Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/38652 
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dc.contributor.authorSweeting, Andrewen
dc.date.accessioned2010-08-13T08:26:14Z-
dc.date.available2010-08-13T08:26:14Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/38652-
dc.description.abstractThis paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was consistent with static, non-cooperative oligopoly models, which are widely used to model electricity markets, by testing the static Nash equilibrium assumption that each generator chose its bids to maximize its current profits taking the bids of other generators as given. It finds a significant change in behavior in late 1996. In 1995 and 1996 generator behavior was consistent with the static Nash equilibrium assumption if the majority of their output was covered by financial contracts which hedged prices. After 1996 their behavior was inconsistent with the static Nash equilibrium assumption given their contract cover but it was consistent with tacit collusion.en
dc.language.isoengen
dc.publisher|aNorthwestern University, Center for the Study of Industrial Organization (CSIO) |cEvanston, ILen
dc.relation.ispartofseries|aCSIO Working Paper |x0048en
dc.subject.jelC72en
dc.subject.jelD43en
dc.subject.jelL13en
dc.subject.jelL51en
dc.subject.jelL94en
dc.subject.ddc330en
dc.subject.keywordstatic oligopoly modelsen
dc.subject.keywordmarket poweren
dc.subject.keywordNash equilibriumen
dc.subject.keywordtacit collusionen
dc.subject.keywordelectricity marketsen
dc.subject.stwElektrizitätswirtschaften
dc.subject.stwMarktmachten
dc.subject.stwWettbewerbsbeschränkungen
dc.subject.stwEnglanden
dc.subject.stwWalesen
dc.titleMarket power in the England and Wales wholesale electricity market, 1995 - 2000-
dc.type|aWorking Paperen
dc.identifier.ppn505135140en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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