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CEPR Conference on Applied Industrial Organization in Madrid

CEPR Conference on Applied Industrial Organisation
Madrid, 13-15 June 2019
Venue: CaixaForum Madrid, Paseo del Prado 36

Organisers:  Natalia Fabra (UC3M), Volker Nocke (Mannheim), and Ali Yurukoglu (Stanford)

Conference Details:

The Applied IO conference series seeks to contribute to the understanding of the breadth of topics analysed within the field of Industrial Organisation, including demand, productivity, competition in the short- and long-run, innovation, investment, and auctions, to develop empirical protocols and tests of economic models, to promote the exchange and the dissemination of results at the forefront of research, and finally, to evaluate current competition and regulation policies. It will cover the state of the art in both theoretical and empirical Industrial Organisation.

Thursday 13 June
13:30-14:30 On the Effect of Parallel Trade on Manufacturers’ and Retailers’ Profits in the Pharmaceutical Sector by Pierre Dubois, Toulouse School of Economics and CEPR (with Morten Sæthre)
14:30-15:30 Agency Pricing and Bargaining: Evidence from the E-Book Market by Matthijs R. Wildenbeest, Indiana University (with Babur De los Santos and Daniel P. O’Brien)
17:00-18:00 All-Pay Oligopolies: Price Competition with Unobservable Inventory Choices by Joao Montez, University of Lausanne and CEPR (with Nicolas Schutz)
18:00-19:00 Regulation with Experimentation: Ex Ante Approval, Ex Post Withdrawal, and Liability by Emeric Henry, Sciences Po and CEPR (with Marco Loseto and Marco Ottaviani)

Friday 14 June
9:00-10:00 A Theory of Foreclosure and Wholesale Bundling by Juan-Pablo Montero, Pontificia Universidad Católica de Chile (with Enrique Ide)
10:00-11:00 Input Price Discrimination by Resale Market by Jeanine Miklos-Thal, University of Rochester (with Greg Shaffer)
11:30-12:30 Segmentation versus Agglomeration: Competition Between Platforms with Competitive Sellers by Martin Peitz, University of Mannheim and CEPR (with Heiko Karle and Markus Reisinger)
12:30-13:30 Pricing and Fees in Auction Platforms with Two-sided Entry by Marleen Marra, University College London
15:00-16:00 Royalties and Deadlines in Oil and Gas Leasing: Theory and Evidence by Ryan Kellogg, University of Chicago (with Evan Herrnstadt and Eric Lewis)
16:00-17:00 Winners and Losers: the Distributional Effects of the French Feebate on the Automobile Market by Isis Durrmeyer, Toulouse School of Economics
17:30-18:30 Efficiency in Decentralized Transport Markets by Giulia Brancaccio, Cornell University (with Myrto Kalouptsidi, Theodore Papageorgiou and Nicola Rosaia)

Saturday 15 June
9:00-10:00 Informative Advertising and the Media: Evidence from a Price Transparency Regulation in Supermarkets by Itai Ater, Tel Aviv University and CEPR (with Oren Rigbi)
10:00-11:00 Competition and Incentives in Mortgage Markets: The Role of Brokers by Claudia Robles-Garcia (London School of Economics)
11:30-12:05 Data-driven Mergers by Alexandre de Corniere, Toulouse School of Economics and CEPR (with Greg Taylor)
12:05-12:40 Attention Oligopoly by Andrea Prat, Columbia University and CEPR (with Tommaso Valletti)
12:40-13:15 Artificial Intelligence, Algorithmic Pricing and Collusion by Giacomo Calzolari, European University Institute, Toulouse School of Economics and CEPR (with Emilio Calvano, Vincenzo Denicolò, Sergio Pastorello)

Program schedule is available here:  https://cepr.org/6733/programme

Financial support for the conference is generously provided by Universidad Carlos III de Madrid, Obra Social La Caixa, Journal of Industrial Economics (JIE), University of Zurich, European Research Council (ERC), and CEPR.

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Electricity Systems of the Future

March 19th, 2019,

Our team member, Natalia Fabra, organized together with (Andy Philpott, Benn Hobbs, and Chris Dent) the workshop “Electricity systems of the future: incentives, regulation and analysis for efficient investment” at the Isaac Newton Institute of Mathematical Sciences of the University of Cambridge.
To download the papers and watch the web seminars, visit http://www.newton.ac.uk/webseminars

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PhD Summer School on “Economic Foundations for Energy and Climate Policies”

EnergyEcoLab collaborates with the PhD Summer School on “Economic Foundations for Energy and Climate Policies”. The Summer School will be held from 9th to 13th September 2019 at DIW Berlin. Application deadline is 30th April 2019.

Objectives
The main objective of the School is to provide Economics PhD students with high-level academic training on the microeconomic foundations of energy and climate policy instruments. The School is also aimed at supporting the development of a PhD-student network for students interested in the topic, and connect them with top academics in the field.

