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Using the frequency-domain spillover index method, we investigate time-frequency spillovers and their underlying drivers among fossil energy, clean energy and metal markets. We find that short-term spillovers are stronger than long-term spillovers. Global clean energy markets are powerful spillover transmitters that can have strong impacts on fossil energy and metal markets. Rare earth metals are most vulnerable to spillover effects from clean energy and base metal markets, particularly in the long term. Different clean energy sources and metal markets have heterogeneous connectedness, e.g., the impact of wind energy on rare earth market is greater than that of solar energy. The short-term spillovers are mainly driven by policy changes, while the long-term spillovers are mainly affected by stock market uncertainty and economic fundamentals. Our findings have important implications for the construction of optimal diversification strategies and the design of policy incentives to promote clean energy investments across different time horizons. Keywords: Clean energy, Metals, Spillovers, Time-frequency, Spillover drivers, 1. INTRODUCTION Metals are an energy-consuming resource that require fossil energy for their extraction, production, smelting and recycling processes; therefore, fossil energy is an important input for the operation of [...]

Almost 100 years ago, Ludwig von Mises and Friedrich Hayek argued that a socialist state could not determine marginal cost prices and therefore could not allocate resources rationally. Oskar Lange and Abba Lerner responded with the market socialist model. Subsequent scholars have refined the model (Leeman, Roemer). Views on market socialism for an entire economy are mixed (Phelps, S h lei fer and Vishny, Roemer). We briefly review the debate. We argue that a form of market socialism exists and is especially important in education, health care, and health insurance. In these sectors, prices are often set or restricted centrally, while many providers are state-owned, nonprofit, or mutual firms. We argue in favor of applying market socialist principles to health care and to health insurance policy. In particular, we show that these principles imply that community rating of health insurance is a source of major inefficiencies and harmful regulatory pressure. We suggest moving in the market socialist direction --toward marginal cost pricing and therefore away from community rating. The desire for universal or expanded coverage can be fulfilled by explicit, politically transparent subsidies paid to consumers who are both poor and high risk. Comparative Economic Studies (2017) 59, 405-427. doi: 10.1057/s41294-0170027-3; published online 9 June 2017 Keywords: health insurance, market socialism, quasi-markets, pricing, community rating, new public management, corporatization JEL Classification: 113, P51, P27, 118, D47, B24, D02, L31, INTRODUCTION The socialist calculation debate began almost 100 years ago when Ludwig von Mises and Friedrich Hayek argued that a socialist state could not determine marginal cost prices and therefore [...]

We study tacit collusion in price-setting duopoly games with strategic complements and substitutes. While this problem has been considered by several studies, this article sheds new light on the comparison by focusing on the relationship between dynamic stability of equilibrium and tacit collusion. We find when controlling for the absolute slope of the reaction functions, there are no robust differences in either the convergence properties or tacit collusion between complements and substitutes treatments. JEL Classification: D43, LI3, L40, 1. Introduction This article concerns the determinants of tacit collusion in duopoly markets. While factors such as group size and communication are well-known ingredients for cooperation, a growing body of [...]

The effects of the organization of an asset market on liquidity are studied using a model of financial intermediation. Findings reveal that a reform that lowers the market power of the dealers may result to reduced trading costs, dealers' net entry, and an increased trade volume. The model also indicates that markets of similar structures may post different liquidity results.

A study on the financial limitations on attaining arbitrage profits in a market with no liquidity is presented.

I study pricing and commitment by platforms in two-sided markets with the following characteristics: (i) platforms are essential bottleneck inputs for buyers and sellers transacting with each other; (ii) sellers [...]

Models of Keynesian economics, which examine transition economy to be successful, are presented.

We utilize a randommatching model to examine the relationships between market frictions and international trade. In our setting, an individual may choose to search abroad where she may have a cost advantage, but is less likely to meet potential trading partners, owing to higher market frictions. Interestingly, we find that international trade may be associated with lower welfare than autarky. We show how this is due to price distortions resulting from bargaining when there are opportunities for exchange across countries.

Linear programming is applied to analyze effective securities in a market characteristic of no arbitrage with bid ask prices at bankruptcy.

Building on the observation that competitive dynamics and market evolution are inextricably linked and underresearched, we propose a road map to guide and stimulate future research in the area. A [...]

A framework in which establishing and managing a regulatory institution calls for an unchanging cost is advanced and the different facets of this model are analyzed. It is shown that, in the model, supply of regulation is limited by the extent of the market.

A study is conducted to design a socially optimal market structure to control excessive entry of firms in to product market, which effects the social cost of public funds.

