• Probabilistic forecasting of electricity prices using an augmented LMARX-model 

      Andersson, Jonas; Sheybanivaziri, Samaneh (Discussion paper;11/23, Working paper, 2023-07-11)
      In this paper, we study the performance of prediction intervals in situations applicable to electricity markets. In order to do so we first introduce an extension of the logistic mixture autoregressive with exogenous ...
    • Product quality, competition, and multi-purchasing 

      Anderson, Simon P.; Foros, Øystein; Kind, Hans Jarle (Discussion paper;2012:9, Working paper, 2012-08)
      In a Hotelling duopoly model, we introduce quality that is more appreciated by closer consumers. Then higher common quality raises equilibrium prices, in contrast to the standard neutrality result. Furthermore, we allow ...
    • Productivity Development for Norwegian Electricity Distribution Companies 2004-2013 

      Cheng, Xiaomei; Bjørndal, Endre; Lien, Gudbrand; Bjørndal, Mette (Discussion paper;27/15, Working paper, 2015-10-07)
      Norwegian distribution companies have been subjected to an incentive regulation scheme from 1997, and the efficiency incentives were further strengthened with the introduction of yardstick regulation in 2007. We examine ...
    • Profit shifting and the effect of stricter transfer pricing regulation on tax revenue 

      Bakke, Julia Tropina; Hopland, Arnt Ove; Møen, Jarle (Discussion paper;11/19, Working paper, 2019-10-03)
      Using a 20-year-long, population-wide panel with detailed firm and group level data from Norway, we study the profitability change in companies that shift from being domestic to being multinational as well as companies ...
    • Profit-shifting in two-sided markets 

      Schindler, Dirk; Schjelderup, Guttorm (Discussion paper, Working paper, 2009-04)
    • Profitable Robot Strategies in Pari‐Mutuel Betting 

      Bjerksund, Petter; Stensland, Gunnar (Discussion paper;6/17, Working paper, 2017-04-07)
      We have collected odds and results from 7 474 horse races in Norway and Sweden for a period of approximately 1.5 years. Based on the odds from the win game, we construct a profitable betting strategy for the corresponding ...
    • The propagation of financial extremes 

      Chollete, Lorán (Discussion paper, Working paper, 2008-07)
      What drives extreme economic events? Motivated by recent theory, and events in US subprime markets, we begin to open the black box of extremes. Specifically, we extend standard economic analysis of extreme risk, allowing ...
    • The propagation of financial extremes: an application to subprime market spillovers 

      Chollete, Lorán (Discussion paper, Working paper, 2007-12)
      What drives extreme and rare economic events? Motivated by recent theory, and events in US subprime markets, we begin to open the black box of extremes. Specifically, we build a taxonomy of extremes, then extend standard ...
    • Prospect theory and the CAPM : a contradiction or coexistence? 

      Levy, Haim; De Giorgi, Enrico; Hens, Thorsten (Discussion paper, Working paper, 2003-10)
      Under the assumption of normally distributed returns, we analyze whether the Cumulative Prospect Theory of Tversky and Kahneman (1992) is consistent with the Capital Asset Pricing Model. We find that in every financial ...
    • Prospect theory and the size and value premium puzzles 

      De Giorgi, Enrico; Hens, Thorsten; Post, Thierry (Discussion paper, Working paper, 2005-11)
      Using canonical data for the US stock and bond markets, we show that the kinked piecewiseexponential value function can rationalize the cross-section of stock returns in addition to the level of the equity premium, while ...
    • Prospect theory around the world 

      Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten (Discussion paper;2011:19, Working paper, 2011-10)
      We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. ...
    • Public information and IPO underpricing 

      Bakke, Einar; Leite, Tore; Thorburn, Karin S. (Discussion paper, Working paper, 2010-08)
      We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new ...
    • Public Stackelberg leadership in a mixed oligopoly with foreign firms 

      Fjell, Kenneth; Heywood, John S. (Discussion paper, Working paper, 2001)
      This is the first paper to consider a mixed oligopoly in which a public Stackelberg leader competes with both domestic and foreign private firms. The welfare maximizing leader is shown to always produce less than under ...
    • Publication bias in the returns to R&D literature 

      Møen, Jarle; Thorsen, Helge Sandvig (Discussion paper;12/13, Working paper, 2013-11)
      The returns to R&D literature is large and has been surveyed on several occasions. We complement previous surveys by using formal meta analytic techniques to analyse publication bias. We find evidence consistent with a ...
    • The pursuit of global opportunities : the role of central managers 

      Bragelien, Iver (Discussion paper, Working paper, 2002)
      I study a local manager's incentives to invest in the research of new opportunities, when the implementation of some projects requires the participation of more than one unit. A central manager can select projects or ...
    • R & D investment responses to R & D subsidies : a theoretical analysis and a microeconometric study 

      Klette, Tor Jakob; Møen, Jarle (Discussion paper;2011:15, Working paper, 2011-09)
      Subsidies to the Norwegian high-tech industries have traditionally been given as matching grants , i.e. the subsidies are targeted, and the firms have to contribute a 50 % own risk capital to the subsidized projects. ...
    • R&D investments with competitive interactions 

      Miltersen, Kristian R.; Schwartz, Eduardo S. (Discussion paper, Working paper, 2002)
      In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect) competition in the development and marketing of the resulting product. The competitive interactions that occur ...
    • Rational investor sentiment 

      Gerber, Anke; Hens, Thorsten; Vogt, Bodo (Discussion paper, Working paper, 2002-11)
      We explain excess volatility, short-term momentum and long-term reversal of asset prices by a repeated game version of Keynes' beauty contest. In every period the players can either place a buy or sell order on the asset ...
    • A re-examination of credit rationing in the Stiglitz and Weiss model 

      Su, Xunhua (Discussion paper, Working paper, 2010-11)
      To explain the widely observed phenomenon of credit rationing, Stiglitz and Weiss (1981) propose a theory of random rationing under imperfect information. With a simple model plausibly expanding the Stiglitz and Weiss ...
    • Real-time versus day-ahead market power in a hydro-based electricity market 

      Tangerås, Thomas P.; Mauritzen, Johannes (Discussion paper;06/14, Working paper, 2014-02)
      We analyse in a theoretical framework the link between real-time and day-ahead market performance in a hydro-based and imperfectly competitive wholesale electricity market. Theoretical predictions of the model are tested ...