All but one of U.S. power markets administered by Regional Transmission Operators require that sellers of power to end-users must own or have contractual access to generation capacity sufficient to cover their loads. The exception is the Electricity Reliability Council of Texas (ERCOT), which...

We examine the impact on inter-regional trade in eastern U.S. electricity markets arising from the FERC-supported creation of Independent System Operators (ISOs). Our analysis focuses on the PJM ISO (Pennsylvania, New Jersey, Maryland, and other states) and its trade with the New York ISO and...

In mortgage debt contracts, real property serves as collateral and the terms of mortgage financing are largely conditional on the certification of collateral value by appraisers. However, overstatement of collateral value is common in the appraisal industry, causing troubles in the mortgage...

Market structure is determined by the entry and exit decisions of individual producers. These decisions are driven by expectations of future profits which, in turn, depend on the nature of competition within the market. In this paper we estimate a dynamic, structural model of entry and exit in...

This paper estimates a dynamic, structural model of entry and exit in an oligopolistic industry and uses it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. Entry costs faced by potential entrants, fixed costs...