The model shows how a regulated monopolist’s price should change as random cost and demand parameters are revealed. The regulator has a Ramsey-type problem. With a linear tariff a trade-off between allocative efficiency and risk sharing typically exists. The attitudes of the consumer and the firm to both income and price risk determine how the price should move. Sufficient conditions are found ...

this paper extends endogenous growth models through augmenting it with government budget and oil revenues as well as the effect of public investment efficiency on long run growth of private and government consumption and import for an oil producing economy. based on the extracted model, the optimal growth rate of government current expenditure (or consumption) has a positive relation with the e...

The paper develops a quality adjusted professional sports franchise price index for North America based on a repeat sale method. This index reflects trends in the general price of sports franchises holding local market, facility, and team characteristics constant. The price index exhibits considerable volatility but no upward trend over time, unlike previous quality adjusted price indexes based...

This article proposes a functional dynamic factor model for the evaluation of the impact of scalar– and curve–valued factors on the shapes of intraday price curves. The asymptotic theory leads to practically useful confidence intervals for the factor coefficients. The main findings pertain to the impact of the shapes of intraday oil futures on the shapes of intraday prices of blue chip stocks. ...

We estimate the development effects of electrification across Brazil over the period 1960–2000. We simulate a time series of hypothetical electricity grids for Brazil for the period 1960–2000 that show how the grid would have evolved had infrastructure investments been made based solely on geography-based cost considerations. Using the model as an instrument, we document large positive effects ...

A price reveal auction is a Dutch auction in which the current price of the item on sale remains hidden. Bidders can privately observe the price only by paying a fee, and every time a bidder does so, the price falls by a predetermined amount. We show that in equilibrium, no rational bidder should enter into such an auction. Contrary to this prediction, data about actual price reveal auctions ru...

In this paper, collusive price leadership in homogeneous good capacity-constrained repeated price competition is examined. In the stage game, firms choose their timing of price setting. Although setting a price early is disadvantageous per se, a large firm has an incentive to move early in order to demonstrate its commitment not to deviate. If the discount factor is not too large, this behavior...

This paper examines the first 16 months of competition in the German market for long-distance voice telephony on the fixed network. It concentrates on price level and price structure. Competition induced by the entry of both network operators and switch-based service providers decreased the price level substantially. Furthermore, after initial attempts to design innovative price structures, mos...

The present study aims to examine the short-run and long-run impact of China’s trade liberalization policies on its energy demand over period from 1980 2018. results Autoregressive Distributed Lag approach co-integration show that consumption significantly increases as a result openness increase in real Gross Domestic Product (GDP). granger causality test also confirm unidirectional running GDP...

this paper, examines the factors that influence energy intensity- the ratio of energy consumption to gdp- in 42 oil exporting and none-oil exporting countries in the period 1985 to 2009. the research applies panel data models to analyze the impacts of oil price, gdp, exchange rate, co2 emissions, population, surface area and productivity on energy intensity. an attempt is made in this paper, to...