scholarly journals Inefficiencies in Networked Markets

2015 ◽  
Vol 7 (4) ◽  
pp. 43-82 ◽  
Author(s):  
Matthew Elliott
Keyword(s):  
Natural Gas ◽  
Labor Markets ◽  
International Market ◽  
Gains From Trade ◽  
Specific Investments ◽  
High Skill

In many markets, relationship specific investments are necessary for trade. These formed relationships constitute a networked market in which not all buyers can trade with all sellers. We show that networked markets can be decomposed to identify how alternative trading opportunities affect who trades with whom and at what price. This uncovers agents' incentives to invest in relationships. Investment inefficiencies can eliminate all the gains from trade, but for reasons that differ depending on how investments are made. Three applications are considered in detail: high-skill labor markets, merger markets when industries are consolidating, and the international market for natural gas. (JEL C78, D85, D86)

Energy availability

1987 ◽  
Vol 92 (1-2) ◽  
pp. 51-55
Author(s):  
Michel Hug
Keyword(s):  
Natural Gas ◽  
International Market ◽  
Energy Availability ◽  
Consumption Rates ◽  
Oil And Natural Gas

SynopsisThe present buyer's market in energy is likely to continue for several years, but in the longer run the disparity in resources and consumption rates among the principal fuels will result in renewed shortage and price rises for oil and natural gas. In the longer term the major energy importers must rely on the broad international market in coal and uranium. A useful insurance for power producers will be to invest overseas in the production of their fuels.

Three Images of Trade: On the Place of Trade in a Theory of Global Justice

2014 ◽  
Vol 1 (2) ◽  
Author(s):  
Mathias Risse ◽  
Gabriel Wollner
Keyword(s):  
Economic Theory ◽  
International Trade ◽  
Global Justice ◽  
International Market ◽  
The Other ◽  
Gains From Trade ◽  
Voluntary Activity ◽  
Central Topic ◽  
Shared Activity

AbstractEconomic theory teaches that it is in every country’s interest to trade. Trade is a voluntary activity among consenting parties. On this view, considerations of justice have little bearing on trade, and political philosophers concerned with global justice should stay largely silent on trade. According to a very different view that has recently gained prominence, international trade can only occur before the background of an international market reliance practice shaped by states. Trade is a shared activity among states, and all participating states have in principle equal claims to gains from trade. Trade then becomes a central topic for political philosophers. Both views are problematic. A third view about the role of trade in a theory of global justice is then presented, which gives pride of place to a (non-Marxian) notion of exploitation. The other two views should be abandoned.

scholarly journals Spillovers from High-Skill Consumption to Low-Skill Labor Markets

2013 ◽  
Vol 95 (1) ◽  
pp. 74-86 ◽  
Author(s):  
Francesca Mazzolari ◽  
Giuseppe Ragusa
Keyword(s):  
Labor Markets ◽  
High Skill

scholarly journals The New Regime in Natural Gas Pricing in Alberta

1977 ◽  
Vol 15 (3) ◽  
pp. 538 ◽  
Author(s):  
Francis M. Saville
Keyword(s):  
Natural Gas ◽  
Crude Oil ◽  
Federal Government ◽  
International Market ◽  
The Future ◽  
Natural Gas Prices ◽  
Oil And Natural Gas

Traditionally, the price of petroleum and natural gas in Canada has been relatively low. However, recent changes in the international market have placed pressures upon the federal and provincial governments to reassess the pricing of these commodities. As consequence, Alberta has, in an effort to raise natural gas prices, passed the Arbitration Amendment Act, which forces the field price of gas towards the commodity value and the Natural Gas Pricing Agreement Act, which acts as an agreement with the federal government regarding natural gas prices. At the same time, the federal government has enacted the Petroleum Administration Act to regulate the price of crude oil and natural gas. This article discusses the various acts, in particular the Natural Gas Pricing Agreement Act, as well as the con stitutionality of such legislation and the future pricing of natural gas in Canada.

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