The purpose of this paper is to investigate the impact of production cost variability upon hedging decision when the firm is a risk minimizer agent facing both price and quantity uncertainties. We show, under a perfect flexibility assumption, that considering cost variability leads to a lower...

The deregulation of electric industry in Europe and in the U.S.A. assumes various aspects according to each country. Several institutionnal, economic and political reasons explain this evolution. Electric firms take this opportunity to merge and to implement offensive strategies on global...

Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740]...

This paper seeks to explore the extent to which the corporate realignments which have occurred in the North American Natural Gas Industry during a now relatively lengthy experience with liberalisation involving a large number of players, will be imitated in the future by European Union countries...

L’objectif de ce papier est de présenter une solution permettant de satisfaire de manière « coût efficiente » la demande de dépollution des personnes physiques et morales disposées à payer pour réduire le niveau global d’émissions de gaz à effet de serre. Cette solution peut être...