and Roberts (1982) model of limit pricing, where a monopolist...
Persistent link: https://www.econbiz.de/10010796729
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Sales Mechanisms in Online Markets: What Happened to Internet Auctions?
Levin, Jonathan; Einav, Liran; Farronato, Chiara; … - National Bureau of Economic Research (NBER) - 2013
Consumer auctions were very popular in the early days of internet commerce, but today online sellers mostly use posted prices. Data from eBay shows that compositional shifts in the items being sold, or the sellers offering these items, cannot account for this evolution. Instead, the returns to...
Persistent link: https://www.econbiz.de/10010796544
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Strategic Bidding in a Multi-Unit Auction: An Empirical Analysis of Bids to Supply Electricity
Wolfram, Catherine D. - National Bureau of Economic Research (NBER) - 1997
This paper considers the bidding behavior of participants in the daily auction to supply electricity in England and … Wales. Every day, owners of generating capacity submit bids reflecting a price for power from their plants. The price bid by … the last plant used to meet electricity needs in a given time period is the price paid for capacity from all plants …
Persistent link: https://www.econbiz.de/10005718308
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Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's
Ashenfelter, Orley; Graddy, Kathryn - National Bureau of Economic Research (NBER) - 2004
on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided … apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the …
Persistent link: https://www.econbiz.de/10005034355
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Imperfect Competition in Selection Markets
Mahoney, Neale; Weyl, E. Glen - National Bureau of Economic Research (NBER) - 2014
Standard policies to correct market power and selection can be misguided when these two forces co-exist. Using a calibrated model of employer-sponsored health insurance, we show that the risk adjustment commonly used by employers to offset adverse selection often reduces the amount of...
Persistent link: https://www.econbiz.de/10010890106
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Price Cutting and Business Stealing in Imperfect Cartels
Bernheim, B. Douglas; Madsen, Erik - National Bureau of Economic Research (NBER) - 2014
Though economists have made substantial progress toward formulating theories of collusion in industrial cartels that …
Persistent link: https://www.econbiz.de/10010796588
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Standard-Essential Patents
Lerner, Josh; Tirole, Jean - National Bureau of Economic Research (NBER) - 2013
A major policy issue in standard setting is that patents that are ex-ante not that important may, by being included into the standard, become standard-essential patents (SEPs). In an attempt to curb the monopoly power that they create, most standard-setting organizations require the owners of...
Persistent link: https://www.econbiz.de/10010714166