Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market?
This article considers fixed-terms transactions made by agents, in diverse segments of the Colombian energy power market, using forward contracts in order to secure buying/selling prices. The random behavior of prices and quantities, which is handled in the energy power flux, implies the sacrifice o...
- Autores:
-
Gloria Stella Salazar Marín
Javier Pantoja
- Tipo de recurso:
- Fecha de publicación:
- 2019
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- spa
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/14000
- Acceso en línea:
- http://hdl.handle.net/10784/14000
- Palabra clave:
- Forward Contracts
Risk Premium
Regulated Market
Non-regulated Market.
Contratos forward
prima de riesgos
mercado regulado
mercado no regulado.
- Rights
- License
- Copyright © 2011 Gloria Stella Salazar Marín, Javier Pantoja
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| dc.title.eng.fl_str_mv |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| dc.title.spa.fl_str_mv |
Los precios forward sobre electricidad. ¿Determinados racionalmente por los agentes del mercado colombiano? |
| title |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| spellingShingle |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? Forward Contracts Risk Premium Regulated Market Non-regulated Market. Contratos forward prima de riesgos mercado regulado mercado no regulado. |
| title_short |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| title_full |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| title_fullStr |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| title_full_unstemmed |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| title_sort |
Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market? |
| dc.creator.fl_str_mv |
Gloria Stella Salazar Marín Javier Pantoja |
| dc.contributor.author.spa.fl_str_mv |
Gloria Stella Salazar Marín Javier Pantoja |
| dc.contributor.affiliation.spa.fl_str_mv |
MSc. en Ingeniería Financiera, Universidad EAFIT. Vinculada a XM Expertos en Mercados PhD. en Administración, HEC - EAFIT. Profesor de tiempo completo, Universidad EAFIT |
| dc.subject.keyword.eng.fl_str_mv |
Forward Contracts Risk Premium Regulated Market Non-regulated Market. |
| topic |
Forward Contracts Risk Premium Regulated Market Non-regulated Market. Contratos forward prima de riesgos mercado regulado mercado no regulado. |
| dc.subject.keyword.spa.fl_str_mv |
Contratos forward prima de riesgos mercado regulado mercado no regulado. |
| description |
This article considers fixed-terms transactions made by agents, in diverse segments of the Colombian energy power market, using forward contracts in order to secure buying/selling prices. The random behavior of prices and quantities, which is handled in the energy power flux, implies the sacrifice of agents according to the transaction segment (regulated, non-regulated or intermediary). In addition to this, the premium, which is paid in the commercial exchange with forwards, is defined by the agents’ expectations and is a reflection of their risk aversion level. This involves financial rationality in the establishment of the premium in order to secure a price on uncertain energy power quantity in the future. Thus, the measurement of such expectation becomes useful, as it is defined by the type of market in which the transaction is being made. |
| publishDate |
2019 |
| dc.date.issued.none.fl_str_mv |
17/06/2011 |
| dc.date.available.none.fl_str_mv |
2019-10-04T14:30:20Z |
| dc.date.accessioned.none.fl_str_mv |
2019-10-04T14:30:20Z |
| dc.date.none.fl_str_mv |
17/06/2011 |
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article info:eu-repo/semantics/article publishedVersion info:eu-repo/semantics/publishedVersion |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo |
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publishedVersion |
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2256-4322 1692-0279 |
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http://hdl.handle.net/10784/14000 |
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2256-4322 1692-0279 |
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http://hdl.handle.net/10784/14000 |
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spa |
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spa |
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http://publicaciones.eafit.edu.co/index.php/administer/article/view/815 |
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http://publicaciones.eafit.edu.co/index.php/administer/article/view/815 |
| dc.rights.eng.fl_str_mv |
Copyright © 2011 Gloria Stella Salazar Marín, Javier Pantoja |
