Forward Trading and Collusion of Firms in Volatile Markets

DSpace Repositorium (Manakin basiert)

Forward Trading and Collusion of Firms in Volatile Markets

Aichele, Markus
Dateien:
Thumbnail
462. KB
PDF
Zitierfähiger Link (URI): http://hdl.handle.net/10900/57463
http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-574637
Dokumentart: Wissenschaftlicher Artikel
Erscheinungsdatum: 2014-09-22
Originalveröffentlichung: University of Tübingen Working Papers in Economics and Finance ; No. 75
Sprache: Englisch
Fakultät: 6 Wirtschafts- und Sozialwissenschaftliche Fakultät
Fachbereich: Wirtschaftswissenschaften
DDC-Klassifikation: 330 - Wirtschaft
Schlagworte: Abgestimmtes Verhalten
Freie Schlagwörter: Kollusion
Industrial organization
Forward trading
Collusion
Energy Markets
Lizenz: http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en
Zur Langanzeige

Abstract:

Commodity markets are characterized by large volumes of forward contracts as well as high volatility. They are often accused of weak competitive pressure. This article extends the existing literature by analyzing tacit collusion of firms, forward trading and volatility simultaneously. The expected collusive profit may depart from the monopoly outcome in a volatile market (Rotemberg and Saloner, 1986). Introducing forward trading enables firms to gain the expected monopoly profit for a broader range of parameters. In contrast to a deterministic market (Liski an Montero, 2006), trading forward in a volatile market may lead to an expected collusive profit below the monopoly one.

Das Dokument erscheint in: