A government delegates a build-operate-transfer project to a private firm in a limited-commitment framework. When the contract is signed, parties are uncertain about the operating cost. The firm can increase the likelihood of facing a low cost by exerting some noncontractible effort while...

Public utilities have recently undergone a major process of reorganization. Competitive segments have been liberalized, (eventually) privatised and tend to evolve into partially regulated oligopo-lies. In the latter, former monopolists are subject to regulatory duties whereas competitors operate...

We consider electricity generation industries where thermal operators imperfectly compete with hydro operators that manage a (scarce) water stock stored in reservoirs over a natural cycle. We explore how the exercise of intertemporal market power affects social welfare and environmental quality....