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Energy market liberalization is changing pricing mechanisms for wholesale electricity. This work shows that it is essential to appreciate and mirror these changes in the modeling of electricity markets for policy assessment. We develop a framework composed ...
This paper studies the value of information on future price behaviour. We consider a one-period inventory modelling framework with random period length and two order opportunities. The selling price is determined dynamically and the demand is price-sensiti ...
The sharing of durable goods in a dynamic ownership economy is attractive, since it has the potential to realize gains from trade via short-term transfers of usage rights. We develop a model in which a set of agents, who are heterogeneous in their likely n ...
We study the pricing and hedging of contingent claims that are subject to Event Risk which we define as rare and unpredictable events whose occurrence may be correlated to, but cannot be hedged perfectly with standard marketed instruments. The super-replic ...
For some time, regulatory reforms in Europe have aimed at electricity market liberalisation. One of the many consequences is that increasingly spot market transactions replace long- term contracts, thus redefining the way wholesale electricity prices are f ...
In this paper, we analyze the emerging retail practice of carrying a combined product assortment consisting of both regular "standard" products and more fashionable and short-lived "special" products. The purpose of this practice is to increase store traff ...
The constituent countries of the MENA region---defined in this thesis in conformity with the regional definition of the International Energy Agency and encompassing 17 Muslim countries in North Africa, in the Levant, on the Arabian Peninsula, and Iran---ha ...
The contribution of this paper is twofold. First, it presents the results of a "history-friendly" simulation model of evolution of the pharmaceutical industry. Second, it aims at contributing to a more general methodological discussion about agent-based mo ...
One fundamental issue with existing reputation systems, particularly those implemented in open and decentralized environments, is whitewashing attacks by opportunistic participants. If identities are cheap, it is beneficial for a rational provider to simpl ...
Climate change could impact strongly on cold-adapted mountain ecosystems, but little is known about its interaction with traditional land-use practices. We used an altitudinal gradient to simulate a year-round warmer and drier climate for semi-natural suba ...
