Physical and digital books, media, journals, archives, and databases.
Results include
  1. Equilibria in two-settlement markets : market power, uncertainty, and risk aversion

    Roumpani, Maria
    [Stanford, California] : [Stanford University], 2019.

    Forward contracting can deliver benefits in terms of risk hedging, price discovery, and market power mitigation. Aiming to advance the understanding of its role in market design, I examine how the introduction of a forward market changes the strategic and hedging incentives of participants. I challenge the two common literature assumptions of (i) one-sided market power: the assumption that only sellers exercise market power and (ii) perfect arbitrage: the equivalence of forward and (expected) spot price. I provide a framework in which oligopolists face oligopsonists in two sequential markets and allow for a price premium to arise endogenously as the result of hedging and strategic considerations. The introduction of a forward market is found to increase efficiency but does not necessarily do so in a Pareto improving way. The distribution of potential benefits to sellers and buyers depends on their risk aversion and market power. Policy implications are discussed.

Guides

Course- and topic-based guides to collections, tools, and services.
No guide results found... Try a different search

Library website

Library info; guides & content by subject specialists
No website results found... Try a different search

Exhibits

Digital showcases for research and teaching.
No exhibits results found... Try a different search

EarthWorks

Geospatial content, including GIS datasets, digitized maps, and census data.
No earthworks results found... Try a different search

More search tools

Tools to help you discover resources at Stanford and beyond.