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Impact of Storage on the Efficiency and Prices in Real-Time Electricity Markets

Jean-Yves Le Boudec, Dan-Cristian Tomozei, Nicolas Gabriel Gast

We study the effect of energy-storage systems in dynamic real-time electricity markets. We consider that demand and renewable generation are stochastic, that real-time production is affected by ramping constraints, and that market players seek to selfishly ...

ACM2013

Selfish Response to Epidemic Propagation

Jean-Yves Le Boudec, Georgios Theodorakopoulos

An epidemic spreading in a network calls for a decision on the part of the network members: They should decide whether to protect themselves or not. Their decision depends on the trade-off between their perceived risk of being infected and the cost of bein ...

Institute of Electrical and Electronics Engineers2013

Collaborative Housing and the Intermediation of Moral Hazard

Thomas Alois Weber

This paper considers intermediation in a di_erentiated short-term housing market where heterogeneous agents may stay at a hotel or at one of several private hosts' properties, below or above hotel quality. The collaborative-housing market fails when agents ...

EPFL CDM MTEI2013

Insider Trading, Stochastic Liquidity and Equilibrium Prices

Pierre Collin Dufresne

We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochasti ...

Columbia Business School2012

Financial Markets Equilibrium with Heterogeneous Agents

Semyon Malamud

This paper presents an equilibrium model in a pure exchange economy when investors have three possible sources of heterogeneity. Investors may differ in their beliefs, in their level of risk aversion, and in their time preference rate. The authors study th ...

Oxford University Press2012

Price Theory in Economics

Thomas Alois Weber

This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...

Oxford University Press2012

A Metamodel of the Oil Game under Climate Treaties

Marc Vielle, Alain Haurie

A climate treaty like the one which should replace the Kyoto Protocol after 2012, may have important impacts on the oil, gas and coal markets. The full impact of such a treaty will not be felt before 2030. In this paper one uses a computable general equili ...

2011

Selfish Response to Epidemic Propagation

Jean-Yves Le Boudec, Georgios Theodorakopoulos

An epidemic spreading in a network calls for a decision on the part of the network members: They should decide whether to protect themselves or not. Their decision depends on the trade off between their perceived risk of being infected and the cost of bein ...

Ieee Service Center, 445 Hoes Lane, Po Box 1331, Piscataway, Nj 08855-1331 Usa2011

Essays on Equilibrium Asset Pricing

Rodolfo Javier Prieto Katunaric

This thesis consists of three chapters. The first chapter endogenizes technological change by introducing a stylized innovation process driven by a R&D–dependent Poisson process in a Cox, Ingersoll and Ross (1985) production economy. The model reproduces s ...

EPFL2010

Financial Markets Equilibrium with Heterogeneous Agents

Semyon Malamud

This paper presents an equilibrium model in a pure exchange econ- omy when investors have three possible sources of heterogeneity. In- vestors may di§er in their beliefs, in their level of risk aversion and in their time preference rate. We study the impac ...

2009