Now showing items 298-317 of 493

    • Paradoxes in networks supporting competitive electricity markets 

      Bjørndal, Mette; Jörnsten, Kurt (Discussion paper, Working paper, 2000)
      Grid investments are normally done in electrical networks in order to achieve a well functioning integrated electricity market and/or making the network more secure, i.e. less sensitive to link failures. In general, there ...
    • Pareto optimal insurance policies in the presence of administrative costs 

      Aase, Knut K. (Discussion paper, Working paper, 2010-08)
      In his classical article in The American Economic Review, Arthur Raviv (1979) examines Pareto optimal insurance contracts when there are ex-post insurance costs c induced by the indemnity I for loss x. Raviv’s main ...
    • Patent trolls, litigation and the market for innovation 

      Haus, Axel; Juranek, Steffen (Discussion papers;24/14, Working paper, 2014-06)
      We examine the role of non-practicing entities (NPEs), often called patent trolls, in patent litigation. We present a theoretical model that predicts that cases with NPE patentees resolve faster. We test this prediction ...
    • Patient allocations according to circumstances and preferences: Modelling based on the Norwegian patient list system 

      Lillestøl, Jostein; Ubøe, Jan; Rønsen, Yngve; Hjortdahl, Per (Discussion paper, Working paper, 2006-12)
      In some countries every citizen has the right to obtain a designated general practitioner. However, each individual may have preferences that cannot be fulfilled due to shortages of some kind. The questions raised in this ...
    • Peak price hours in the Nordic power market winter 2009/2010: effects of pricing, demand elasticity and transmission capacities 

      Gribkovskaia, Victoria (Discussion paper;09/15, Working paper, 2015-02-13)
      The Nordic electricity market experienced extremely high prices during the winter 2009/2010. Using real data from the peak price hours the zonal solution from the Nordic market is replicated and compared to the nodal price ...
    • Performance sensitive debt - investment and financing incentives 

      Myklebust, Tor Åge (Discussion paper;2012:7, Working paper, 2012-06)
      Performance sensitive debt (PSD) contracts link the paid coupon to a measure of firm performance. PSD contracts are widely used, especially as corporate bank loans. In a model where a firm has assets in place and the ...
    • The perpetual American put option for jump-diffusions : implications for equity premiums 

      Aase, Knut K. (Discussion paper, Working paper, 2004-12)
      In this paper we solve an optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. Under certain conditions our solution can be interpreted as the price of an American ...
    • The perpetual American put option for jump-diffusions with applications 

      Aase, Knut K. (Discussion paper, Working paper, 2005-11)
      In this paper we solve an optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. Under certain conditions our solution can be interpreted as the price of an American ...
    • Perspectives of risk sharing 

      Aase, Knut K. (Discussion paper, Working paper, 2000-05)
      In this paper we present an overview of the standard risk sharing model of insurance. We discuss and characterize a competitive equilibrium, Pareto optimality, and representative agent pricing, including its implications ...
    • A perturbation approach on a class of optimal control problems, unifying the pontryagin and dynamic programming approach 

      Sandal, Leif Kristoffer; Berge, Gerhard (Discussion paper, Working paper, 2000-06)
      This article consider special ways of solving time dependent (non-autonomous) systems. Different types of time-dependent Optimal Control Problems in the setting of a Hamiltonian Formulation, are considered and the emphasis ...
    • Pervasive liquidity risk 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2002-11)
      While there is no equilibrium framework for defining liquidity risk per se, several plausible arguments suggest that liquidity risk is pervasive and thus may be priced. For example, market frictions increase the cost of ...
    • Pollution decay, consumer awareness and optimal carbon taxes 

      Sandal, Leif Kristoffer; Steinshamn, Stein Ivar (Discussion paper, Working paper, 2004-02)
      The effects of non-linear decay and consumer preferences are analyzed in a setting where optimal extraction of non-renewable resources is combined with stock externalities. The control is exercised via a corrective tax and ...
    • Pooling in insurance 

      Aase, Knut K. (Discussion paper, Working paper, 2003-01)
      Risk sharing resulting in pooling of risk is considered. First pooling is discussed from the perspective of life and pension insurance. Second we take the perspective of Pareto optimal risk sharing, originating from a model ...
    • Pragmatic beliefs and overconfidence 

      Hvide, Hans K. (Discussion paper, Working paper, 2000-06)
      Several studies indicate that humans are overconfident about their own (relative) abilities. We propose a notion of pragmatic beliefs, and show through an example that this concept can shed light on why overconfidence ...
    • Precautionary Storage in Electricity Markets 

      Durmaz, Tunç (Discussion paper;5/16, Working paper, 2016-02-25)
      As renewable energy depends on meteorological shocks and is non-controllable, the overall energy production becomes riskier with the rising renewable share. Although this has led to a renewed interest in storage technologies, ...
    • Preferansevalg: Opptellingsregler og velgeradferd 

      Stensholt, Eivind (Discussion paper;08/2013, Working paper, 2013-08)
      Ved preferansevalg gir velgeren en mer eller mindre fullstendig rangering av alternativene eller kandidatene. Hovedtemaene på disse sidene presenteres i innledningskapitlet: tre store familier av preferansevalg, nemlig ...
    • Pricing Implications of Shared Variance in Liquidity Measures 

      Chollete, Lorán; Næs, Randi; Skjeltorp, Johannes A. (Discussion paper, Working paper, 2006-07)
      This paper constructs fundamental liquidity measures and investigates the pricing implications of shared variation in a large set of high frequency liquidity measures. Through a common factor analysis we estimate three ...
    • A pricing model for yield contracts 

      Aase, Knut K. (Discussion paper, Working paper, 2002)
      An economic model is proposed for a combined price futures and yield futures market. The innovation of the paper is a technique of transforming from quantity and price to a model of two genuine pricing processes. This is ...
    • A pricing model for yield contracts 

      Aase, Knut K. (Discussion paper, Working paper, 2002)
      An economic model is proposed for the analysis of quantum and revenue hedges, and prices of contingent claims on revenue and quantum are presented and discussed. In particular we discuss how one can use futures, and futures ...
    • Pricing of rate of return guarantees on multi-period assets 

      Lindset, Snorre (Discussion paper, Working paper, 2001-06)
      The basis for this paper is the pricing of multi-period rate of return guarantees. These guarantees can typically be found in life insurance and pension contracts. We derive closed form solutions, expressed by the cumulative ...