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Investment Incentives and Market Power: An Experimental Analysis

Williamson, Dean V.; Jullien, Céline; Kiesling, Lynne; … - 2006

output decisions can be jointly characterized as strategies within a game. A Nash-Cournot equilibrium of the game provides a … analogous to "baseload" capacity and "peaking" capacity in wholesale electricity markets. The Nash-Cournot benchmark constituted … a good indicator of subjects' output decisions in that output cycled around the Cournot benchmark. Thus, on average …

Persistent link: https://www.econbiz.de/10012056279

Cournot Meets Bayes-Nash: A Discontinuity in Behavior in Finitely Repeated Duopoly Games

Argenton, Cédric; Ivanova-Stenzel, Radosveta; Müller, … - 2023

We conduct a series of Cournot duopoly market experiments with a high number of repetitions and fixed matching. Our …

Persistent link: https://www.econbiz.de/10014467868

Cournot meets Bayes-Nash : A discontinuity in behavior in finitely repeated duopoly games

Argenton, Cédric; Ivanova-Stenzel, Radosveta; Müller, … - 2022

We conduct a series of Cournot duopoly market experiments with a high number of repetitions and fixed matching. Our …

Persistent link: https://www.econbiz.de/10013295651

Cournot meets Bayes-Nash : a discontinuity in behavior in finitely repeated duopoly games

Argenton, Cédric; Ivanova-Stenzel, Radosveta; Müller, … - 2023

We conduct a series of Cournot duopoly market experiments with a high number of repetitions and fixed matching. Our …

Persistent link: https://www.econbiz.de/10014487322

Imperfect Tacit Collusion and Asymmetric Price Transmission

Bulutay, Muhammed; Hales, David; Julius, Patrick; … - 2021

We investigate the role tacit collusion plays in Asymmetric Price Transmission (APT), the tendency of prices to respond more rapidly to positive than to negative cost shocks. Using a laboratory experiment that isolates the effects of tacit collusion, we observe APT pricing behavior in markets...

Persistent link: https://www.econbiz.de/10012438281

Imperfect Tacit Collusion and Asymmetric Price Transmission

Bulutay, Muhammed; Hales, David; Julius, Patrick; … - 2021

We investigate asymmetric price transmission (APT) in laboratory experiments and find that imperfect tacit collusion is likely the cause in our otherwise frictionless markets. We vary the number of sellers across markets to evaluate the role competition plays in APT. We report similar magnitudes...

Persistent link: https://www.econbiz.de/10013312514

Supply Function Equilibrium over a Constrained Transmission Line I: Calculating Equilibria

Ruddell, Keith - 2018

Competition between oligopolist electricity generators is inhibited by transmission constraints. I present a supply function equilibrium (SFE) model of an electricity market with a single lossless, but constrained, transmission line. The market admits equilibria in which generator withhold...

Persistent link: https://www.econbiz.de/10011917084

Supply Function Equilibrium over a Constrained Transmission Line II: Multiple Plants and Nodal Price Derivatives

Ruddell, Keith - 2018

Market power in electricity wholesale markets arises when generators have incentives to mark up their offers above the cost of production.I model a transmission network with a single line. I derive optimality conditions for supply functions for generators who supply energy at both ends of the...

Persistent link: https://www.econbiz.de/10011917085

Calculating equilibria

Ruddell, Keith - 2018

Persistent link: https://www.econbiz.de/10011824800

Multiple plants and nodal price derivatives

Ruddell, Keith - 2018

Persistent link: https://www.econbiz.de/10011824801