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Market power is a dominant feature of many modern electricity markets with an oligopolistic structure, resulting in increased consumer cost. This work investigates how consumers, through demand response (DR), can mitigate against market power. Within DR, our analysis particularly focusses on the...
Persistent link: https://www.econbiz.de/10012098215
This paper analyzes intertemporal seller pricing and buyer purchasing behavior in a laboratory retail market with differential information. A seller posts one price each period that a buyer either accepts or rejects. Trade occurs over a sequence of "market periods" with a random termination...
Persistent link: https://www.econbiz.de/10014148784
Persistent link: https://www.econbiz.de/10003568122
This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment rate) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large enough shocks initiate unavoidable transitions from one regime to the other. The...
Persistent link: https://www.econbiz.de/10009635968
We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...
Persistent link: https://www.econbiz.de/10013081713
Using differential games, this paper analyzes output controls of internationally shared renewable resources such as transboundary natural forests. A two-country, two-good (that is, shared-resource and nonresource based goods) general equilibrium trading model is employed for this purpose. Each...
Persistent link: https://www.econbiz.de/10012955328
In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy...
Persistent link: https://www.econbiz.de/10012889092
the interest rates are not defined and can assume any value greater than -1.There is no neo-classical theory of the rate …
Persistent link: https://www.econbiz.de/10012891047
In this paper, Anything Goes: The Sonnenschein-Mantel-Debreu theorem (following the work of Sonnenchein (1972, 1973), Mantel (1974), and Debreu (1974)), has been applied to incomplete markets, Bottazzi, J.-M. and T. Hens (1996), in order to test the Ricardian equivalence hypothesis. In the...
Persistent link: https://www.econbiz.de/10012943259
We complement the Sonnenschein-Mantel-Debreu results by establishing that an exchange economy, i.e., preferences and endowments, that generates a given aggregate excess demand (AED) function is close to the economy that generates a perturbation of this AED. As a consequence, genericity and...
Persistent link: https://www.econbiz.de/10012716023