In this paper, we discuss how fraud liability regimes impact the price structure that is chosen by a monopolistic payment platform, in a setting where merchants can invest in fraud detection technologies

In this paper, we discuss how fraud liability regimes impact the price structure that is chosen by a monopolistic payment platform, in a setting where merchants can invest in fraud detection technologies. We show that liability allocation rules distort the price structure charged by platforms or...

We estimate an Error-Correction Model by using dynamic OLS to investigate carbon price drivers in early Phase II. The futures contract negotiated from January to December 2008 on the European Climate Exchange is the focus of our analysis. We consider the allowance price as explained by oil...

In this paper we analyse the current trend towards a higher degree of market integration in Europe and identify those aspects that are particularly relevant for Italy. The Italian involvement in this process appears comparatively modest: contributions from policy makers, practitioners and...

Notwithstanding academic and regulatory interests as well as empirical evidence, to date the effect of contracts on competition in electricity markets is a very controversial issue. We suggest an original approach to shed light on this debate. Modeling competition by mean of conjectural...

The transition of a sector from a pollutant state to a clean one is studied. A green technology, subject to learning-by-doing, progressively replaces an old one. The notion of abatement cost in this dynamic context is fully characterized. The theoretical, dynamic optimization, perspective is...

The literature demonstrates the likely reduction of wholesale electricity prices due to a larger penetration of renewable energy sources (RES). When markets are organized as two or more inter-connected sub-markets within a larger power market the final impact of increasing RES production may be...

The Italian water sector has encompassed major changes since mid‐90s when law 96/94 has entered into force. Next to private participation, integration of services and growth in production scales, the reform was intended to revolutionize the traditional financial model almost fully based on...