We use cooperative game theory to analyze the impact of three controversial pipeline projects on the power structure in the Eurasian trade of natural gas. Two of them, Nord Stream and South Stream, allow Russian gas to bypass transit countries, Ukraine and Belarus. Nord Stream's strategic value...

We propose a variant of the incomplete contract framework to analyze strategicinvestment in international transport networks, where investment is observable andsome, but not all, players cannot make long-term commitments regarding accessto their transport infrastructure. Those players who can...

This paper takes a critical look at the challenges and achievements in the reformof the Russian power industry. Russian politics emphasized restructuring and privatization,which are widely seen as preconditions for attracting private investment.However, progress along this line has been slow and...

This paper develops a principalagent model of nancial contracting in which optimalcontracts resemble a combination of debt and equity. When defaulting on debt, therm is punished by disruption of external funding. Such contracts however, inviterivals to compete more aggressively to increase the...

We analyze how investment into the pipeline system supplying Russian natural gas to WesternEurope is distorted for strategic reasons. We use a two stage multilateral bargaining game amongheterogenous players, some lacking the ability to make long-term commitments. At the first stagethe players...

Ziel der Studie ist es, den Wissensstand über die Auswirkungenvon Mietrecht und Kündigungsschutz anhand von drei empirischenStudien zur Mieterhöhungspraxis, zum Kündigungsverhalten und zum Investitionsverhaltenkritisch zu prüfen und daraus abzuleiten, in welcherHinsicht ein Fortschreibungs-...

We develop a dynamic model of strategic investment in a transnational pipeline system. In the absence of international contract enforcement, countries may distort investment in order to increase their bargaining power, resulting in overinvestment in expensive and underinvestment in cheap...

We analyze how a firm might protect quasirents in an environment of imperfect capital markets, where switching lenders is costly to the borrower, and contracts are incomplete. As switching costs make the firm vulnerable to ex post exploitation, it may want to diversify lending. Multiple-source...

We use cooperative game theory to analyze the strategic impact of three controversial pipeline projects. Two of them, Nord Stream and South Stream, allow Russian gas to bypass transit countries, Ukraine and Belarus. Nord Stream's strategic value turns out to be huge, justifying the high...