The New York State Milk Price Gouging Law establishes that the retail prices of fluid milk products are not to exceed 200% of the prices that NYS milk processors pay for Class I milk. The enforcement of this law significantly affected the nature of the Class I fluid milk price transmission...

Price controls often focus on commodities that are storable and can thus be used in intertemporal speculation. Second, opposition to dismantling of controls is often based on claims of low supply response, and greatly bolstered if a strong supply response fails to materialise. This is especially...

Cover title. "June 1997"--Cover. Includes bibliographical references (p. 46-48).

A person learns by trial and error if he occasionally tries out new strategies, rejecting choices that are “erroneous” in the sense that they do not lead to higher payoffs. In a game, however, strategies can become erroneous due to a change of behavior by someone else. Such passive errors...

This paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was consistent with static, non-cooperative oligopoly models, which are widely...

Comparative advantage motivates large trade flows in feeder animals throughout the world. Trade creates externalities when animal diseases can spread beyond the purchasing farm. When growers can choose between open and closed production systems, Nash equilibrium will likely involve socially...

"This theme paper focuses on political institutions and their effects on social choice. Institutions are argued to play a mediating rolebetween the preferences of individuals and social choices. In addition to playing an endogenous role in molding and channeling preferences, institutions...

This article investigates whether there are strategic interactions between private traveler information service providers (ISPs) and private toll road operators (TOs), whose objectives are profit-driven. For this purpose, a multiclass stochastic user equilibrium assignment model capturing the...

With the rapid development of wireless Internet services, several WLAN service providers may coexist in one public hotspot to compete for the same group of customers, leading to an inevitable price competition. The charged price and the provisioned packet loss at each provider are major factors...

Nash equilibrium is usually used as the solution of generator's strategic bidding in electricity markets. The available literature has shown by simulation that multiple market equilibria or no pure equilibrium may be induced after the inclusion of network constraints (transmission constraints)....