Worldwide the installed capacity of renewable technologies for electricity production is rising tremendously. The German market is particularly progressive and its regulatory rules imply that production from renewables is decoupled from market prices and electricity demand. Conventional generation technologies are to cover the residual demand (defined as total demand minus production from renew...

In 1992, the U.S. Federal Energy Regulatory Commission created a secondary market for natural gas transportation whereby shippers holding firm transportation capacity on interstate natural gas pipelines can compete with the pipeline in the provision of transportation services. However, if a shipper does not use some of its contracted firm transportation capacity, the pipeline can resell that ca...

This paper develops a framework for integrating contract markets with spot markets using tradable options for capacity. Sellers and Buyers may either contract for delivery in advance (the \contracting" option) or they may sell and buy some or all of their output/input in a spot market. Contract pricing involves both a reservation fee per unit of capacity and an execution fee per unit of output ...

We consider a long-term capacity investment problem in a competitive market under demand uncertainty. Two firms move sequentially in the competition and a firm’s capacity decision interacts with the other firm’s current and future capacity. Throughout the investment race, a firm can either choose to plan its investments proactively, taking into account possible responses from the other firm, or...

As the title suggests, this paper compares two “formula” or mechanical investment techniques, dollar cost averaging and a relatively new proposal, value averaging, to a form of random investing to determine if any technique yields superior investment performance. Results indicate that value averaging does provide superior expected investment returns when investment prices are quite volatile and...

The mobile online medium (i.e. mobile data communication) allows the creation of context-sensitive profiles for mobile consumers by using identityand context information and thereby enabling the efficient targeting of current consumers' needs. However, current implementations of Mobile Marketing activities do not make use of these beneficial unique features and apply, for instance, content-base...

We separate the “rentier” portion of the budget constraint of the representative agent from the “income-plus-distributed profits” segment. The former’s wealth consists exclusively of returns on government bonds, the latter’s wealth is wage income from working for firms plus the distributed profits of the latter. The non-neoclassical element is the non-imposition of the market-clearing assumptio...

Allaz and Vila (1993) argued that forward markets mitigate market power and enhance efficiency. This paper analyzes the implications of forward markets when oligopolistic firms endogenously choose capacity levels. The paper shows that the forward market that occurs after the investment decision is committed may discourage total investment and result in a Pareto-inferior outcome. However, the fo...