Nuestros investigadores

Raúl Bajo Buenestado

Líneas de investigación
Energy Economics, Industrial Organization, Environmental and Resource Economics, Regulation and Competition Policy, Applied Econometrics, Economic Theory

Publicaciones científicas más recientes (desde 2010)

Autores: Bajo-Buenestado, Raúl;
ISSN 0022-5258  Vol. 51  Nº 3  2017  págs. 157 - 172
Using a data set of daily prices for four types of fuels from 38 gas stations located in Northern Spain we perform a differences-in-differences analysis to explore the impact of a gas tax reduction on prices at the pump. We find that about 60¿65 per cent of the tax cut was passed on to regular unleaded gasoline retail prices. We also find evidence of full shifting of the tax cut to regular diesel and premium fuel prices in the week of the tax reform and one week after. However, this impact disappears two weeks after the adoption of the tax reform.
Autores: Bajo-Buenestado, Raúl;
ISSN 0140-9883  Vol. 64  2017  págs. 272 - 285
The aim of this paper is to analyze the welfare consequences of introducing capacity compensation payments in restructured and liberalized electricity markets. For that purpose, we set up a two-stage framework in which two kinds of electricity generators, peak load and base load generators, choose their capacity investment levels first and then compete on the basis of bids in a centralized market to sell electricity to consumers. We use data from the Texas ERCOT to evaluate consumers' welfare. We find that the introduction of capacity payments has two countervailing effects. On the one hand, it increases the wholesale electricity price. On the other hand, it reduces price volatility and increases the reliability of the system. We find that capacity payments are more beneficial for consumers in a perfectly competitive market than in the presence of certain degree of market power.
Autores: Bajo-Buenestado, Raúl;
ISSN 0301-4215  Vol. 96  2016  págs. 119 -130
Using monthly data from the Spanish gasoline retail market we explore asymmetries in consumers¿ behavioral responses to changes in gasoline prices and taxes. In particular, we are interested in investigating whether an increase in gasoline taxes has a more negative impact on the demand than a ¿similar in magnitude¿ increase in the ¿pre-tax¿ price of gasoline for different fuel types. We estimate fuel consumers¿ responses using a rich set of robust panel data models considering potential dynamic effects and endogeneity problems. We find evidence to confirm the existence of asymmetric responses for the demand of unleaded fuels and agricultural diesel fuel. However we cannot support this statement for the regular diesel case: for this fuel both the tax-exclusive price and the tax elasticities are roughly the same. This result agrees with the fact that ¿diesel drivers¿ tend to be better informed about changes in both fuel prices and taxes. Some implications in terms of fiscal policy and pollution and climate change policy are also discussed.
Autores: Bajo-Buenestado, Raúl;
ISSN 1040-6190  Vol. 28  Nº 9  2015  págs. 113 - 119
Though it has been shown that consumers pay higher electricity prices in areas with capacity markets, those markets also serve as an insurance mechanism in incentivizing capacity additions and thereby reducing the probability of extreme events. Critics argue that the lack of a capacity mechanism in Texas ERCOT has resulted in a dangerously shrinking capacity reserve margin.
Autores: Bajo-Buenestado, Raúl; Cahan, D.;
ISSN 1566-1679  Vol. 15  Nº 3  2015  págs. 239 - 256
A basic framework is provided to explain the integration process experienced by oligopolistic markets serving a homogeneous good in different countries. Over the past few decades, such processes have been observed, for instance, in some European markets ¿ in particular, in the energy sector. The idiosyncratic element here is the introduction of an exogenously given antitrust commission that supervises competition in the market and has the authority to fine firms for anticompetitive behavior. We model the unification decision as a simple cooperative non-transferable utility game. We find that the creation of an antitrust commission plays a major role in providing the necessary incentives for market unification. In particular, the commission is able to induce unification of all markets via appropriate choice of antitrust policy. This stands in stark contrast to the benchmark scenario in which the antitrust commission is absent ¿ here, market unification never occurs. We propose the Iberian Electricity Market (MIBEL) as a case study.
Autores: Bajo-Buenestado, Raúl;
ISSN 2160-9802  Vol. 4  Nº 3  2015  págs. 1 - 21
Incentives for car purchase have been a common concern for politicians in Spain. In this paper, the author wants to focus on two recent policies: Plan VIVE and Plan 2000e, introduced in 2008 and 2009 respectively. The data on car sales in Spain show that after the introduction of the Plan 2000e there was a significant increase in the number of vehicles sold in Spain. But that seems quite contradictory with the features of these plans: if one assumes an average consumer, who borrows money at a certain interest and that repays it in several years, it can be seen that actually it is possible to save more money using the Plan VIVE rather than the Plan 2000e. Provided is evidence to support that the key to understand this puzzle is time preference: car purchase, as many other durable goods, has a very strong intertemporal discount factor. The hypothesis is demonstrated by the fact that, at least in Spain, people prefer an initial lump-sum payment in order to purchase a car rather than a financial program with better conditions.
Autores: Bajo-Buenestado, Raúl;
ISSN 1139-8124  Nº 85  2012  págs. 75 - 92



Principles of Microeconomics B (F. ECONÓMICAS). 
Universidad de Navarra - Facultad de Ciencias Económicas y Empresariales.

Organización Industrial (F. ECONÓMICAS). 
Universidad de Navarra - Facultad de Ciencias Económicas y Empresariales.