terms of the delayed responses of supply and demand to prices, and in terms of changes in the rate of discovery of reserves …

functions are known, expected profits as functions of the strategies are derived, as well as expected transaction prices. It is … and the buyers is the same for the Bayesian Nash equilibrium and the market where players behave competitively …

conditions for unique solutions to systems of simultaneous equations and for unique market equilibrium. Under standard … desirability conditions, it is shown that a competitive market has a unique equilibrium if its reduced excess demand has a … is not defined for some prices, and with or without short sales. …

-established observation that retail prices adjust faster when input costs rise than when they fall. The opportunity of profitable storing for … the next period induces competitive firms to immediately increase their prices in anticipation of higher future input … adjust their prices only after a cost reduction materializes, and the firms' incentives for price undercutting lead to the …

prices. The Kalman Filter methodology is applied to estimate the model for crude oil, heating oil and gasoline futures …In this paper we develop a multi-factor model for the joint dynamics of related commodity spot prices in continuous … rich dependencies among the latent factors and thus, the commodity prices. The co-integrated behavior between the different …