The trade-off between the costs and benefits of disclosing a firm's private information has been the object of a vast literature. The absence of incentives to share information on a common market demand prior to competition has been advocated to interpret information sharing as evidence of...

Short-term electricity markets are key to an efficient production by generation units. We develop a two-period model to assess different bidding formats to determine for each bidding format the optimal bidding strategy of competitive generators facing price-uncertainty. We compare the results...

Public reputation mechanisms are an effective means to limit opportunistic behavior in markets suffering from moral hazard problems. While previous research was mostly concerned with the influence of exogenous feedback mechanisms, this study considers the endogenous emergence of reputation...

Trotz schrittweiser Erfolge bei der Liberalisierung der europäischen Elektrizitätsmärkte lässt die Wettbewerbsintensität auf den Großhandelsmärkten in vielen Ländern noch zu wünschen übrig. Dementsprechend sind die Preise im Verhältnis zum wettbewerblichen Referenzmaßstab zu hoch....

We study chip-strategy equilibria in two-player repeated games. Intuitively, in these equilibria players exchange favors by taking individually suboptimal actions if these actions create a "gain" for the opponent larger than the player's "loss" from taking them. In exchange, the player who...

In this paper, we study the relationship between reconciliations in the Colombian electricity market and the bid prices by firms on the spot market. In this work,we propose a model of behavior of the firm to elaborate theoretical predictions about the relationship between the reconciliations and...

This thesis provides a differentiated answer to the question whether subordinated debt disciplines bank's risk-taking behavior. I investigate the conditions and applicability of market discipline through subordinated debt instruments by critically reviewing the state of research. Relating to the...

Purpose: The purpose of this article is to better understand the management challenges facing managers in small growing firms. Design/methodology/approach: Empirical data have been collected in Sweden through structured observations (approx. 20,000 min) of the working days of six top managers in...