This paper introduces a general static Cournot-game model to study the Natural Gas market, taking into account disruption risks from suppliers. In order to most realistically describe the economical situation, our representation divides the market into two stages: the upstream market that links...

Most of the recent numerical market partial equilibrium models of natural gas markets use imperfect competition assumptions. These models are typically embedded with a simple representation of the demand side, usually a single-variable, linear, inverse demand function, that does not capture any...

This article presents a dynamic Generalized Nash–Cournot model to describe the evolution of the natural gas markets. The major players along the gas chain are depicted including: producers, consumers, storage and pipeline operators, as well as intermediate local traders. Our economic structure...

In this paper, we analyze the impact of uncertain disruptions in gas supply upon gas retailer contracting behavior and consequent price and welfare implications in a gas market characterized by long-term gas contracts using a static Cournot model. In order to most realistically describe the...

The lack of efficiency that characterized the economic policies of developing countries has prompted several economists to recommend a massive disengagement of the state of economic activity. Economic freedom is advanced as an alternative to development strategies more effective. Our work shows...

This paper is an empirical study of the distribution of black prices among 120 Bavarian locations at two dates, the beginning of July, 1947 and the end of June, 1948. It shows huge differences in the liquidity of those goods either when measured with the coefficient of variation or the number of...

In this paper, we address the issue of devaluations' effectiveness by investigating to what extent a nominal devaluation leads to a real depreciation. Beyond the traditional factors identified by the literature, we pay particular attention to the size of the nominal devaluation and to the...

Following the Great Recession, econometric models that better account for un certainty have gained increased attention, and an increasing number of works evaluate the effects of uncertainty shocks. In this paper, we evaluate the impact of high-frequency uncertainty shocks on a set of...

In this research, we rekindle an old debate by questioning the impact on mitigating policy evaluation of detailing a subsector in a global energy-transportation model. We chose the refining sector because it is a relevant case of a sector for which representation widely differs across models and...