We present an agent-based model of a multi-tier energy market. We show how reward interdependence between strategic business units within a vertically integrated firm can increase its profits in oligopolistic energy markets. The effects are shown to be distinct from those of the raising rivals’ costs model. In our case, higher prices relate to the nature of energy markets, which facilitate the ...

We provide a simple model to investigate decisions about vertical separation. The key feature of this model is that more than one input is required for the final product of the downstream monopolist. We show that as the bargaining powers of independent complementary input suppliers grow larger, the downstream monopolist tends to separate from its input units. The results are related to a visibl...

In a principal-agent model with hidden information and no monetary transfers, I establish the Veto-Power Principle: any incentive-compatible outcome can be implemented through veto-based delegation with an endogenously chosen default decision. This result demonstrates the exact nature of commitment powers required by the principal: (1) to design the default outcome and (2) to ensure that she ha...

Salinity is one of main abiotic stresses that causes adverse effects on plant growth and affects millions hectares around the world. Variability physical chemical properties soils has made field experiments notoriously difficult to evaluate. Plant tissue culture been used as a model system study physiological responses induced by salinity. The aim this work was evaluate tolerance salinity Handr...

Vincenzo Penteriani, Max Gallardo and Philip Roche l Department of Applied Biology, Estació n Bioló gica de Doñ ana, C.S.I.C., Avda. de Maria Luisa s/n., Pabelló n del Perú , Apdo l056, 4l0l3 Seville, Spain 2 Parc Naturel Régional du Luberon, 60 place Jean Jaurès, BP l22, 84404 Apt, France 3 Institut Méditerranéen d’Ecologie et de Paléoécologie, Université d’Aix-Marseille, FST St Jerome, Case 4...

Thinking about contingencies, designing covenants and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of bounded rationality and examines its consequences for contractual design. It is argued that cognition is a natural source of adverse selection in contractual relationships, that contracts may be...

Six strains of Staphylococcus aureus isolated from cystic fibrosis patients after treatment with azithromycin were cross-resistant to azithromycin and erythromycin. None of the isolates contained erm or msr(A) genes, but they all carried either A2058G/U or A2059G mutations within the rrl genes, with a majority of the rRNA copies bearing the mutation. One strain displayed an additional mutation ...

Abstract In this article, we use a laboratory experiment to study the effects of relational contracts on market efficiency in environments with different degrees contract enforceability and competition. By exogenously varying communication protocol, create that are more personal or impersonal. On one hand, improve by promoting trust coordination. other impersonal increase facilitating severance...

The ribosomal proteins L4 and L22 form part of the peptide exit tunnel in the large ribosomal subunit. In Escherichia coli, alterations in either of these proteins can confer resistance to the macrolide antibiotic, erythromycin. The structures of the 30S as well as the 50S subunits from each antibiotic resistant mutant differ from wild type in distinct ways and L4 mutant ribosomes have decrease...