کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9724501 | 1477376 | 2005 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Price wars and collusion in the Spanish electricity market
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
We analyze the time-series of prices in the Spanish electricity market by means of a time varying-transition-probability Markov-switching model. Accounting for changes in demand and cost conditions (which reflect changes in input costs, capacity availability and hydro power), we show that the time-series of prices is characterized by two significantly different price levels. Using a Cournot model among contracted firms, we characterize firms' optimal deviations from a collusive agreement, and identify trigger variables that could be used to discourage deviations. By interpreting the effects of the triggers in affecting the likelihood of starting a price war, we are able to infer some of the properties of the collusive strategy that firms might have followed.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Industrial Organization - Volume 23, Issues 3â4, April 2005, Pages 155-181
Journal: International Journal of Industrial Organization - Volume 23, Issues 3â4, April 2005, Pages 155-181
نویسندگان
Natalia Fabra, Juan Toro,