| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7015 |
| DP7015 Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices | |
| Lutz Kilian; Clara Vega | |
| 发表日期 | 2008-10-17 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately revealing and the incentives to acquire information are preserved. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper with more noise in the private signals or more correlation among the costs parameters. In fact, for large values of noise or correlation supply functions are downward sloping, margins are larger than the Cournot ones, and as we approach the common value case they tend to the collusive level. Private information coupled with strategic behavior induces additional distortionary market power above full information levels and welfare losses which can be counteracted by subsidies. As the market grows large the equilibrium becomes price-taking, bid shading is of the order of 1/n, and the order of magnitude of welfare losses is 1/n2. The results extend to demand schedule competition and a range of applications in product and financial markets are presented. |
| 主题 | Industrial Organization |
| 关键词 | Adverse selection Collusion Competitiveness Rational expectations Welfare Reverse auction Demand schedule competition market power |
| URL | https://cepr.org/publications/dp7015 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535832 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian,Clara Vega. DP7015 Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Clara Vega]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Clara Vega]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Lutz Kilian]的文章 |
| [Clara Vega]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