Instructors and topics
–        Carmen Arguedas (Universidad Autónoma de Madrid): “Monitoring and enforcement of energy and climate policies”
–        Simone Borghesi (EUI-Florence School of Regulation): “Economic Foundations and modeling of Emission Trading Systems”
–        Natalia Fabra (Universidad Carlos III de Madrid): “Competition and market design issues in electricity markets”
–        Andreas Lange (University of Hamburg): “Behavioral economics of climate and energy policies”
–        Karsten Neuhoff (DIW Berlin, Technical University Berlin): “The theoretical foundation of a policy mix”

Information and application instructions can be found here.

The Organizers: Carmen Arguedas, Simone Borghesi, Estelle Cantillon, Olga Chiappinelli, Michael Grubb, Karsten Neuhoff

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Workshop on Developments in Energy Economics

On February 25th 2019, our team members, Natalia Fabra and Juan-Pablo Montero, will participate in Spanish Association of Energy Economics (AEEE) workshop in Madrid.

Below is the list of the presentations:

Competition among Renewables | Natalia Fabra
Fast Charging Stations: Simulating Entry and Location in a Game of Strategic Interaction | Joan-Ramon Borrell
Competing for (Fake) Certificates: The Case of Smog Checks | Juan-Pablo Montero
Exploring Energy Use in Fashion Stores: A Field Experiment | Maria L. Loureiro

The program detail can be accessed here.

realtimepricing

Workshop on energy economics at the Toulouse School of Economics

At EnergyEcoLab, we will start 2019 full of energy!

On January 23 2019, several of us will participate at a one-day workshop on energy economics at the Toulouse School of Economics, discussing electricity markets and air quality regulation with a mix of applied theory and empirical papers.

Below is the list of presentations:

  • Stefan Ambec (TSE)
    The informational value of environmental taxes
  • Natalia Fabra (Universidad Carlos III)
    Real-time pricing for everyone
  • Juan-Pablo Montero (PUC)
    Competing for certificates: The case of smog checks
  • Matti Liski (Aalto University)
    The value of ICT in electricity markets
  • Imelda (Universidad Carlos III)
    Energy-efficient technology and its persistent effects on consumption
  • Charles Pébereau (TSE)
    Perception and adoption of real-time electricity tariffs by residential
    consumers
  • Yuting Yang (TSE)
    Electricity interconnection with intermittent energy sources

  • Leslie Martin (University of Melbourne)
    The Margins Of Response To Road Use Prices

The program detail can be accessed here.

imelda-wri

Imelda presented at the World Resource Institute Indonesia

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Imelda presented her on-going research on energy efficiency and households consumption response at seminar series hosted by World Resource Institute Indonesia. With the theme: “Towards Cleaner and More Affordable Household Energy Sources”, the seminar allowed active participation from practitioners, researchers, and policymakers. In her talk, she discussed the rebound effects due to improvements in energy efficiency. She exploits a policy experiment in Indonesia to evaluate these rebound effects when households switch to use more efficient fuel for cooking. Her presentation can be downloaded here.

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Estelle Cantillon’s Keynote Lecture on Emissions Markets

Emissions markets are one of the leading policy instruments to fight climate change. In theory, competitive emissions markets allow to minimize the costs of compliance. What does the empirical evidence tells us?

Estelle Cantillon (Professor at the Economics Department of the Université Libre de Bruxelles) gave the concluding keynote lecture at the Simposio of the Spanish Economic Society that took place at Universidad Carlos III de Madrid. Its title was as inspiring as its content:  “Emissions markets: What can they achieve in theory and in practice?”

Estelle highlighted that emissions markets may fail to fully aggregate information when there exists private information about both emissions and abatement costs. Yet, the ability of prices to efficiently aggregate information is key for them to deliver efficient signals for investment and production decisions. Estelle went through the various underlying reasons for such a market failure. First and foremost, supply and demand in the emissions market are largely influenced by political decisions, as these affect e.g. the level of the cap and the number of allowances in circulation, among others. Additionally, information aggregation highly depends on the extent of participation, the existence of market fragmentation, and the nature of the risk management constraints that market agents face. Nevertheless, it is possible to avoid some of the frictions which prevent emissions markets from fully delivering full efficiency- she argued. As Estelle highlighted, there is scope to improve the performance of emissions markets through better market design.

Imagen Natalia Fabra para post

Natalia Fabra participated in the V Foro Solar 2018

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She participated in the panel “Are the current market arrangements suitable for the development of solar photovoltaics in Spain?” She explained that over the next decade, market prices in the wholesale electricity market will likely fall well below the average costs of the new investments. She advocated for the use of auctions that would determine a stable price per MWh. Competition among bidders would drive such prices close to average costs.
Her presentation may be downloaded here (Spanish). Also, her article on this topic, “También es Economía cuando hablamos de renovables“, may be consulted here.
ETH Zürich, Zentrum, Hauptgebäude

Competition among Renewables

Natalia Fabra presented her work, co-authored with Gerard Llobet, on “Competition among Renewables” at the ETH Zürich in November 2018. She also presented it at the Simposio of Análisis Económico of the Spanish Economic Association that took place in December 2018 at Universidad Carlos III de Madrid.

