This study examines the relationship between global economic policy uncertainty (GEPU) and bitcoin prices (BCP) employing rolling window method. The full sample test shows that there is no causality GEPU BCP. However, causal variables can be different when considering structural changes. finding of indicates in subsamples. It has found both positive negative bidirectional causalities BCP across...

The preference between public and private negotiations for a buyer who sequentially visits two suppliers is examined. It is shown that the buyer weakly prefers to conduct private negotiations in order to create strategic uncertainty about the trade history. With substitute goods, such uncertainty is valuable only when price offers have short expiries that prevent a head-to-head supplier competi...

We study the welfare implications of scalable price targeting, an extreme form of third-degree price discrimination implemented with machine learning for a large, digital firm. Targeted prices are computed by solving the firm’s Bayesian Decision-Theoretic pricing problem based on a database with a high-dimensional vector of customer features that are observed prior to the price quote. To identi...

The central pillar of European climate policy, the European Emissions Trading System (EU ETS), is currently under scrutiny, as the allowance price is persistently low at around 5€/tCO2. The cap was met and emissions actually declined in recent years, ensuring the environmental effectiveness of the scheme. However, the low price may affect the long-term cost-effectiveness of the instrument by re...

We find that hotel mergers increase occupancy. In some specifications, price also rises. These effects occur only in markets with high capacity utilization and high uncertainty. These findings lead us to reject simple models of price or quantity competition in favor of models of “revenue management,” where firms price to fill available capacity in the face of uncertain demand. JEL classificatio...