Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/82597
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Type: Journal article
Title: Competition with forward contracts: a laboratory analysis motivated by electricity market design
Author: Brandts, J.
Pezanis-Christou, P.
Schram, A.
Citation: Economic Journal, 2008; 118(525):192-214
Publisher: Blackwell Publ Ltd
Issue Date: 2008
ISSN: 0013-0133
Statement of
Responsibility: 
Jordi Brandts, Paul Pezanis-Christou and Arthur Schram
Abstract: We use experiments to study the efficiency effects of adding the possibility of forward contracting to a spot market. We focus on the strategic implications of a forward market and consider both quantity and supply function competition. In both cases we compare the effect of adding a contract market to the introduction of an additional competitor. We find that, as theory suggests, for both types of competition the introduction of a forward market significantly lowers prices. The combination of supply function competition with a forward market leads to high efficiency levels.
Rights: The Author(s).
RMID: 0020124482
DOI: 10.1111/j.1468-0297.2007.02109.x
Appears in Collections:Economics publications

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