This work introduces a special issue of the Journal of Economic Behavior and Organization on the emergence and impact of market institutions in wholesale fish markets. The analysis of fish markets has a respectable pedigree also in terms of the description of how they function. A major advantage...

This work introduces a special issue of the Journal of Economic Behavior and Organization on the emergence and impact of market institutions in wholesale fish markets. The analysis of fish markets has a respectable pedigree also in terms of the description of how they function. A major advantage...

This work introduces a special issue of the Journal of Economic Behavior and Organization on the emergence and impact of market institutions in wholesale fish markets. The analysis of fish markets has a respectable pedigree also in terms of the description of how they function. A major advantage...

The first part of this paper establishes some new pieces of evidence on the dynamics of prices and volumes in wholesale electricity day-ahead markets (NordPool, APX, Powernext). The growth of prices is more strongly autocorrelated than the growth of volumes; it is more more heavy-tailed; and its...

This paper contributes to characterizing the probability density of the price returns in some European day-ahead electricity markets (NordPool, APX, Powernext) by fitting some flexible and general families of distributions, such as the α-stable, Normal Inverse Gaussian (NIG), Exponential Power...

The evidence of volatility-price dependence observed in previous works (Karakatsani and Bunn 2004; Bottazzi, Sapio and Secchi 2005; Simonsen 2005) suggests that there is more to volatility than simply spikes. Volatility is found to be positively correlated with the lagged price level in settings where...

In uniform price, sealed-bid day-ahead electricity auctions, the market price is set at the intersection between aggregate demand and supply functions built by a market operator. Each day, just one agent - the marginal generator - owns the market-clearing plant. Day-ahead auctions are moreover...

The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The...