| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23526 |
| 来源ID | Working Paper 23526 |
| Does Strategic Ability Affect Efficiency? Evidence from Electricity Markets | |
| Ali Hortaçsu; Fernando Luco; Steven L. Puller; Dongni Zhu | |
| 发表日期 | 2017-06-19 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms’ strategic ability also generates inefficiencies. We study the Texas electricity market where firms exhibit significant heterogeneity in how they deviate from Nash equilibrium bidding. These deviations, in turn, increase the cost of production. To explain this heterogeneity, we embed a Cognitive Hierarchy model into a structural model of bidding and estimate firms’ strategic sophistication. We find that firm size and manager education affect sophistication. Using the model, we show that mergers that increase sophistication can increase efficiency despite increasing market concentration. |
| 主题 | Microeconomics ; Behavioral Economics ; Households and Firms ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w23526 |
| 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/581199 |
| 推荐引用方式 GB/T 7714 | Ali Hortaçsu,Fernando Luco,Steven L. Puller,et al. Does Strategic Ability Affect Efficiency? Evidence from Electricity Markets. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23526.pdf（928KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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