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Greve, Thomas; Michael, Michael G. Pollitt … - Faculty of Economics, University of Cambridge

In most network asset procurement exercises, network configurations are predefined by the auctioneers. Bidders can neither propose different network configurations nor can they submit bids on a group of network links. We believe the market itself can be designed better. We present a lot...

Persistent link: https://www.econbiz.de/10010790559

Auctions and trading in energy markets -- an economic analysis

Newbery, D.; McDaniel, Tanga - Faculty of Economics, University of Cambridge - 2002

Auctions are playing an increasingly prominent role in the planning and operation of energy markets. Comparing the New … of using auctions to replace regulation by market solutions for managing the natural monopolies in energy markets. …

Persistent link: https://www.econbiz.de/10005783778

Supply Function Equilibria: Step Functions and Continuous Representations

Holmberg, P.; Newbery, D; Ralph, D. - Faculty of Economics, University of Cambridge - 2008

In most wholesale electricity markets generators must submit stepfunction offers of supply to a uniform price auction, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most elegantly be modelled as the purestrategy, Nash...

Persistent link: https://www.econbiz.de/10005783849

Use of Long-term Auctions for Network Investment

McDaniel, Tanga; Neuhoff, K. - Faculty of Economics, University of Cambridge - 2002

Short-term auctions for access to entry terminals of the British gas-network appear to successfully allocate scarce … resources and capture scarcity rent. Now long-term auctions are being introduced to guide future capacity expansion decisions …-term auctions for transmission capacity are not necessarily preferable to regulatory approved capacity expansion. …

Persistent link: https://www.econbiz.de/10005113889

Auctioning of EU ETS Phase II allowances: how and why?

Hepburn, C.; Grubb, M.; Neuhoff, K.; Matthes, F.; Tse, M. - Faculty of Economics, University of Cambridge - 2006

The European Directive on the EU ETS allows governments to auction up to 10% of the allowances issued in Phase II 2008-2012, without constraints specified thereafter. This paper reviews and extends the long-standing debate about auctioning, in which economists have generally supported and...

Persistent link: https://www.econbiz.de/10005113898

On welfare losses due to imperfect competition

Ritz, Robert - Faculty of Economics, University of Cambridge - 2013

Corporate managers and executive compensation in many industries place significant emphasis on measures of firm size, such as sales revenue or market share. Such objectives have an important yet thus far unquantified impact on market performance. With n symmetric firms, equilibrium welfare...

Persistent link: https://www.econbiz.de/10011015263

On welfare losses due to imperfect competition

Ritz, R.A. - Faculty of Economics, University of Cambridge - 2012

Corporate managers and executive compensation in many industries place significant emphasis on measures of firm size, such as sales revenue or market share. Such objectives have an important - yet thus far unquantifed - impact on market performance. With n symmetric firms, equilibrium welfare...

Persistent link: https://www.econbiz.de/10010699810

On Interdependent Supergames: Multimarket Contact, Concavity, and Collusion

Spagnolo, G. - Faculty of Economics, University of Cambridge - 1999

depend on how they are doing in others. Then, multimarket contact always facilitates collusion. It may even make it …

Persistent link: https://www.econbiz.de/10005207837

Social Capital and Collusion: The Case of Merchant Guilds

Dessi, R.; Ogilvie, S. - Faculty of Economics, University of Cambridge - 2004

Merchant guilds have been portrayed as ‘social networks’ that generated beneficial ‘social capital’ by sustaining shared norms, effectively transmitting information, and successfully undertaking collective action. This social capital, it is claimed, benefited society as a whole by...

Persistent link: https://www.econbiz.de/10005113833

Relaxing competition through speculation: Committing to a negative supply slope

Holmberg, P.; Willems, B. - Faculty of Economics, University of Cambridge - 2012

We demonstrate how suppliers can take strategic speculative positions in derivatives markets to soften competition in the spot market. In our game, suppliers first choose a portfolio of call options and then compete with supply functions. In equilibrium firms sell forward contracts and buy call...

Persistent link: https://www.econbiz.de/10010699805