Three Essays On Policy Evaluations In Oligopoly Markets
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Three Essays On Policy Evaluations In Oligopoly Markets
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Author : Ziyu Guo (Ph. D. in environmental economics)
language : en
Publisher:
Release Date : 2021
Three Essays On Policy Evaluations In Oligopoly Markets written by Ziyu Guo (Ph. D. in environmental economics) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Corn products industry categories.
This dissertation is composed of three chapters on policy evaluations in oligopoly markets. The first chapter compares effects of two main policies that support renewable energy development in the U.S. electricity market. The feed-in tariff (FIT) policy offers a guaranteed above-market price to renewable electricity firms by providing an extra government payment. The renewable energy certificate (REC) policy relies on the market mechanism. When associated with a renewable portfolio standard, the REC policy can provide a tool that rewards eligible renewable electricity firms financially. Using U.S. data, this chapter examines the effects of these two support policies in two multi-sector dynamic models, incorporating dynamic Nash equilibrium conditions between fossil fuel electricity firms and renewable electricity firms. The FIT policy results in a decline in production in the manufacturing sector and a fast change in consumer consumption behavior. Under the optimal feed-in tariff setting, investment in renewable energy is delayed. On the other hand, the REC policy ends with a stable increase in manufacturing production and household consumption. Green investment remains positive over time under the optimal renewable portfolio standard. The second chapter explores the dynamic impacts of trade policies in the international soybean market. In 2018, China responded to U.S. trade action by imposing a retaliatory tariff on U.S. commodity exports. Among the agricultural trade, soybeans account for the largest amount between United States and China. This chapter evaluates the counterfactual impacts of “Globalization” and “Trade War” on the soybean trade between two exporting countries, U.S. and Brazil, and one importing country, China, in a dynamic game model. This chapter introduces the state-owned enterprise behavior into the model. The results show that firms in U.S. and Brazil result in more soybean exports under the “Globalization” scenario. When there is a trade war between 2018 and 2021, firm in the U.S. exports much fewer soybeans to China because of the high tariff. The storage of the firm rises during the trade war to avoid profit loss. On the other hand, firm in Brazil benefits from the trade war and end up exporting more soybeans to China than usual. Our findings match the data during the trade war period. To explore the impacts of the trade in the international soybean market, we also build up a stochastic model and solve the feedback Nash equilibrium. The results show that firms tend to export more for the next period with higher initial storage levels when taking tariff uncertainty into account. The third chapter investigates the effects of demand shocks in the international corn market. Corn is the largest crop in terms of production and consumption in the United States. We introduce four exporters, U.S., Brazil, Argentina, and Ukraine, in a dynamic competitive storage model to explore the counterfactual effects under Globalization and High sustainability scenarios. We can also predict the impacts of short-term price shocks on the exports and storage in the four exporting countries. We conclude that U.S. and Argentina benefit more under “Globalization” than the other two countries. The change in U.S. ethanol demand induces the firms’ strategic behavior. With an increasing demand, firms stock up corns for future sale at a higher price. With a decreasing demand, firms deplete their stock at the beginning periods to avoid profit loss in future. In addition, the short-term price shock has different effects in four countries. We find that firms in U.S. and Brazil, with relatively higher storage amounts, are more sensitive to the price shock than Argentina and Ukraine, whose storage levels are less than 10% of their exports.
Three Essays On Price Competition In Oligopoly
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Author : Shyh-Fang Ueng
language : en
Publisher:
Release Date : 1992
Three Essays On Price Competition In Oligopoly written by Shyh-Fang Ueng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Competition categories.
This research investigates three issues related to the economic performance of oligopolistic markets where firms produce differentiated products and compete in prices. First of all, this dissertation uses a Markov Perfect Equilibrium approach with fixed periods of commitment of actions to answer the question of what prices a duopolists will charge in equilibrium if they produce horizontally differentiated products, move alternatingly, and compete in prices forever. It is found that firms charge prices which are higher than Nash equilibrium prices but lower than the fully collusive equilibrium prices. Also, contrasted with the Nash equilibrium of the one-shot constituent game, the firm having the significantly higher demand responsiveness to its own price always charges a lower price than the other firm does although it has higher marginal cost. The dissertation then proceeds to study whether a firm can overcome its cost disadvantage by upgrading its product over the rival's, and if so, whether there exists a profit-division which will induce the low cost firm and the high cost firm to collude and no one has an incentive to cheat. The results show that (1) the ability of upgrading the product over the rival's can allow a high cost firm to earn higher profit than a cost advantaged low cost firm; (2) there exists at least one profit-division which can sustain full collusion; and (3) in the collusive equilibrium firms enlarge their quality differences to alleviate the price tension between their products. Finally, this work investigates the welfare effect of mergers which occur in an oligopolistic industry where firms produce differentiated products. It is shown that for the merger to be socially beneficial, the number of the merging firms must be less than the total number of firms in the industry minus the ratio of the products' own elasticity to cross elasticity. The analysis indicates that the welfare effect of a merger of a specific size depends on the substitutability among products of the industry.
Three Essays On Applied Mixed Oligopoly Theory And Policy Implications
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Author : Ali Dadpay
language : en
Publisher:
Release Date : 2007
Three Essays On Applied Mixed Oligopoly Theory And Policy Implications written by Ali Dadpay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Air traffic control categories.
