We examine the degree of natural gas market integration in Europe, North America and Japan, between the mid 1990's and 2002. The relationship between the international gas marker prices, and their relation to the oil price, are investigated through principal component analysis and Johansen likelihood-based procedures. Both of them show a high level of integration within the European/Japanese and North ...
We present a model of takeover where the target optimally sets its reserve price. Under relatively standard symmetry restrictions, we obtain a unique equilibrium. The probability of takeover is only a function of the number of firms and of the insiders' share of total industry gains due to the increase in concentration. Our main application is to the linear Cournot and Bertrand models. A takeover is ...
Erneuerbare Energien tragen wesentlich zum Klimaschutz, zur Schonung erschöpfbarer Ressourcen und zur Energieversorgungssicherheit bei. Ziel der Europäischen Union ist es, den Anteil erneuerbarer Energien bis 2020 auf mindestens 20 Prozent des Energieverbrauchs zu erhöhen. Deutschlands Anteil soll dabei von 8,6 Prozent im Jahr 2007 auf 18 Prozent steigen. Im Juni 2008 hat der Deutsche Bundestag beschlossen, ...