Equilibrium distributions of normalized margins are invariant to demand and costs, enabling closed-form pass-through formulas at each quantile of the price distribution.
Two-sided market s: a progress report
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Overbidding in the non-binding AggregateEU mechanism has ambiguous effects on realized gas trade and can produce highly inefficient outcomes when combined with miscoordination over delivery points.
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Pass-through with Price Dispersion
Equilibrium distributions of normalized margins are invariant to demand and costs, enabling closed-form pass-through formulas at each quantile of the price distribution.