出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：The prevalent market structures found in many resource markets consist of high concentrationon the supply side and low demand elasticity. Market results are therefore frequently assumed to bean outcome of strategic interaction between producers. Common models to investigate the marketoutcomes and underlying market structures are games representing competitive markets, strategicCournot competition and Stackelberg structures that take into account a dominant player acting rst followed by one or more players. We add to the literature by expanding the application ofmathematical models and applying an Equilibrium Problem with Equilibrium Constraints (EPEC),which is used to model multi-leader-follower games, to a spatial market. Using our model, we investigatethe prevalent market setting in the international market for metallurgical coal between 2008and 2010, whose market characteristics provide arguments for a wide variety of market structures.Using di erent statistical measures and comparing with actual market outcomes, we nd that twopreviously neglected settings perform best: First, a setting in which the four largest metallurgicalcoal exporting rms compete against each other as Stackelberg leaders, while the remainders actas Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.
