This paper focuses on the design of cost sharing rules to optimize the efficiency of the resulting equilibria in cost sharing games with concave cost functions. Our analysis focuses on two well-studied measures of efficiency, termed the price of anarchy and price of stability, which provide worstcase guarantees on the performance of the (worst or best) equilibria. Our first result characterizes...

This paper presents a method to allocate the transmission network costs to users based on nodal pricing approach by regulating the nodal prices from the marginal point to the new point. Transmission nodal pricing based on marginal prices is not able to produce enough revenue to recover the total transmission network costs. However, according to the previous studies in this context, this met...

This paper used different copula-based GARCH models (Copula-GARCH model and Copula-GJR-GARCH model) to analyze the dependence structure among gold price, stock price index of gold mining companies and Shanghai Composite Index in China. The empirical results found that the suitable margins were skew-t distribution, and the GJR-GARCH marginal distribution had better explanatory ability than the G...

Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822-1900). Specifically, it is a model of price competition between duopoly firms which results in each charging the price that would be charged under perfect competition, known as marginal cost pricing. The model has the following assumptions: There are at least two firms producing ho...

Making the weak assumption that the left-hand side of this equation is downward sloping, there will be a unique Y that solves this equation, which depends only on the sum of the marginal costs, not on their distribution across the firms. The observation that output and price in a Cournot industry is independent of the distribution of marginal costs has undoubtably been noted and used several ti...

In this paper we aim to explain intuitively heterogeneous firms’ optimal location decisions in a simple spatial market. To do so, we present and solve a four-stage game of entry, location, pricing and consumption in a spatial price discrimination framework with arbitrarily many heterogeneous firms. We provide a unique equilibrium outcome without imposing restrictions on the distribution of marg...

This work proposes a distribution locational marginal price (DLMP)-based transactive energy (TE) framework for systems with enthusiastic or smart prosumers. The uses multi-agent system (MAS) as the basis on which proposed TE model, i.e., (DLMP) based management (DTEMS), is implemented. DTEMS novel metric known nodal earning component, determined by optimal power flow (OPF) auction mechanism, to...

A standard result in regulation is that efficiency requires that marginal prices be set equal to marginal costs. This paper performs an empirical test of marginal cost pricing in the natural gas distribution market in the United States during the period 1989-2008. For all 50 states we reject the null hypothesis of marginal cost pricing. Departures from marginal cost pricing are particularly sev...

The purpose of the present study was to compare the effects of N-dimethyl propranolol (DMP), the quaternary derivative of propranolol, and propranolol on the transmural distribution (endo/epi) of coronary blood flow in normal and ischemic regions of the myocardium. The distribution of blood flow between subendocardium and subepicardium of a nonischemic region and one distal to a severe left cli...