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Price Spikes in Energy Markets: "Business by Usual Methods" or Strategic Withholding?
2011
Review of Industrial Organization
There is considerable controversy whether price spikes in energy markets represent demand shifts in the presence of inelastic supply or strategic withholding by suppliers. This paper sets out a new method for distinguishing the two possible explanations, namely, determining whether supply shifts to the left during periods of high demand. Such behavior would be inconsistent with ordinary profit-maximization, that is, "business by usual methods." This approach is applied to a period of unusually
doi:10.1007/s11151-011-9294-8
fatcat:ibzi3px6gfdy7psmurqzes6mvq