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On the Impact of Forward Contract Obligations in Multi-Unit Auctions

de Frutos, Maria-Angeles; Fabra, Natalia - C.E.P.R. Discussion Papers - 2008

Several regulatory authorities worldwide have recently imposed forward contract obligations on electricity producers as … bidding in electricity markets, or in any other auction-based market. For this purpose, we introduce forward contracts in a … uniform-price multi-unit auction model with complete information. We find that forward contracts are pro-competitive when …

Persistent link: https://www.econbiz.de/10005136602

What Really Matters in Auction Design

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

discuss radiospectrum and football TV-rights auctions, electricity markets, and takeover battles), and the Anglo-Dutch auction …

Persistent link: https://www.econbiz.de/10005114514

Industrial Organization and the New Industrial Policy

Audretsch, David B - C.E.P.R. Discussion Papers - 1998

advantage. The traditional instruments of industrial policy - anti-trust, regulation and public ownership - have correspondingly …

Persistent link: https://www.econbiz.de/10005136586

Aftermarket Power and Basic Market Competition

Cabral, Luís M B - C.E.P.R. Discussion Papers - 2008

I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers, then...

Persistent link: https://www.econbiz.de/10005497932

Strategic Behaviour and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions

Keloharju, Matti; Nyborg, Kjell G; Rydqvist, Kristian - C.E.P.R. Discussion Papers - 2002

averse, this suggests that private information and the winner's curse may play an important role in these auctions. …

Persistent link: https://www.econbiz.de/10005498163

Pre-Auction Inventory and Bidding Behavior—An Analysis of Canadian Treasury Auctions

Rydqvist, Kristian; Wu, Mark - C.E.P.R. Discussion Papers - 2014

Many bidders enter the Government of Canada securities auctions with short or long pre-auction inventory. We find that …

Persistent link: https://www.econbiz.de/10011083301

Market Structure and Borrower Welfare in Microfinance

de Quidt, Jonathan; Fetzer, Thiemo; Ghatak, Maitreesh - C.E.P.R. Discussion Papers - 2012

, while despite possible information frictions competition typically delivers similar borrower welfare to non-profit lending …

Persistent link: https://www.econbiz.de/10011083818

Underpricing and Market Power in Uniform Price Auctions

Kremer, Ilan; Nyborg, Kjell G - C.E.P.R. Discussion Papers - 2004

In uniform auctions, buyers choose demand schedules as strategies and pay the same ‘market clearing’ price for units awarded. Despite the widespread use of these auctions, the extant theory shows that they are susceptible to arbitrarily large underpricing. We make a realistic modification to...

Persistent link: https://www.econbiz.de/10005067628

Does Antidumping Protection Raise Market Power? Evidence from Firm Level Data

Konings, Jozef; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2002

This paper empirically tests the effects of Anti-Dumping (AD) protection on the price-cost margin of firms. To this end, we use a rich panel data set of 1,666 EU producers that were involved in AD cases initiated in 1996. Our findings indicate that price-cost margins in most cases significantly...

Persistent link: https://www.econbiz.de/10005656186

Can Competition in the Credit Market be Excessive?

Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997

We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring in order to alleviate an underlying moral-hazard problem. We show that the effect of banks’ market power on social welfare is the result of two countervailing effects. On the...

Persistent link: https://www.econbiz.de/10005656189