markets -- The structure of metal markets and metal prices -- The oil market as a world market -- The gas market as the energy … and real options -- In the energy industry -- Coal, emissions, and weather -- Commodities as a new asset class …

to invest compared to autarky. The investment levels remain inefficient though. With generation facilities over-investment … occurs sometimes, while systematic under-investment occurs for transportation facilities. Free-riding reduces the incentives … investment. -- regulation ; competition ; market integration ; investment ; electricity …

I model the strategic interaction between firms, that face decisions on investment, forward contracts and spot market … quantities. For an investment decision that takes place after firms have contracted forward but before firms compete on the spot … market (medium term investment), competition becomes fierce. Thus, the efficiency gains from forward trading found by Allaz …