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  • 1
    Electronic Resource
    Electronic Resource
    THE LAW OF ONE PRICE IN A NETWORK: ARBITRAGE AND PRICE DYNAMICS IN NATURAL GAS CITY GATE MARKETS (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 36 (1996), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . In this paper we develop a model of the law of one price in a network where many markets are linked with a structure of paths. We show that arbitrage-free prices depend on the structure of the network and so do price dynamics. Our estimates indicate that local bypass and open access pipeline transportation were instrumental in opening arbitrage paths to natural gas city markets and causing their prices to converge. Spot markets in the city gates, pipeline hubs, and production fields, that are scattered over distant points in the vast pipeline network in the United States, now form a single market.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1996.tb01118.x
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Competition in a Repeated Spatial Auction Market with an Application to Timber Sales (1999)
    Boston, USA and Oxford, UK : Blackwell Publishers Inc
    Journal of regional science 39 (1999), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: In this paper we develop a model of a repeated spatial auction market. The auction model contributes to the literature on spatial competition by considering the sale of goods in a market with spatial and temporal dimensions, and in which goods are sold by an auction institution instead of a posted-price institution. In the Nash equilibrium of the spatial auction model, each bidder is found to have a dominance solvable strategy to bid below his net (of transportation costs) valuation for the first unit of the good because there is an option value to not winning, namely that the following units may be locationally preferred to the first unit. The equilibrium bidding strategies lead to the possibility of non–Pareto-efficient outcomes. The auction model is applied to data from U.S. Forest Service timber sales.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/0022-4146.00143
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  • 3
    Electronic Resource
    Electronic Resource
    Price Dynamics in a Network of Decentralized Power Markets (1999)
    Springer
    Journal of regulatory economics 15 (1999), S. 123-140 
    Details
    ISSN: 1573-0468
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper, we model the dynamic behavior of prices in a network of interconnected, but decentralized, electric power markets—an architecture very different from the centralized exchanges and power pools currently being implemented by many state regulators. We estimate dynamic equations of unregulated, wholesale power prices at spot markets scattered over an eleven-state trading region. The results indicate that this decentralized system of power and transmission trading produces prices that are efficient and dynamically stable over this vast network. Price convergence in the power market is similar to what has been observed in the recently deregulated natural gas market.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008083026348
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  • 4
    Electronic Resource
    Electronic Resource
    Uncertainty in the Movie Industry: Does Star Power Reduce the Terror of the Box Office? (1999)
    Springer
    Journal of cultural economics 23 (1999), S. 285-318 
    Details
    ISSN: 1573-6997
    Keywords: star power ; Pareto law ; motion picture industry
    Source: Springer Online Journal Archives 1860-2000
    Topics: Art History , Economics
    Notes: Abstract Everyone knows that the movie business is risky. But how risky is it? Do strategies exist that reduce risk? We investigate these questions using a sample of over 2000 motion pictures. We discover that box-office revenues are asymptotically Pareto-distributed and have infinite variance. The mean is dominated by rare blockbuster movies that are located in the far right tail. There is no typical movie because box-office revenue outcomes do not converge to an average: revenues diverge over all scales. The studio model of risk management lacks a foundation in theory or evidence, and revenue forecasts have zero precision. Movies are complex products and the cascade of information among film-goers during the course of a film's run can evolve along so many paths that it is impossible to attribute the success of a movie to individual causal factors. The audience makes a movie a hit and no amount of “star power” or marketing can alter that. The real star is the movie.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007608125988
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  • 5
    Electronic Resource
    Electronic Resource
    A cointegration rank test of market linkages with an application to the U.S. natural gas industry (1994)
    Springer
    Review of industrial organization 9 (1994), S. 181-191 
    Details
    ISSN: 1573-7160
    Keywords: Market linkages ; unit roots ; cointegration
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This research applies recently developed cointegration techniques to the measurement of market linkages when the data are nonstationary. Likelihood based tests for cointegration are applied to data from natural gas spot markets. The results indicate that natural gas spot markets at dispersed locations in the pipeline network are strongly connected. Most of the market pairs examined in the gas pipeline network satisfy a more stringent condition for perfect market integration.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01035658
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  • 6
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    File Sharing and Film Revenues: Estimates of Sales Displacement at the Box Office (2016)
    De Gruyter
    Details
    Publication Date: 2016-01-01
    Description: This study examines the impact of peer-to-peer (P2P) file sharing on the Australian theatrical film industry. Using a large data set of torrent downloads observed on three popular P2P networks, we find evidence of a sales displacement effect on box office revenues. However, although statistically significant, the economic significance of this displacement appears relatively small. To establish causality, we make use of the state-day-level panel data structure permitting the use of film fixed effects to help mitigate the endogeneity between film revenues and downloads. To further assist identification, we propose a downloading cost function that considers other states’ downloading activities as a proxy for the number of peers in the download swarm; the US DVD release date as a supply shock to P2P networks; and the substantial structural progression within the Australian internet service provision industry that occurred over the sample period. We observe that the release gap between the US and Australian markets is a key contributor to piracy early in a film’s theatrical life. This finding provides a partial explanation for the industry’s move towards coordinated worldwide releases.
    Electronic ISSN: 1935-1682
    Topics: Economics
    Published by De Gruyter
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  • 7
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    Recent Developments in Hong Kong's Water Heating and Cooking Fuel Market (1996)
    Sage Publications
    Details
    Publication Date: 1996-10-01
    Print ISSN: 0144-5987
    Electronic ISSN: 2048-4054
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics
    Published by Sage Publications
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