We examine the effect of an oligopolistic upstream electronic market on upstream and downstream prices. The analysis highlights the two sources of competition that a firm that source from an electronic market (e-market firm) face: competition with less efficient firms that source traditionally (t-market firms) and competition among e-market firms. When size of the upstream e-market is small, th...

Efficient wholesale markets should drive preference revealing bidding where generators offer the majority of their power at short run marginal cost (SRMC). However, most renewables have very low SRMCs, which in a competitive market is likely to lead to an increasing proportion of low priced periods. This has led to suggestions that a capacity market may be required in the Australian National El...

As customers' needs have changed rapidly, market orientation has become a more primary focus of marketing literature. This study explores the strategies market-oriented suppliers use to accommodate customer needs. In addition, because buyer–seller relationships proceed through phases characterized by distinct behaviors, this study explores the relationship between market orientation and accommo...

When interest rate dynamics are described by the Libor Market Model as in Brace, Gatarek & Musiela (1997), we show how some essential risk-management results can be obtained from the dual of the calibration program. In particular, if the objetive is to maximize another swaption’s price, we show that the optimal dual variables describe a hedging portfolio in the sense of Avellaneda & Paras (1996...

The efficient market hypothesis (EMH) fails as a valid model of financial markets. The fractal market hypothesis (FMH) is a more general alternative way to the EMH. The FMH is formed on the following parameter space: agents’ investment horizons. A financial market is more stable when a fractal character in the structures of agent’s investment horizons is adopted. For computer simulations, the c...

This paper assesses the impact of product market competition on job instability. Product market competition is measured by the price-cost margin, and job instability is proxied by the intensity of the use of temporary contracts. Using both worker data from the Spanish Labor Force Survey and …rm data from the Spanish Business Strategies Survey, I show that job instability rises with competition....

We study competitive equilibria in the basic Fisher market model, but with indivisible goods. Such equilibria fail to exist in the simplest possible market of two players with equal budgets and a single good, yet this is a knife’s edge instance as equilibria exist once budgets are not precisely equal. Is nonexistence of equilibria also a knife-edge phenomenon in complex markets with multiple go...

This paper focuses on the role that production subsidies play in a Bertrand mixed duopoly. The paper examines four regimes: mixed and private duopoly, each with and without subsidies. The results of this study are compared with the findings of the existing Cournot mixed market literature. As a result, the paper shows that that the introduction of production subsidies into the analyses of Bertra...

This paper studies the financial market responses to macroeconomic news announcements, in the form of volatility and jumps. The traditional empirical literature using daily or lower-frequency data finds mixed or relatively weak evidence of big price movements during the announcement periods, which seems to falsify the efficient market hypothesis. However, with the advance of high frequency data...

This study examined the relationship between dispositional achievement goal orientations and intrinsic motivation following physical fitness testing. Students, aged 11-15 years, completed the Task and Ego Orientation in Sport Questionnaire, participated in the 20-m progressive shuttle run test, and then completed a modified Intrinsic Motivation Inventory (IMI). Using their goal orientations, st...