Quality in Contestable Markets: A Historical Problem?

Productive Efficiency and Contestable Markets

This paper provides a new game theoretic model consistent with the premises of contestable markets. Two firms repeatedly compete for a natural monopoly position. The limit price of the incumbent is disciplined by a hit and run strategy of the entrant. In this model, contrarily to the well known Maskin and Tirole model (1988): i) productive efficiency is encouraged, the more efficient firm gets ...

Deregulation and the Theory of Contestable Markets

Historical Presidential Betting Markets

W agering on political outcomes has a long history in the United States. As Henry David Thoreau (1848 [1967], p. 36) noted: “All voting is a sort of gaming, . . . and betting naturally accompanies it.” This paper analyzes the large and often well-organized markets for betting on presidential elections that operated between 1868 and 1940. Over $165 million (in 2002 dollars) was wagered in one el...

the conceptual and factual interaction between contestable and non-contestable markets in the context of application of competition law

the current paper investigates non-contestable markets, and through discussing this concept and adopting an interdisciplinary approach investigates the interaction between this concept and the contestable markets. in this regard and from a positive point of view, the current paper aims to disuss the interaction of these two concepts. from a legal and normative point of view, we seek to highligh...

A Comprehensive Survey on GenCos’ Optimal Bidding Strategy Problem in Competitive Power Markets

This paper represents a complete survey on Generation Companies’ (GenCos’) optimal bidding strategy problem in restructured power markets. In this regard after an introduction to competitive electricity markets, concept of optimal bidding strategy is presented. Considering large amount of works accomplished in this area a novel classification is implemented in order to categorize the existing d...