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Cournot Competition, Financial Option markets and Efficiency

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Author Info
Bert Willems

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Abstract

Allaz and Vila (1993) show that the existence of futures markets increases the efficiency of markets in a Cournot setting. This paper looks at the efficiency effect of financial options in a similar framework. It shows that also the existence of financial options makes markets more efficient; though to a smaller extent than futures. This is particularly relevant for markets with market power and costly storage, like the electricity market.

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File URL: http://www.econ.kuleuven.be/eng/ew/discussionpapers/Dps04/Dps0414.pdf
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Publisher Info
Paper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën in its series Center for Economic Studies - Discussion papers with number ces0414.

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Date of creation: Mar 2004
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Handle: RePEc:ete:ceswps:ces0414

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This page was last updated on 2009-12-3.

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