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dc.contributor.authorChaton, Corinne
dc.contributor.authorDurand-Viel, Laure
dc.date.accessioned2013-06-19T09:27:03Z
dc.date.available2013-06-19T09:27:03Z
dc.date.issued2013
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11439
dc.language.isoenen
dc.subjectAssets (accounting)en
dc.subjectprofiten
dc.subjectgas industryen
dc.subjectspot pricesen
dc.subjectsuppliersen
dc.subjectnatural gasen
dc.subject.ddc332en
dc.subject.classificationjelL16en
dc.subject.classificationjelG14en
dc.subject.classificationjelG12en
dc.titleReal Asset Valuation under Imperfect Competition: Can We Forget About Market Fundamentals?en
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenReal assets are usually valued by computing the stream of profits they can bring to a price-taking firm in a liquid market. This method ignores market fundamentals by assuming that all the relevant information is included in the spot price. Our article analyses the bias resulting from such an approach when the market is imperfectly competitive. We propose a stylised two-period model of the natural gas market with no uncertainty, focusing on strategic interactions between two types of oligopolistic players—pure traders and suppliers with downstream customers—who have access to storage. We show that the true value of storage capacity is not the same for traders and for suppliers. Comparing the latter value with the traditional price-taking valuation reveals a systematic bias that tends to induce underinvestment.en
dc.relation.isversionofjnlnameJournal of Economics and Management Strategy
dc.relation.isversionofjnlvol22en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2013
dc.relation.isversionofjnlpages125-139en
dc.relation.isversionofdoihttp://dx.doi.org/10.1111/jems.12005en
dc.relation.isversionofjnlpublisherWileyen
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


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