Secret Bilateral Forward Contracting*

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2023-11-20 DOI:10.1111/joie.12372

Geert Van Moer

引用次数: 0

Abstract

I analyze secret bilateral forward contracting in a Cournot oligopoly. A secret bilateral forward contract affects the production quantities of the firms which are party to the contract but not of the outsiders. On the one hand, forward contracts facilitate for heterogeneous firms to rationalize production across facilities. On the other hand, firms also consider how forward contracting affects their combined production. I show that the spot market is less concentrated than the ownership of dispatchable facilities in the industry. Furthermore, the ownership distribution of nondispatchable facilities is irrelevant for consumer welfare. I discuss implications for policy in electricity markets.

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秘密双边远期合同*

我分析了古诺寡头垄断下的秘密双边远期合约。一份秘密的双边远期合同会影响合同缔约方企业的产量，而非外部企业。一方面，远期合同有助于异质企业实现跨设施生产的合理化。另一方面，企业也要考虑远期合同对其联合生产的影响。我表明，现货市场的集中度低于行业中可调度设施的所有权。此外，不可调度设施的所有权分配与消费者福利无关。我讨论了对电力市场政策的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.