| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20782 |
| 来源ID | Working Paper 20782 |
| Sequential Markets, Market Power and Arbitrage | |
| Koichiro Ito; Mar Reguant | |
| 发表日期 | 2014-12-29 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We develop a theoretical framework to characterize strategic behavior in sequential markets under imperfect competition and limited arbitrage. Our theory predicts that these two elements can generate a systematic price premium. We test the model predictions using micro-data from the Iberian electricity market. We show that the observed price differences and firm behavior are consistent with the model. Finally, we quantify the welfare effects of arbitrage using a structural model. In our setting, we show that full arbitrage is not necessarily welfare-enhancing in the presence of market power, reducing consumer costs but decreasing productive efficiency. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Market Structure and Firm Performance ; Industry Studies ; Environmental and Resource Economics ; Energy |
| URL | https://www.nber.org/papers/w20782 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578457 |
| 推荐引用方式 GB/T 7714 | Koichiro Ito,Mar Reguant. Sequential Markets, Market Power and Arbitrage. 2014. |
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