Compliance with the emissions targets requires heavy investment in renewable electricity generation. By 2030, almost 80% of total generation will have to come from renewables to compensate for the weaker ability of other polluting sectors to procure their energy needs through renewable sources. For these investments to take place, producers need to assess which will be their revenue flows during the lifetime of the assets (20 years and beyond). Yet, we still do not know know how will renewables-dominated electricity markets will perform, particularly so if there is scope for strategic behaviour by renewable producers.

In this paper, we model competition among renewable producers in electricity wholesale markets, which are organised as auctions. There are two key distinguishing feature of renewable energies: they have very low marginal costs, and their availability is uncertain. Furthermore, there is asymmetric information about how much each firm is willing to produce in the wholesale market: firms find it difficult to forecast with full precision the renewable availability of their rivals; in contrast, they know exactly how much renewable electricity they have committed to produce with their own plants.

We find that firms bid more competitively when renewable capacity is private information than when it is not. Hence, market power is mitigated in renewable dominated markets.  Yet, the market does not replicate the perfectly competitive outcome. In equilibrium, firms submit lower prices the higher the firm’s private signal regarding their available capacities, and such price offers are between their marginal costs and the marginal costs of the back-up technology. Hence, estimates of the price-depressing effect of renewables (the so-called merit order effect) tend to overestimate their price impact when they assume perfect competition.

We find that equilibrium market prices go down smoothly as investments in renewables go up. Prices reflect the marginal costs of the back-up technology unless the weight of renewables is a sufficient large. Further increases in renewable investment reduce their markup, leading to lower prices. The market depicts substantial price volatility, which is non-monotonic in the level of renewables investments.

We also assess market performance under an alternative auction rule (pay-as-bid or discriminatory auction), and evaluate the impact of the ownership ship structure on market prices.

The paper and slides are now available.

 

 

caixaforum-madrid

CEPR Workshop on Applied Industrial Organization

CALL FOR PAPERS:  Link

CEPR Conference on Applied Industrial Organisation
Madrid, 13-15 June 2019

Organisers:  Natalia Fabra (UC3M), Volker Nocke (Mannheim), and Ali Yurukoglu (Stanford)

The organisers and steering committee of the 20th CEPR Conference on Applied Industrial Organisation (IO) are writing to invite you to submit a paper or to express your interest in attending the conference, which will take place in Madrid, 13-15 June 2019.  The conference will be organised by Natalia Fabra (Universidad Carlos III de Madrid and CEPR), Volker Nocke (University of Mannheim, NBER and CEPR) and Ali Yurukoglu (Stanford University and NBER).

The event is hosted by Universidad Carlos III de Madrid and will take place at Caixa Forum, across the street from the Prado Museum in central Madrid.  Financial support for the conference is generously provided by Universidad Carlos III de Madrid, Obra Social La Caixa, Journal of Industrial Economics (JIE), University of Zurich, European Research Council (ERC), and CEPR.

Conference Details:

The Applied IO conference series seeks to contribute to the understanding of the breadth of topics analysed within the field of Industrial Organisation, including demand, productivity, competition in the short- and long-run, innovation, investment, and auctions, to develop empirical protocols and tests of economic models, to promote the exchange and the dissemination of results at the forefront of research, and finally, to evaluate current competition and regulation policies. It will cover the state of the art in both theoretical and empirical Industrial Organisation.

Last year the conference “returned to its roots” and witnessed enhanced collaboration between IO economists from both sides of the Atlantic.  This year the conference hopes to sustain this development and, in addition, particularly seeks submissions analysing research questions using theoretical methods. To foster informed discussion of such work, we are happy to confirm the attendance and participation of Heski Bar-Isaac (Toronto), Dirk Bergemann (Yale), Luis Cabral (NYU), Joe Harrington (Penn), Igal Hendel (Northwestern), Ken Hendricks (Wisconsin), Justin Johnson (Cornell), Bruno Jullien (Toulouse), Leslie Marx (Duke), Massimo Motta (UPF), Xavier Vives (IESE), Frank Wolak (Stanford), and Jidong Zhou (Yale).

Young European researchers are encouraged to apply to the concurrent CEPR/JIE School for Industrial Organisation.  The goal of the school is to provide a forum for young European researchers in Applied IO to get exposure for and receive feedback on their work.  In an experimental format this year, researchers accepted to the school will give very short presentations of their work at some point during the conference and participate in poster sessions during extended lunch periods on both full days of the conference.  Given its goals, only young researchers pursuing or having recently (within four years) received a PhD from a European economics program are eligible. Preference will be given to those students expecting to go on the academic job market in 2019-20, with additional (though lesser) preference given to other applicants according to their time since PhD completion.

Applicants to the main conference that are eligible and wish to also be considered for the school should indicate such with their submission.  In such cases, no separate school application is necessary.

Please forward this call to others, especially junior faculty, who might have papers suitable for the conference or school.  Papers will be selected by a committee of the organisers. Anyone may sign up to receive future calls for this conference at https://www.econ.uzh.ch/en/people/faculty/crawford/cepr.html.