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http://purl.org/coar/access_right/c_abf2 |
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Acceso abierto |
| rights_invalid_str_mv |
Copyright © 2011 Gloria Stella Salazar Marín, Javier Pantoja Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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text/html |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees |
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Universidad EAFIT |
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instname:Universidad EAFIT reponame:Repositorio Institucional Universidad EAFIT |
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AD-minister: No 18 (2011) |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees17/06/20112019-10-04T14:30:20Z17/06/20112019-10-04T14:30:20Z2256-43221692-0279http://hdl.handle.net/10784/14000This article considers fixed-terms transactions made by agents, in diverse segments of the Colombian energy power market, using forward contracts in order to secure buying/selling prices. The random behavior of prices and quantities, which is handled in the energy power flux, implies the sacrifice of agents according to the transaction segment (regulated, non-regulated or intermediary). In addition to this, the premium, which is paid in the commercial exchange with forwards, is defined by the agents’ expectations and is a reflection of their risk aversion level. This involves financial rationality in the establishment of the premium in order to secure a price on uncertain energy power quantity in the future. Thus, the measurement of such expectation becomes useful, as it is defined by the type of market in which the transaction is being made.El artículo considera las transacciones a plazo sobre electricidad que los agentes del mercado eléctrico en Colombia, en sus diferentes segmentos, hacen por medio de contratos forward, con el fin de asegurar el precio de compra/venta. El comportamiento aleatorio de los precios y las cantidades que se manejan de flujo eléctrico implican el sacrificio de alguno de los agentes, dependiendo del segmento —regulado, no-regulado o intermediación— en el que se realice la operación. Además, la prima que se paga en los intercambios comerciales con forwards está definida por las expectativas de los agentes y es un reflejo de su grado de aversión al riesgo, lo que involucra racionalidad financiera en el establecimiento de la misma, con el propósito de asegurar un precio sobre una cantidad incierta de electricidad a futuro. Así, resulta de mucha utilidad tener una medición de dicha expectativa, definida por el tipo de mercado en el cual se realiza el negocio.text/htmlspaUniversidad EAFIThttp://publicaciones.eafit.edu.co/index.php/administer/article/view/815http://publicaciones.eafit.edu.co/index.php/administer/article/view/815Copyright © 2011 Gloria Stella Salazar Marín, Javier PantojaAcceso abiertohttp://purl.org/coar/access_right/c_abf2instname:Universidad EAFITreponame:Repositorio Institucional Universidad EAFITAD-minister: No 18 (2011)Energy power forward prices. Are forward prices rationally determined by agents in the Colombian market?Los precios forward sobre electricidad. ¿Determinados racionalmente por los agentes del mercado colombiano?articleinfo:eu-repo/semantics/articlepublishedVersioninfo:eu-repo/semantics/publishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Forward ContractsRisk PremiumRegulated MarketNon-regulated Market.Contratos forwardprima de riesgosmercado reguladomercado no regulado.Gloria Stella Salazar Marínc6a024c7-b1d1-45dc-a51f-a88e3cb1fd54-1Javier Pantoja146da9bb-2791-4edb-8231-9ce5f548abc2-1MSc. en Ingeniería Financiera, Universidad EAFIT. Vinculada a XM Expertos en MercadosPhD. en Administración, HEC - EAFIT. Profesor de tiempo completo, Universidad EAFITAD-minister187799THUMBNAILminiatura-administer.jpgminiatura-administer.jpgimage/jpeg8755https://repository.eafit.edu.co/bitstreams/bf4b4746-72dd-4977-a492-10581efcff79/download87c28d32b620f3408b1c70a3c505fbd8MD51ORIGINALLos precios forward sobre electricidad. ¿Determinados racionalmente por los agentes del mercado colombiano.pdfLos precios forward sobre electricidad. ¿Determinados racionalmente por los agentes del mercado colombiano.pdfTexto completo PDFapplication/pdf1444542https://repository.eafit.edu.co/bitstreams/a1bca02c-e045-4741-be02-702384b62a1e/downloadc6207a8ab6929187fd672ee0748d396dMD52articulo.htmlarticulo.htmlTexto completo HTMLtext/html373https://repository.eafit.edu.co/bitstreams/d96131ed-6718-4925-8329-1ae786f389c5/downloade9c70b9de7d599e3440074cf2fd53334MD5310784/14000oai:repository.eafit.edu.co:10784/140002024-12-04 11:48:27.478open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co |