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Análisis mediante teoría de juegos de la evolución de la competencia en el sector eléctrico español/Game theoretic analysis of the evolution of competition in Spanish power sector

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  • YEPES RODRÍGUEZ, R.

    (Universidad Nacional de Educación a Distancia. Tel: 0034 627994219.)

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    Abstract

    Se estudia la evolución de la competencia en el mercado español de electricidad, proponiendo un análisis mediante teoría de juegos. Se elabora un modelo basado en juegos dinámicos siguiendo el concepto de Equilibrio Perfecto de Markov, tomando como bloque elemental una descripción de la competencia en el mercado de producción según un enfoque tipo Cournot. Se considera la entrada de nuevos competidores. La naturaleza estocástica de los principales factores exógenos se incorpora mediante árboles binomiales. El modelo se implementa numéricamente y los resultados obtenidos incluyen la competencia y el ejercicio de poder de mercado, las pautas evolutivas de la actividad inversora, el papel de las barreras a la entrada, la eficiencia del sector en relación al comportamiento perfectamente competitivo, así como el excedente total y su distribución entre industria y consumidores Evolution of competition in Spanish power market is studied through a game theoretic approach. A dynamic game model for the long term competitive dynamics is developed based on Markov Perfect Equilibrium concept using a Cournot type description of the short run competition as building block. Entry of new competitors is considered. Stochastic behavior of main exogenous factors is described by means of binomial trees. The model is numerically implemented and among the results it can be highlighted the level of competition and the degree of market power, dynamic investment patterns, the role of entry barriers, the efficiency of the sector as compared to a perfectly competitive market and total market surplus as well as its distribution between industry and consumers.

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    Bibliographic Info

    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 23 (2005)
    Issue (Month): (Agosto)
    Pages: 335-362

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    Handle: RePEc:lrk:eeaart:23_2_5

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    Related research

    Keywords: Teoría de Juegos; Equilibrio de Nash; Juegos Dinámicos; Equilibrio perfecto de Markov; Poder de mercado; Oligopolio; Mercado eléctrico; Excedentes del Mercado/Game Theory; Nash Equilibrium; Dynamic Games; Markov Perfect Equilibrium; Market Power; Oligopoly; Power Market; Market Surplus.;

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    1. C. Lanier Benkard, 2004. "A Dynamic Analysis of the Market for Wide-Bodied Commercial Aircraft," Review of Economic Studies, Oxford University Press, vol. 71(3), pages 581-611.
    2. Fudenberg, Drew & Levine, David K., 1988. "Open-loop and closed-loop equilibria in dynamic games with many players," Journal of Economic Theory, Elsevier, vol. 44(1), pages 1-18, February.
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    4. Drew Fudenberg & David K. Levine, 1988. "Open and Closed-Loop Equilibria in Dynamic Games With Many Players," Levine's Working Paper Archive 221, David K. Levine.
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    7. Green, Richard J, 1996. "Increasing Competition in the British Electricity Spot Market," Journal of Industrial Economics, Wiley Blackwell, vol. 44(2), pages 205-16, June.
    8. Xavier Vives, 2001. "Oligopoly Pricing: Old Ideas and New Tools," MIT Press Books, The MIT Press, edition 1, volume 1, number 026272040x, December.
    9. Severin Borenstein & James Bushnell & Christopher R. Knittel, 1999. "Market Power in Electricity Markets: Beyond Concentration Measures," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 65-88.
    10. von der Fehr, Nils-Henrik Morch & Harbord, David, 1993. "Spot Market Competition in the UK Electricity Industry," Economic Journal, Royal Economic Society, vol. 103(418), pages 531-46, May.
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