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Strategic supply function competition with private information
Vives, Xavier - 2009
; competitiveness ; rational expectations ; collusion ; welfare … distortionary market power above full information levels and welfare losses which can be counteracted by subsidies. As the market … welfare losses is 1/ n2 [hoch 2] . The results extend to demand schedule competition and a range of applications in product …
Persistent link: https://www.econbiz.de/10003910453
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Strategic supply function competition with private information
Vives, Xavier (contributor) - 2008
competitiveness. -- Imperfect competition ; adverse selection ; competitiveness ; rational expectations ; collusion ; welfare …, competitiveness is affected by the parameters of the information structure: supply functions are steeper with more noise in the …
Persistent link: https://www.econbiz.de/10003763172
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Strategic supply function competition with private information
Vives, Xavier - 2009
Persistent link: https://www.econbiz.de/10003894749
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Strategic supply function competition with private information
Vives, Xavier - 2008
Persistent link: https://www.econbiz.de/10003760569
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When backward integration by a dominant firm improves welfare
Linnemer, Laurent - 2002
This paper studies the welfare consequences of a vertical merger that raises rivals costs when downstream competition … nevertheless improve welfare if it involves a downstream firm whose cost is low enough . This is because by raising the input price …
Persistent link: https://www.econbiz.de/10011410253
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Supply function equilibria of pay-as-bid auctions
Holmberg, Pär - 2009
This paper characterizes the Nash equilibrium in a pay-as-bid (discriminatory), divisible-good, procurement auction. Demand by the auctioneer is uncertain as in the supply function equilibrium model. A closed form expression is derived. Existence of an equilibrium is ensured if the hazard rate...
Persistent link: https://www.econbiz.de/10003809072
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Supply function equilibria : step functions and continuous representations
Holmberg, Pär; Newbery, David M. G.; Ralph, Daniel - 2009
In most wholesale electricity markets generators must submit step-function 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 pure-strategy, Nash...
Persistent link: https://www.econbiz.de/10003809097
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Game theoretical, strategic forward contracting in the electricity market
Holmberg, Pär (contributor) - 2008
Forward sales is a credible commitment to aggressive spot market bidding, and it mitigates producers’ market power in electricity markets. Still it can be profitable for a producer to make such a commitment if it results in a soft response from competitors in the spot market (strategies are...
Persistent link: https://www.econbiz.de/10003723934
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Cournot retrouvé under price or supply function competition
Delbono, Flavio; Lambertini, Luca - 2015
This paper aims at participating in the long-lasting debate about the analytical foundations of the Cournot equilibrium. In a homogeneous oligopoly, under standard regularity conditions, we prove that Cournot-Nash emerges both under (i) price competition and Cournot conjectures; and (ii) supply...
Persistent link: https://www.econbiz.de/10011715827
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Complementary bidding mechanisms and startup costs in electricity markets
Reguant, Mar - 2014
I extend multi-unit auction estimation techniques to a setting in which firms can express cost complementarities over time. In the context of electricity markets, I show how the auction structure and bidding data can be used to estimate these complementarities, which in these markets arise due...
Persistent link: https://www.econbiz.de/10010356362