Asymmetric price responses, market integration and market power: A study of the US natural gas market

被引：19

作者：

Murry, Donald ^{[1
,2
]}

Zhu, Zhen ^{[1
,3
]}

机构：

[1] CH Guernsey & Co, Oklahoma City, OK 73112 USA

[2] Univ Oklahoma, Dept Econ, Norman, OK 73069 USA

[3] Univ Cent Oklahoma, Dept Econ, Coll Business, Edmond, OK 73034 USA

来源：

ENERGY ECONOMICS | 2008年 / 30卷 / 03期

关键词：

market power; natural gas market;

D O I：

10.1016/j.eneco.2006.10.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We studied the market performance at selected, representative natural gas trading hubs in the U.S. and documented different price behaviors among various hubs. With NYMEX prices as the competitive benchmark, we found empirically that the spot price responses at some trading hubs were systematically asymmetric, thus demonstrating a market advantage by either buyers or sellers. We further found that the presence of market power was a very plausible explanation for this price behavior at some hubs. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：748 / 765

页数：18

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