Did Vasco da Gama matter for European markets?1

Associação Da Gama Glutamil Transferase

Understanding the Dynamics of the European Carbon Markets1

Carbon permits and associated …nancial derivatives are increasingly traded in …nancial markets. E¢ ciently functioning carbon markets are necessary if reductions in CO2 emissions are to be achieved in a cost-e¤ective manner. With these considerations in mind, this paper adds to the growing literature which seeks to understand the operations of the carbon markets. We jointly model the spot and f...

Medieval Matching Markets1

This paper presents insights on the market microstructure of the late Middle Ages. In particular it looks into the institution of the broker on medieval markets and fairs. It argues that the broker was a key player in the solution of a two-sided matching market problem. The broker’s obligation was to match sellers to buyers. Medieval market makers, i.e. the town o¢ cials set up rules for broker...

Dynamic Thin Markets1

Extensive empirical research has shown that in many markets institutional investors have a significant impact on prices and mitigate its adverse effects through their trading strategies. This paper develops a dynamic model of such thin markets, in which the market structure is one of bilateral oligopoly. The paper demonstrates that market thinness qualitatively changes equilibrium properties of...

Design of Ancillary Service Markets1

1 The work described in this paper was coordinated by the Consortium for Electric Reliability Technology Solutions on behalf of the Department of Energy. Abstract We examine the design of bid selection protocols and settlement rules in ancillary service markets. Such markets are typically operated by an independent system operator (ISO) for competitive procurement of reserves that are needed to...