Three Essays On The Economics Of Advertising In Oligopoly
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Author : Jae-Woo Lee
language : en
Publisher:
Release Date : 1990
Three Essays On The Economics Of Advertising In Oligopoly written by Jae-Woo Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Oligopolies categories.
Essays On Regulation Liberalization And Privatization In Energy Markets
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Author : Carlos Suárez
language : en
Publisher:
Release Date : 2020
Essays On Regulation Liberalization And Privatization In Energy Markets written by Carlos Suárez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
"The general motivation of this research is to explore the effects of the coexistence of public and private companies on the allocative efficiency of the supply of electricity. In particular, this thesis investigates from an empirical perspective to what extent the distinction between private and public companies is relevant to understand the competition in the wholesale electricity generation markets. I apply several econometric techniques and theory advances in industrial organization branch on data of the firms of the Colombian market. The case of the Colombian electricity market is suitable to study this issues for four reasons: i) It is an oligopoly in which private and public companies compete under the same rules. ii) The most important firms in the Colombian electricity sector are mature organizations, with a conventional business vision. In fact, many of these companies belong to transnational capital that carry out activities in several continents. iii) The market setting have a conventional design similar to other liberalized electricity markets. It operates as a multi-unit uniform-price auction. iv) There is available information with daily and even hourly resolution of the generation market variables. I consider that these are key elements for justifying the external validity of the results. This thesis presents three essays that aim to answer three questions related to the interaction between competition in electricity markets and their ownership structure. Chapter 1 addresses the question: Do the switch from public to private management have impacts in the bidding strategy of specific generation assets? Chapter 2 explores the question: Do public and private generation companies respond the same to the incentives to relax competition? Chapter 3 focuses on the question: Do private companies have a greater propensity to establish coordination relationships in comparison to public firms? In the first chapter of this thesis I evaluate the impact of privatization on the bidding of electricity units participating in a liberalized wholesale electricity market. The results of this evaluation contribute to better understand whether privatization is the right decision in an environment of imperfect competition. In this essay I adopt a policy evaluation approach to estimate the impact of changes from public to private management on the bidding prices of electricity generation units. I use information of bidding prices of the Colombian wholesale electricity market and exploit the changes of management of generation units documented in the period 2006 - 2018. The methodologies and results presented in this thesis contributes to the literature of mixed oligopoly because they place special emphasis on the behavioral differences between private and public companies and studies a field experience in which they compete in the same relevant market. The empirical evidence resultant from the policy evaluation method is aligned with the theoretical predictions of comparative statics arising from the behavioral differences of mixed oligopoly models. The second chapter of this dissertation proposes a methodology in order to find differences between the reactions of private and public firms when they face incentives to exercises unilateral market power. Several common events in the electricity industry such as transmission restrictions, the concentration of generation property within specific areas, the non-storage capacity of electricity and the low elasticity of demand, provide opportunities to exert market power. That is why this issue has been widely studied and discussed theoretically and empirically. The novel element of this essay in relation to this strand of the literature is accounting for the distinction between private and public companies regarding competitive behavior. Chapter 3 investigates from an empirical perspective the role of disclosure information in the stability of informal coordination agreements. Particularly, this chapter focuses in the economic effects of the announcement and the put into effect of a non-transparency policy implemented in the Colombian wholesale electricity market in 2009. We propose an identification strategy for isolating the effect of a coordinating relation from the confusion factors related with unilateral market power. The characteristics of the reform of the transparency policy allow to link the simple announcement of the policy change with the collapse of a coordinated strategy of private firms in a repeated interaction context. We use several empirical tools to assess the impact of the simple announcement of a modification in the transparency conditions on the average bidding price of private firms. We present an empirical analysis of the average bidding price data over August 2008 - July 2009. Overall, the evidence presented in the three essays of this dissertation indicates that the distinction between public and private companies may be a relevant aspect for explaining the functioning of competition in liberalized industries." -- TDX.
Three Essays On Oligopoly And Financial Structure
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Author : Hyun Jong Kim
language : en
Publisher:
Release Date : 2002
Three Essays On Oligopoly And Financial Structure written by Hyun Jong Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Equilibrium (Economics) categories.
Three Essays On Strategic Aspects In Oligopoly With Vertical Structure
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Author : Mohammad Ali Kashefi
language : en
Publisher:
Release Date : 2012
Three Essays On Strategic Aspects In Oligopoly With Vertical Structure written by Mohammad Ali Kashefi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Three Essays On Supply Control Policies In Protected Designations Of Origin
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Author : Pierre R. Merel
language : en
Publisher:
Release Date : 2007
Three Essays On Supply Control Policies In Protected Designations Of Origin written by Pierre R. Merel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Post Keynesian Essays From Down Under Volume Iii Essays On Ethics Social Justice And Economics
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Author : G. Harcourt
language : en
Publisher: Springer
Release Date : 2016-11-16
Post Keynesian Essays From Down Under Volume Iii Essays On Ethics Social Justice And Economics written by G. Harcourt and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-16 with Business & Economics categories.
Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume III explores the ethics of economics.
Three Essays On Markets And Welfare In Sub Sahara Africa
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Author : Jenny Carson Aker
language : en
Publisher:
Release Date : 2008
Three Essays On Markets And Welfare In Sub Sahara Africa written by Jenny Carson Aker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.