We study the bilateral exchange of information in the context of linear quadratic games. An information structure is here represented by a non directed network, whose nodes are agents and whose links represent sharing agreements. We first study the equilibrium use of information in any given...

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard prediction of the lemons market model–if any, only low-type firms are traded–is likely to be misleading: Merger returns, i.e. the difference between pre- and post-merger...

We provide a framework for analyzing bilateral mergers when there is two-sided asymmetric information about firms’ types. We show that there is always a "no-merger" equilibrium where firms do not consent to a merger, irrespective of their type. There may also be a "cut-off" equilibrium if the...

This paper discusses a methodology to assess the performances of tourism management of local governments when economic and environmental aspects are considered as equally relevant. In particular, the focus is on the comparison and efficiency assessment of Italian municipalities located on the...

We survey some of the literature on the effects of improved market transparency on competition in ologopoly. Generally, improved transparency from the perspective of irms makes detection of deviations from tacitly collusive agreements easier, thus facilitating oligopolistic coordination. On the...

Our trust in competition policy is based on faith in markets. When markets are oligopolies, already classical economists’ trust in competition busted: Oligopolies carry the seeds of collusion. To develop, collusion needs trust between firms. But new leniency programmes are designed to bust...

The pre-insulated pipe cartel was established 1990 in Denmark, was extended to Italy and Germany during 1991 and re-organised in 1994 to cover the entire common market. Cartel members engaged in market sharing, price setting, bid rigging, coordinated predation and delaying of innovation. The...

We examine the effects of reorganizing electricity markets on ca- pacity investments, retail prices and welfare when demand is uncer- tain. We study the following market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) sep- arated duopoly with...

We examine welfare e ffects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price...

We study the role of vertical structure in determining generating capacities and retail prices in the electricity industry. Allowing for uncertain demand, we compare three market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly...