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Incentives and coordination in vertically related energy markets
[journal article]
Abstract 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’ cost... view more
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 emergence of financial netback effects.... view less
Classification
Management Science
Economic Sectors
Free Keywords
Agent-based modelling; Energy markets; Reward interdependence; C63; L22; L97
Document language
English
Publication Year
2008
Page/Pages
p. 381-393
Journal
Journal of Economic Behavior & Organization, 67 (2008) 2
DOI
https://doi.org/10.1016/j.jebo.2006.12.007
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)