In this paper we analyze the valuation of options stemming from the flexibility in an Integrated Gasification Combined Cycle (IGCC) Power Plant. First we use as a base case the opportunity to invest in a Natural Gas Combined Cycle (NGCC) Power Plant, deriving the optimal investment rule as a...

The paper presents a framework where the most important single-valued solutions in the literature of TU games are jointly analyzed. The paper also suggests that similar frameworks may be useful for other coalitional models.

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also...

We study the supercore of a system derived from a normal form game. For the case of a finite game with pure strategies, we define a sequence of games and show that the supercore of that system coincides with the set of Nash equilibrium strategy profiles of the last game in the sequence. This...

This paper was presented at the Seminars of the Department of Foundations of Economic Analysis I, University of the Basque Country in September 2004.

This paper provides a noncooperative understanding of the nucleolus and the egalitarian allocation for airport cost problems. We find that every Nash equilibrium of the noncooperative game has the nucleolus as outcome while the egalitarian allocation is just one of the Nash outcomes.

We characterize a monotonic core concept defined on the class of veto balanced games. We also discuss what restricted versions of monotonicity are possible when selecting core allocations. We introduce a family of monotonic core concepts for veto balanced games and we show that, in general, the...

Este trabajo ha sido presentado en la Universidad del País Vasco y en el VII Encuentro de Economía Aplicada.

This paper analyzes the debate between Ohlin and Keynes on the question as to whether Germany was able to make the payments specified in the Dawes Plan. Keynes argued that Germany was able to collect the money but unable to transfer it to the victors because there existed an insurmountable...

In this paper, I examine the treatment of competitive profit of professor Varian in his textbook on Microeconomics, as a representative of the ܭodernݠpost-Marxian view on competitive profit. I show how, on the one hand, Varian defines profit as the surplus of revenues over cost and, thus, as a...