Decentralization in elctricity restructuring is a growing trend that Power Marketers are expected to take advantage of. We consider a market composed of Power Marketers, an Independant System Operator, generators and retailers.

A two-sector model of urban unemployment is developed which focuses on the formation of a secondary sector under conditions in which a demand shock in the primary sector leads to a sharp increase in unemployment. The optimal location in the secondary sector (treated as a single firm) is shown to...

In this paper we model Value-at-Risk (VaR) for daily stock index returns using a collection of parametric models of the ARCH family based on the skewed Student distribution. We show that models that rely on a symmetric density distribution for the error term underperform with respect to skewed...

The authors develop a two-stage negotiation model to study the impact of costly inspections on both the coalition formation outcome and the per-member payoffs.

The paper presents an analysis of the coexistence of daily-wage and piece-rate contracts in agrarian economies. We show that, when individual effort is taken into account, daily-wage labourers typically form a convex set in the space working ability. The most able and the least able labourers...

Time is either discrete or continuous; in either case, it extend into the infinite future and, possibly, the infinite past. There is one, non-storable commodity at each date. The economy is stationary; intertemporal preferences are logarithmic; the endowments and discount factors of individuals...

We develop in this paper simple geometrical methods to study local indeterminancy; bifurcations and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present stochastic sunspot equilibria, which allows a constructive description of local...

We model the decision problems faced by the members of societies whose new members are determined by vote. We adopt a number of simplifying assumptions. In spite of these simplifications, we show that interesting strategic behavior is implied by the dynamic structure of the problem: the vote for...