We analyze the production of electricity from n power stations situated along a river in a dynamic model. Each power station's production of electricity is constrained by the quantity of water available to it (capacity constraint) as well as limitations of reservoir capacity (storage...

This paper studies firms’ incentives to invest in environmental R&D under different market structures (Cournot and Bertrand) and environmental policy instruments (emission standards, taxes, tradable permits and auctioned permits). Because of market strategic effects, R&D incentives vary widely...

The first part of this paper provides a systematic discussion of the structural problems of competition on financial markets as observed from the demand and from the supply side, using a diagnostic framework. Potential impediments to competition are concentration, entry barriers, lack of...

In a two period model with asymmetric information the authors study the optimal antitrust policies carried out by a pulbic agency faced with firms' horizontal price-fixing behaviour. They analyse the effect on social welfare in case the Antitrust Authority decides to bind itself to follow the...

This paper proposes a model which intends to analyse the alternative between discrimination and mutualisation in insurance. We suppose there exists an observable (but initially hidden)variable, that predicts the level of risk of an individual. This variable can be observed through a testing...

This paper compares the performance of a convoy banking system, similar to that which prevailed in Japan, to a fixed-premium deposit insurance regime. Under this system, failed banks are merged with healthy banks, rather than closed, so that the banking system itself provides the safety net for...