A study examining the extent to which costs can be minimized on public debt, in a scenario where short-term interest rates are dictated by monetary policy and there are risks and market impact constraints, is presented.

A theoretical framework that helps to deal with markets without suspending their calculative properties is presented .

The effects of economic liberalization on the domestic markets and economy of Bulgaria and Poland are discussed and analyzed. The impact of foreign exchange rate fluctuations during transition phase is examined.

In this paper, we report on an equilibrium with market dominance that exists in a simple two-firm model that features neither entry barriers nor sophisticated punishment strategies. This equilibrium induces an intertemporal market division in which the two firms alternate as monopolists--despite the fact that the model also sustains a Cournot duopoly. Even when initially both firms are active in the market, the alternating monopoly reveals itself rather quickly. Moreover, it Pareto dominates the Cournot equilibrium--as it is close to the cartel outcome. Several examples of what well may be such alternating monopolies are presented. JEL classification: C73; D43; L13 Keywords: Dynamic competition; Oligopolistic competition; Stochastic games; Monopoly.

The impact of consumer bargaining on seller's offer price from the study of wholesale fruit and vegetable market in Marseille is examined.

The soft budgets of economies in transition from socialistic system to capitalistic system are discussed. The need to provide social goods along with private goods and the political need to bail out firms with financial problems are also discussed. The presence of soft budget prevents efficiency in private goods market. However, greater competition is likely to make matters even worse.

An analysis of the effects of human capital and market imperfections on the labor employment and labor reallocation in the transition countries is discussed.

There is a well identified empirical connection between the intensity of competition in product markets and better productivity performance (OECD, 2002a). In general, economy-wide competitive pressures appear to be relatively [...]

Behavioral economics is examined in the context of the decentralized, private ownership market economy. The role of viability mechanisms that indirectly and adaptively coordinate producers and consumers out of equilibrium is examined.

The home market effect and bilateral trade patternsIndustry characteristics like transportation costs and differentiated products and their impact on home market are analyzed using monopolistic competition model in large countries.

The economic tools are used to understand psychological phenomenon of cognitive errors in market. The impact of mistaken beliefs on errors in market is analyzed.

The role of microeconomic complementarities in economies with production externalities and demand spillovers is discussed. The transparency of public information in reducing common uncertainty in market place is emphasized.

Research shows that analytical capabilities and market information processing practices improve for organizations demonstrating more favorable learning values. This in turn affects market-based outcomes. These findings are discussed within the framework of current literature and future research.

This paper outlines the fundamental features of the PJM day-ahead energy market and real-time energy market. The Day-ahead market is based on a voluntary least-cost security constrained unit commitment and dispatch with several fundamental design features that ensure the market is robust and competitive. This market offers market participants the option to lock in energy and transportation charges at binding day-ahead prices. The flexibility of the day-ahead market rules provide all participants with equal access to the day-ahead market through consistent price signals and by providing all participants with the ability to submit virtual demand bids and virtual supply offers. These mechanisms promote liquidity in the markets. Economic incentives drive the convergence of the day-ahead and real-time market prices. The real-time energy market is based on security-constrained economic dispatch and is cleared based on the actual system operating conditions. The LMP-based markets support reliable grid operations through efficient price signals. Index Terms--Electricity market, locational marginal pricing.

The electricity industry of the Nordic countries went through a major restructuring during the 1990s. A wholesale market with significant competition has been established. Nord Pool was established in 1993 as a Norwegian electricity exchange, and extended its trade to Norway and Sweden in 1996. It thus became the world's first multinational exchange for trade in electric power contracts, and presently it is the only truly international electricity market. There is one market operator, and there are five system operators. Each country has its own regulatory agency. There are no general cross border tariffs. In 2001, power contracts worth nearly NOK 412 billion, about 55 billion Euro, were cleared by Nord Pool, and the combined volume of contracts traded was 2769 TWh, that is more than seven times the physical consumption. An open market with a common framework has made the Nordic market the most liquid electricity market in the world. Three of the countries have full retail market access. Since deregulation of the electricity industry started, restructuring has taken place in all countries resulting in mergers and acquisitions. There is an ongoing concentration of ownership in the wholesale market, and the concentration of the production side causes concern. Index Terms--Deregulation, electricity markets, power exchange.

