This paper employs a simple model to describe bidding behavior in multi-unit uniform price procurement auctions when firms are capacity constrained. Using data from the New York City capacity auctions, I find that capacity constrained firms use simple bidding strategies to co-ordinate on an...

The Third Package allows EU energy islands to be exempted from most if not all of the acquis communautaire in energy, both on market design and the regulatory framework. However, even if a supply monopoly is the most efficient market structure in a given situation, this monopoly in theory still...

This paper discusses the Fedon case law of the European Court of Justice (ECJ), which involved a claim for compensation by Fedon (an Italian producer of eye glass cases) from the EU for the imposition of WTO-authorized retaliatory trade barriers by the United States following the failure by the...

While WTO disputes involve legal rights and obligations, economics often can help the Appellate Body (AB) make sense of the dispute and the implications of ambiguous language in the Agreements. This paper reviews three examples of where the economics could have provided a clearer basis for the...

The aim of this paper is to examine whether shareholders consider the EU Emissions Trading Scheme (EU ETS) as value-relevant for the participating firms. An analysis is conducted of the share prices changes as caused by the first publication of compliance data in April, 2006, which disclosed an...

We study the impact of different regulatory and ownership regimes on the dividend policy of regulated firms. Using a panel of 106 publicly traded European electric utilities in the period 1986-2010, we link payout and smoothing decisions to the implementation of different regulatory mechanisms...

Following the discovery of the pre-salt petroleum fields, Brazil changed the regulatory framework of the oil industry upstream. Its main objectives are three-fold: (i) increasing the government take; (ii) mitigating the oil curse; (iii) developing the national oil industry. The paper attempts to...

The aim of this paper is to look at economic aspects of citizenship and compare states offering naturalisation to investors. By analysing different investor citizenship programs, the paper highlights the normative tension between those states that seek to maximize their economic utility and...

This paper suggests four metaphors to correct our habitual way of thinking about globalization. It begins with the idea that the world can be understood more effectively based on the properties of gases, rather than liquids, secondly, it analyzes the properties and effects of the excessive...