This paper analyzes the interactions between vertical integration and (wholesale) spot, forward and retail markets in risk management. We develop an equilibrium model that fits electricity markets well. We point out that vertical integration and forward hedging are two separate levers for demand...

Given an argumentation framework and a group of agents, the individuals may have divergent opinions on the status of the arguments. If the group needsto reach a common position on the argumentation framework, the question is how the individual evaluations can be mapped into a collective one....

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power, and in certain states of nature, they also differ in their preferred instrument value....

Dans cet article, l’analyse des réseaux sociaux (ARS) est décrite comme une nouvelle méthodologie d’étude des communautés en ligne. Afin d’amener à une meilleure compréhension de l’ARS, une synthèse des recherches antérieures est proposée. Elle détaille les techniques de...

We study a legislature where decisions are made by playing an agenda-setting game. Legislators are concerned about their electoral prospects but they are also genuinely concerned for the legislature to make the correct decision. We show that when ideological polarization is positive but not too...

This paper studies the impact of trade liberalization and international trade on household income inequality and poverty using detailed micro-data across Brazilian states, from 1987 to 2005. Results suggest that Brazilian states that were more exposed to tariff cuts experienced smaller...

This article examines how the inception of an ETF market impacts several dimensions of the liquidity of the ETF-underlying-index stocks. In contrast with previous research, our evidence is based on an ETF market where liquidity providers (LPs) act as market makers. We find that: (1) the market...