This paper examines the effects of imperfect competition in unregulated electricity markets from a general equilibrium perspective, and demonstrates that horizontal market power can explain both the large peak-period price spikes observed recently in California and elsewhere, and the marked...

This paper examines an overlapping generations version of the Shapley-Shubik market game. We show existence of equilibria for the simple one commodity model and analyze the dynamics of the equilibrium trajectories generated in the model. <P> Because of the non-linearities generated by strategic...</p>

In this paper, we show that within the set of stochastic three-period-lived OLG economies with productive assets (such as land), markets are necessarily sequentially incomplete, and agents in the model do not share risk optimally. We start by characterizing perfect risk sharing and find that it...

The repeated agency model has been widely applied to a number of interesting and important problems in economics, though in many instances, the fact that the standard model generates transient dynamics limits the usefulness of the results obtained from the model for the simple reason that purely...

In this paper, we develop an agency-theoretic extension of the Lucas asset pricing model and examine the resulting asset price dynamics. In the model, an agent of the firm can expand or contract the firm's output and dividend payments in response to exogenous shocks, although expansions become...

The epsilon-intelligent competitive equilibrium algorithm is a decentralized alternative to Walras' tatonnement procedure for markets to arrive at competitive equilibrium. We build on the Gode-Spear-Sunder zero-intelligent algorithm in which random generation of bids and offers from agents'...

In this paper we study the problem of optimal risk sharing in a model of partnership with bilateral moral hazard and balanced budgets. In our model, there are two risk-averse agents who engage in independent productions and share the aggregate output. Each agent's production requires an effort...

Se muestra un indicador del grado de competencia de la industria bancaria y cajas municipales en el Perú.

En este trabajo se estima la relación de equilibrio entre el precio de las viviendas en Lima (por m2) y sus fundamentos macroeconómicos desde 1998.I hasta 2013.IV. Los términos de intercambio, la cuenta corriente, el crédito hipotecario, el índice del imperio de la ley, la demografía y la...