… Professor Pirrong‘s research focuses on the economics of the … Pirrong has published
36 articles in professional … If B went bankrupt, neither A nor C could suffer a default loss (…

… Under Q , the evolution of a deflated power price contingent claim C is: Y t C t = Y 0 C 0 +
∫ 0 t C s d Y s + ∫ 0 t Y s d C s . In this expression, C s indicates the value of the derivative at …

… (c) how can traders acquire market power from those whom they will use it against? ; (d)
can both longs and shorts engage in MPM? ; (e) what are the welfare effects of this conduct? ; …

… This chapter incorporates and extends the Pirrong-Jermakyan model of electricity forward
and option pricing. This is a fundamentals-based model in which spot prices, and hence …

… facilities and the enforcement of rules and procedures that reduce default and measurement
costs (Pirrong, 1995a). … Formally, creation of an exchange requires payment of a fixed cost c. …

Although there has been extensive research on the economic functions of financial exchanges
and the properties of prices determined on exchanges, there has been little research on …

… in bilateral markets specialize in valuing complex derivatives contracts; (b) dealers in bilateral
markets (who are the likely members of a CCP) have opaque and risky balance sheets; (c) …

Futures contracts have been bought and sold by" open outcry" on exchange floors since the
birth of futures markets in the 19th century. Over the past decade, however, several …

… Pirrong’s research focuses on the economics of commodity markets… Pirrong also has written
extensively on the economics of … Pirrong has consulted widely, and his clients have included …

Manipulation—the exercise of market power in a futures market—is a felony, but recent
court and regulatory decisions have made conviction of a manipulator problematic. Instead, …