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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

Author

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  • YEPES RODRÍGUEZ, R.

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

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.

Suggested Citation

  • Yepes Rodríguez, R., 2005. "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," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 23, pages 335-362, Agosto.
  • Handle: RePEc:lrk:eeaart:23_2_5
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    References listed on IDEAS

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    More about this item

    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.;

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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