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• (author = "Willems, T" AND repositories = "European University Institute Institutional Repository - Cadmus")
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author = "Willems, T" > : "European University Institute Institutional Repository - Cadmus" (x)
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Found 2 documents, displaying page 1 of 1

Exclusion Through Speculation

Author(s) : ARGENTON, Cédric , WILLEMS, Bert
Description : Many commodities are traded on both a spot market and a derivative market. We show that an incumbent producer may use purely financial derivatives to extract rent from a potential entrant. It can do so by selling derivatives to a large buyer for more than his expected production level. This exclusio...
Repository : European University Institute Institutional Repository - Cadmus
Language(s) : English

Risk Spillovers and Hedging: Why Do Firms Invest Too Much in Systemic Risk?

Author(s) : WILLEMS, Bert , MORBEE, Joris
Description : In this paper we show that free entry decisions may be socially ineffcient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In our model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with incomplete fi...
Repository : European University Institute Institutional Repository - Cadmus
Language(s) : English
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Found 2 documents, displaying page 1 of 1