This paper provides a unified economic framework for assessing the effectiveness of priceresponsive demand in promoting efficient electricity markets. The framework recognizes the interactions between a competitive wholesale market and regulated uniform retail rates within a hybrid market structure. The framework features the basic principles of marginal cost pricing in the wholesale market and...

The interest in predicting stock prices or returns is probably as old as the markets themselves, and the literature on the subject is enormous. Fama (1970) reviews early work and provides some organizing principles. This chapter concentrates selectively on developments following Fama's review. In that review, Fama describes increasingly fine information sets in a way that is useful in organizin...

The equities market is generally considered to be efficient, but there are a few indicators that are known to have some predictive power over future price changes. This suggests that the market has some room for identifying inefficiencies. Much work is done on applying machine learning to short-term trading, but there exists little research on using machine learning to identify long-term ineffi...

Conversion of C2 to C3 compounds is used by nature in abundant processes such as photorespiration but comes at the cost CO2 release. Erb and co-workers recently published an article Nature Catalysis describing a synthetic pathway able convert through carbon fixation step. As climate crisis becomes more urgent, we must tackle major contributors change using collection creative solutions. The con...

We analyze the welfare implication of regulating the price of last-mile access to consumers provided by local Internet service providers (ISPs). We consider a new two-sided market model that highlights the vertical relationship between two platforms, a local ISP and a large content provider called a Content Network Platform (CNP) that plays the role of platform in the content markets. The welfa...

As emphasized by Barney (1986), any explanation of superior profitability must account for why the resources supporting such profitability could have been acquired for a price below their rent generating capacity. Building upon the literature in economics on coordination failures and incomplete markets, we suggest a framework for analyzing such strategic factor market inefficiencies. Our point ...

We analyze the implications of the buyer’s strategic power in the model of dynamic price competition. Two sellers with a limited inventory sell to a single buyer, who has unit for in each of several time periods. The market power of the sellers is offset by the strategic power of the buyer. By not consuming in any period, the buyer can destroy a unit of demand, thereby intensifying future price...

Scheduling jobs of decentralized decision makers that are in competition will usually lead to cost inefficiencies. This cost inefficiency is studied using the Price of Anarchy (PoA), i.e. the ratio between the worst Nash equilibrium cost and the cost attained at the centralized optimum. First, we provide a tight upperbound for the PoA that depends on the number of machines involved. Second, we ...