The New Electricity Trading Arrangements (NETA) in England and Wales are just over one year old and are generally acknowledged to have successfully enabled competitive pressures to emerge fully in the generation market for the first time since the electricity industry was liberalised in 1990. With their emphasis on treating electricity as far as possible like any other tradable commodity and their lack of a centralized clearing market, they represent a radical departure from conventional wholesale trading arrangements. This article explains the principles underlying NETA and examines how the arrangements have fared over their first year. Index Terms--Competition policy, Energy market restructuring, Energy markets, Energy trading and risk management.

This tutorial paper discusses some aspects of electricity markets from the perspective of the demand-side. It argues that increasing the short-run price elasticity of the demand for electrical energy would improve the operation of these markets. It shows, however, that enhancing this elasticity is not an easy task. The tools that consumers and retailers of electrical energy need to participate more actively and effectively in electricity markets are discussed. The paper also describes how consumers of electricity can take part in the provision of power system security. Index Terms--Contracts, load management, load modeling, load shedding, power demand, power industry, power system economics, power system security.

The industrial networt paradign, or marketing as networks concept, is explored as to its theory, development, and knowledge production.

We compare first-price auctions to an exchange process that we term 'multilateral negotiations.' In multilateral negotiations, a buyer solicits price offers for a homogeneous product from sellers with privately known [...]

This study looks at export performance based on market orientation, finding that it positively affects change in export sales, export profits, and change in export profits. Three environmental variables that affect export performance are market turbulence, competitive intensity, and technological turbulence. Obtaining and responding to market intelligence are critical for success in exporting.

We analyze a dynamic version of the Akerlof-Wilson 'lemons' market in a competitive durable good setting. There is a fixed set of sellers with private information about the quality of their wares. The price mechanism sorts sellers of different qualities into different time periods--prices and average quality of goods traded increase over time. Goods of all qualities are traded in finite time. Market failure arises because of the waiting involved--particularly for sellers of better quality. The equilibrium path may exhibit intermediate breaks in trading.

In this paper we suggest an improved methodology for comparing the intensity of trade across and within national and provincial boundaries. Earlier efforts to assess border effects for provinces or for countries without internal trade statistics made fairly arbitrary assumptions about average distances for internal trade flows. We improve on earlier efforts by taking more complete account of the distribution of population within each province or country. Internal distance is estimated as a population-weighted average of intra-city and intercity distances as well as distances to and within rural areas. We find higher estimates of internal distances, and hence border effects, than found in previous studies.

This article examines the impact of margin requirements on the gold and silver markets' trading activities by analyzing the role of time to contract-expiration in margin levels and trading activity relationships. The authors reveal the cost that markets impose on futures traders, the age of contract maturity is found to influence trading activity, small traders and speculators are found to be more vulnerability to margins, and margins increase following periods of volatility and decrease after stability.

This article examines relative prices and the flow of goods between countries in both data and in real business cycles. The author finds that output increases cause a worsening of terms of trade in real business, but not in data; restriction of asset markets has little impact on goods in specific countries.

This article re-evaluates the authors' previous explanations for profitability momentum strategies. The authors also provide support for behavioral models that propose delayed overreactions to be the reason for momentum profits.

This article evaluates institutional corporate bond trading to estimate transaction costs for over-the-counter bond markets. The author finds that larger trades have lower trading costs, small institutions pay more than large institutions in order to trade, and large bond dealers charge less than small ones.

This article evaluates the significance of banking market structure on growth, focusing on the role of this structure on the dynamics of capital accumulation. The authors find that bank concentration promotes growth of industry sectors in most need of external finance by aiding credit access for newer firms, but also find a general depressing effect of bank concentration on all sectors.

This article evaluates aggregate market spreads, depths and trading activities to analyze liquidity in U.S. equities over an extended period of time. The authors find that liquidity plummets in down markets, volatility decreases trading activity and spreads, strong day-of-the-week effects exist, and that interest rates influence liquidity with increases in depth and trading activity just prior to macroeconomic announcements.

This article examines the decisions of strategic traders in a noisy financial market when they hold an endowment of stock. Results show that after receiving the endowment the trader reduces risk exposure by selling at decreased rates and then buying back shares.

This article examines the volatility of common stocks at the market, firm and industry levels using a disaggregated approach. Results show an increase in the firm-level volatility from 1962-1997; the correlations between individual stocks and the market model's explanatory power has declined, while the number of stocks needed for diversification have increased; finally, market volatility leads the other volatility areas.

This article discusses 'hot' and 'cold' real estate markets, and develops a corelation between them. The author asserts that the liquidity of cold markets can be good when price are high as in a hot market.

This article evaluates income feedback effects which depend on the number of product markets and imperfect competition in those markets. Underemployment only occurs in an economy with a single product market.