G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7015
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
URLhttps://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.
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