The focus of this paper is on models that accommodate dynamic phenomena and include consumer-focused and competitor-centered approaches. The consumer focus is represented in demand functions while the competitor orientation is captured in reaction functions. Although the extant literature has...

Forward transactions are becoming increasingly important in most of electricity markets. In this view, this paper develops a methodology able to capture the complexities of power markets and incorporate them into the framework of risk-neutral probabilities. This is done by the statement of a...

The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent...