Browsing by Author "de Braganca, Gabriel Fiuza"

Now showing 1 - 7 of 7

Open Access
2010 PhD Conference in Economics and Business - Best Student paper/presentation award to Gabriel Fiuza de Braganca
(Te Herenga Waka—Victoria University of Wellington, 2010) de Braganca, Gabriel Fiuza
The 23rd PhD Conference was held between 17-19 November 2010 and involved 31 students from 17 different universities in Australia and New Zealand. 36 discussants from 21 universities and government institutions throughout Australia contributed to the success of the conference. The PhD students the discussants faculty from the Research School of Economics and other economists from around the Australian National University kept attendance at high levels and generated interesting and stimulating discussion around the paper presentations. Many participants commented that the general level of quality of students' papers was very high. In an improvement on past conferences a committee was appointed to judge the best student paper/presentation in an impartial and professional way. Renee Fry of the Australian National University chaired the committee which also consisted of Jennifer Foster of the University of New South Wales Laurent Pauwels of the University of Sydney and Graeme Wells of the University of Tasmania. In the end two papers were chosen for the prize: Gabriel Fiuza de Braganca PhD Student with ISCR/SEF at Victoria University of Wellington. 'Can Market Power in the Electricity Spot Market Translate into Market Power in the Hedge Market?' Jason Ng Monash University. 'Non-Parametric Estimation of Forecast Distributions in Non-Gaussian State Space Models.'
Open Access
Can market power in the electricity spot market translate into market power in the hedge market?
(Te Herenga Waka—Victoria University of Wellington, 2012) de Braganca, Gabriel Fiuza; Daglish, Toby
Electricity is a non-storable commodity frequently traded in complex markets characterized by oligopolistic structures and uniform-price auctions. These particularities confer to electricity prices idiosyncratic patterns not addressed by the usual commodity pricing literature. This paper allows for oligopoly vertical integration and uniform-price auction and derives a linear equilibrium relationship between spot prices and state variables affecting firms' costs and demand under usual functional simplications. It applies a two-factor forward pricing model over the equilibrium spot price process and shows that forward prices can be positivelyaffected by spot market power. Thus hedge prices may be affected bymarket power as it appears in the spot market.
Open Access
Can spot market power translate into market power in the hedge market?
(Te Herenga Waka—Victoria University of Wellington, 2010) de Braganca, Gabriel Fiuza
Gabriel Fiuza de Braganca slide presentation to the WEAI 85th Annual Conference held 1 July 2010 in Portland Oregon USA.
Open Access
Forest and Forest Land Valuation - How to Value Forests and Forest Land to Include Carbon Costs and Benefits
(Te Herenga Waka—Victoria University of Wellington, 2009) de Braganca, Gabriel Fiuza; Lu, Yinjia (Andrea); Meade, Richard
Presentation by Richard Meade to the AARES 53rd Annual Conference held 10-13 February 2009 in Cairns Australia.Forest and Forest Land Valuation - How to Value Forests and Forest Land to Include Carbon Costs and Benefits.
Open Access
Forest and Forest Land Valuation: How to Value Forests and Forest Land to Include Carbon Costs and Benefits
(Te Herenga Waka—Victoria University of Wellington, 2008) de Braganca, Gabriel Fiuza; Boyle, Glenn; Evans, Lewis
New Zealand has introduced legislation to implement the world's first 'all sectors all gases' emissions trading scheme (ETS) as a way of reducing the country's greenhouse gas emissions. The Scheme is to retrospectively introduce a price for carbon emissions in forestry from 1 January 2008 and will phase in other sectors over time (notably agriculture from 2013). This report develops a methodology for valuing the impact of this change on forest and forest land value.
Open Access
Real Options and the Regulation of Brazilian Fixed-Line Telephone Operators: The Mark-up on the Cost of Capital
(Te Herenga Waka—Victoria University of Wellington, 2008) de Braganca, Gabriel Fiuza; Rocha, Katia; Moreira, Rafael Henrique Rodrigues
This study argues in favour of the real option methodology to calculate the access price for Brazilian fixed-line phone operators. The new cost-oriented regulatory framework for interconnection of telecommunication networks established in 2005 poses questions regarding the adequate remuneration of investments. By investing in a fixed-line telephone network while giving access to new entrants the incumbent is actually providing an option to access its infrastructure. Since options aren't costless to properly compensate the investment an effort to estimate the option premium is justified. We suggest a pragmatic approach where the real options rationality appears as a mark-up over the sector's cost of capital. Failing to consider the real option granted by incumbents discourages investment in infrastructure in the sector and hinders the intertemporal maximization of social welfare.
Open Access
The role of uncertainty on hedging and electricity spot market power
(Te Herenga Waka—Victoria University of Wellington, 2011) de Braganca, Gabriel Fiuza
The exertion of market power in electricy wholesale markets is an issue of great academic and practical debate. In particular the role of a given amount of hedge on market power has been of considerable interest. However the relationship between risk management spot market power and hedge pricing has not yet received proper attention. The model discussed in this presentation incorporates NZEM features such as demand and cost uncertainty risk aversion oligopoly vertical integration and uniform-price auctions and analyses the effect of volatility on hedging decisions forward prices and market power. In particular we show that usual electricity spot market power measures such as the Lerner Index are not only affected by conduct but also by stochastic variables that influence demand and costs. In other words in highly concentrated electricity markets with forward contracts the usual measure of market power can reflect risk management instead of solely oligopolistic conduct. The results are illustrated with actual NZEM data.