Do Firms Sell Forward for Strategic Reasons? An Application to the Wholesale Market for Natural Gas

Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if strategic motives are also relevant, then an increase in the number of players strengthens the incentives to sell forward. This difference provides the analyst with a way to identify whether strategic considerations are important at motivating firms to sell forward. Using data from the Dutch wholesale market for natural gas where we observe the number of players, spot and forward sales, and churn rates, we find evidence that strategic reasons play an important role at explaining the observed firms’ (inverse) hedge ratios. In addition, the data lend support to the existence of a learning effect by wholesalers.market power, risk-hedging, forward contracts, spot market, over-the-counter trade, market transparency, churn rates

An Analysis of Next Generation Access Networks Deployment in rural areas

Next generation access networks (NGAN) will support a renewed electronic communication market where main opportunities lie in the provision of ubiquitous broadband connectivity, applications and content. From their deployment it is expected a wealth of innovations. Within this framework, the project reviews the variety of NGAN deployment options available for rural environments, derives a simple method for approximate cost calculations, and then discusses and compares the results obtained. Data for Spain are used for practical calculations, but the model is applicable with minor modifications to most of the rural areas of European countries. The final part of the paper is devoted to review the techno-economic implications of a network deployment in a rural environment as well as the adequacy and possible developments of the regulatory framework involve

La imposibilidad del multiculturalismo en una nación multicultural

Éste es un ensayo que busca aportar algunas ideas al todavía vigente debate en torno a que en México se ha impuesto un derecho nacional sin considerar las categorías particulares de las comunidades indígenas. Se propone una idea que gira en torno a si la existencia de un sistema jurídico con tendencia homogeneizadora, que porta un criterio monoétnico de escaso respeto al pluralismo jurídico y a la diversidad cultural, es compatible con la multiculturalidad real. La intención es evidenciar cómo la creación de un campo discursivo que haga visible a los indígenas no necesariamente se traduce en un sistema jurídico que posibilite su existencia ontológica. Asimismo, se trata de mostrar el proceso de construcción de alteridad que cumple la doble función de fuente de identidad nacional y de culturalización indígena con fines de visibilidad taxonómica que explican la diversidad pero también la utilizan

Teaching of Values Education in Secondary School. A Proposal Using Technology for Learning and Knowledge

El presente trabajo constituye una propuesta didáctica para el desarrollo de valores en estudiantes de Educación Secundaria Obligatoria (ESO). En ella se utilizaron las Tecnologías para el Aprendizaje y el Conocimiento (TAC) como recurso en un programa diseñado e implementado por el equipo investigador en un centro escolar y evaluado mediante diseño cuasi-experimental con medidas de los "valores sociopersonales para la convivencia" pre-postest. Se demostraron diferencias estadísticamente significativas en el factor "prevención de injusticias". Para educar en valores actualmente se recomienda integrarlos dentro la programación de aula y desarrollar acciones específicas para conseguir transferirlos a la propia vida.This study is a didactic proposal for values education with students in Secondary School. The strategy consists on using the Technology for Learning and Knowledge (TLK) as a resource in a school program, designed and implemented by the investigation team, by means of a quasi-experimental design with prepost test measurements of the "socio-personal values for coexistence". The results show significant statistical differences in the "injustice prevention". In order to teach values effectively it is recommended to integrate them into the class program and develop specific actions to practice the values in real life

Pleistocene-Holocene P. nigra traces on tufa archives in the Northern Meseta of the Iberian Peninsula

Molds preserved on travertines constitute exceptional species-informative material to reconstruct past vegetation. These are common on the High Ebro region. Here, the fluvial system erosion and karstification of the Mesozoic limestone since the Late Tertiary, origins extensive travertine complexes like the one studied in Tubilla del Agua (Burgos). In this site, three different travertine complexes are observed. The older one is represented by two disconnected edifices incised by the Valoria river. The age of this structure is established between > 300,000 and 240,000 yr BP, as from the U/Th dating on its base and top. The subsequent incision lasted until at least 90,000 yr BP, when another edifice erected upstream on the older one. The second travertine group comprises three platforms aged 60,000 yr BP the lower one, and 18,000 yr BP the middle one. The third travertine group is a lake-barrier complex 12,000 yr BP old, on which Tubilla del Agua was built, and a stratified travertine body that covers the valley bottom 10,000 to 2700 cal yr BP old. Some of the ages of the oldest travertines, and the most modern ones, coincide with the principal travertine formation cycles described by Durán (1996) for Spain. The matrix of precipitated calcium carbonate of all these complexes are rich in plant remain molds (mosses, stems, leaves, cones) of the surrounding flora. Pinus nigra Arnold cone molds have been localized and identified by comparative morphology studies. These remains are of high valuable information about the Pleistocene and Holocene presence of this taxon, in a site where no natural presence can be found today. This work was funded by project CGL2008-06005

Volition versus feasibility: state aid when aid is looked upon favourably: the broadband example

The European Commission published on September 30, 2009, Guidelines for the application of State aid rules in relation to rapid deployment of broadband networks. These Guidelines are applicable to two markets that are connected, although somewhat different. In “traditional” or “first generation” broadband networks, public intervention mainly relates to rural communities or areas which are economically underdeveloped. Therefore, a corrective nature of the aid is maintained. However, the Guidelines are also applied to accelerate the deployment of next-generation access (NGA) networks, which implies a driving conception of State aid, as this is an emerging market and there are relatively few Europeans who have access to these networks. The analysis of these Guidelines thus seems relevant due to its novelty and, particularly, to the results that it can bring

Two Firms is enough for Competition, but Three or More is better

We present an oligopoly model where a certain fraction of consumers engage in costly non-sequential search to discover prices. There are three distinct price dispersed equilibria characterized by low, moderate and high search intensity, respectively. We show that the effects of an increase in the number of firms active in the market are sensitive (i) to the equilibrium consumers' search intensity, and (ii) to the status quo number of firms. For instance, when consumers search with low intensity, increased competition does not affect expected price, leads to greater price dispersion and welfare declines. In contrast when consumers search with high intensity, increased competition results in lower prices when the number of competitors in the market is low to begin with, but in higher prices when the number of competitors is large. Moreover, duopoly yields identical expected price and price dispersion but higher welfare than an infinite number of firms

Internetmarkten: wie profiteert?

Economen lijken het er over eens dat het internet positieve welvaartseffecten kan hebben. Maar of het werkelijk de mogelijkheden biedt om tot een perfecte markt te komen, blijft de vraag. Werpt het internet geen nieuwe barrières op? En aan wie valt de extra welvaart toe? Over visionairs en technocraten