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An austerity-driven energy reform
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2013-12)
In July 2013, the government approved a major overhaul of the Spanish electricity sector to correct existing imbalances that have led to an exponential increase of regulated electricity costs and a huge tariff deficit. The ...
Understanding Tariff Deficit and its Challenges
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2013-01)
Regulators and market participants have become increasingly concerned about the Spanish electricity tariff deficit due to its size and the difficulties to control its growth. The deficit can be traced to inefficiencies in ...
Resale in Auctions with Financial Constraints
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
This paper analyzes auctions where bidders face nancial constraints that may force
them to resell part of the property of the good (or subcontract part of a project) at
a resale market. First we show that the ine¢ cient ...
The Impact of Regulation on Pricing Behavior in the Spanish Electricity Market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-06)
In this paper we measure the impact of regulatory measures which affected the Spanish electricity wholesale market in the period 2002-2005. Our approach is based on the fact that regulation changes firms' incentives and ...