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2013, Issue 2 (18). AbstractsV.I. Danilov, CEMI RAS, Moscow, Russia G.A. Koshevoy, CEMI RAS, Moscow, Russia C. Lang, FINMA, Bern, Switzerland Equilibria in Markets with Indivisible Goods We discuss the existence of equilibria in ecomomies with indivisible goods. The reasons for which existence of equilibria obtains or not are described. We discuss previous papers on this topic whose results are based on the assumption that goods are gross substitutes. Alternatively in this paper we consider the case where the goods are complement each other. Key words: gross substitution, complementary goods, unimodular systems, laminar systems, concave function
Analysis of the Short-Term Efficiency of Mechanisms of the Wholesale Electricity Market The authors consider theoretical models for mechanisms of the wholesale electricity market. Among them: Cournot auction, first-price auction of supply functions, Vickrey auction, pay-as-bid auction, two-stage auction. Theoretical estimations of their short-term efficiency from social welfare viewpoint as well as prices of goods for consumers are compared with results of statistical researches. Some problems and prospects of the Russian electricity market pointed out. Key words: electricity markets, Cournot auction, supply function auction, Vickrey auction, pay-as-bid auction, forward market
Models of Imperfect Competition in Analysis of Siberian Electricity Market The authors consider mechanisms of organizing auctions in the electricity market that are based on submitting bids of energy consumers and offers of energy producers to the market operator. The authors discuss and compare possible strategies of energy generators' behavior that lead to different equilibrium situations such as Cournot model, supply function equilibrium, and perfectly competitive equilibrium. The mechanisms are tested on the basis of the Siberian electric power system. Key words: electricity market, models of imperfect markets, oligopoly, model of supply function equilibrium, liberalization
Estimation of the Money Demand Function in Russia In this paper following Ball (2012) we estimate the demand function for narrow money aggregate M1 in Russia for 2003-2012. We show that after inclusion of cash foreign exchange and relevant interest rate the money demand is stable in the long- and the short-run and estimated long-run elasticities and short-run dynamics of the money demand yields sensible values for the simple functional form. We also show that most of the short-run volatility of the money holding can be attributed to the slow speed of adjustment of the demand not to the unexplained shocks. Key words: macroeconomics, money demand, Russia
Russian Investment Forums as the Regional Development Institute The article considers a relatively new instrument of regional investment policy – regional investment forums. Author gives the characteristics of а new market, shows its peculiarities and evolution. Results of a survey are described with a number of important characteristics of the existing regional forums in Russia. Author bases the thesis that forum is an intermediate form of a regional development institution. Key words: regional forums, regional development, investment, intermediate institution, market of institutions Institutional Models of Real Sector Financing The author considers basic institutional models that define the macroeconomic policies for the real sector financing under economic growth. The hypothesis is tested that two institutional models in real sector financing could be singled out, so called «state as the main investor» and «state as the regulator». To prove this hypothesis, data about the dynamics of real sector financing in Russia and in the USA are used. X- and Y-economies concept (Kirdina, 2012) is used to explain the differences. Concerning this, some particularities of investment characteristics in the national statistics due to institutional differences of two countries are also discussed. Key words: institutional models, real sector financing, X- and Y-economies, Russia, the USA, China Back | ||
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