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An empirical model of the decision to switch between electricity price contracts
2019
Journal of Business Analytics
In this paper, we explore how sensitive the timing of switches between electricity contracts is to current and past prices. We present a model for time series of individual binary decisions which depends on the history of past and present prices. The model is based on the Bayesian learning procedure which is at the core of sequential decision-making. Given a-priori distributions of the information conditional on the state of the world, we show that the model captures dependence on past prices
doi:10.1080/2573234x.2019.1645575
fatcat:bijr7qrmtra7nlqfrc7tiuriaq