Implementation of safety based incentives in Public Private Partnerships (PPPs): an empirical analysis for the case of Spain

Public Private Partnerships (PPPs) are mostly implemented to circumvent budgetary constraints, and to encourage efficiency and quality in the provision of public infrastructure in order to reach social welfare. One of the ways of reaching the latter objective is by the introduction of performance based standards tied to bonuses and penalties to reward or punish the performance of the contractor. This paper focuses on the implementation of safety based incentives in PPPs in such a way that the better the safety outcome the greater larger will be the economic reward to the contractor. The main aim of this paper is to identify whether the incentives to improve road safety in PPPs are ultimately effective in improving safety ratios in Spain. To that end, Poisson and negative binomial regression models have been applied using information of motorways of the Spanish network of 2006. The findings indicate that even though road safety is highly influenced by variables that are not much controllable by the contractor such as the Average Annual Daily Traffic and the percentage of heavy vehicles, the implementation of safety incentives in PPPs has a positive influence in the reduction of fatalities, injuries and accidents.

Analysis of road safety incentives in highway concessions in Spain

Public Private Partnerships (PPPs) are mostly implemented for three reasons: to circumvent budgetary constraints, encourage efficiency and improvement of quality in the provision of public infrastructure. One of the ways of reaching the latter objective is by the introduction of performance-based standards tied to bonuses and penalties to reward or punish the performance of the contractor. These performance based standards often refer to different aspects such as technical, environmental and safety issues. This paper focuses on the implementation of safety based incentives in PPPs. The main aim of this paper is to analyze whether the incentives to improve road safety in PPPs are effective in improving safety ratios in Spain. To this end, negative binomial regression models have been applied using information from the Spanish high capacity network in 2006. The findings indicate that even though road safety is highly influenced by variables that are not much controllable by the contractor such as the Average Annual Daily Traffic and the percentage of heavy vehicles in the highway, the implementation of safety incentives in PPPs has a positive influence in the reduction of fatalities, injuries and accidents.

Effectiveness of safety-based incentives in Public Private Partnerships: Evidence from the case of Spain

Many countries around the world are implementing Public?Private?Partnership (PPP) contacts to manage road infrastructure. In some of these contracts the public sector introduces economic incentives to the private operator to foster the accomplishment of social goals. One of the incentives that have been introduced in some PPP contracts is related to safety in such a way that the better the safety outcome the greater will be the economic reward to the contractor. The aim of this paper is at identify whether the incentives to improve road safety in highway PPPs are ultimately effective in improving safety ratios. To this end Poisson and negative binomial regression models have been applied using information from highway sections in Spain. The findings indicate that even though road safety is highly influenced by variables that are not much controllable by the contractor such as the Average Annual Daily Traffic and the percentage of heavy vehicles, the implementation of safety incentives in PPPs has a positive influence in the reduction of fatalities, injuries and accidents.

The influence of economic incentives linked to road safety indicators on accidents: The case of toll concessions in Spain

The goal of this paper is to evaluate whether the incentives incorporated in toll highway concession contracts in order to encourage private operators to adopt measures to reduce accidents are actually effective at improving safety. To this end, we implemented negative binomial regression models using information about highway characteristics and accident data from toll highway concessions in Spain from 2007 to 2009. Our results show that even though road safety is highly influenced by variables that are not managed by the contractor, such as the annual average daily traffic (AADT), the percentage of heavy vehicles on the highway, number of lanes, number of intersections and average speed; the implementation of these incentives has a positive influence on the reduction of accidents and injuries. Consequently, this measure seems to be an effective way of improving safety performance in road networks.

Analysis of road safety incentives in highway concessions in Spain

Public Private Partnerships (PPPs) are mostly implemented for three reasons: to circumvent budgetary constraints, encourage efficiency and improvement of quality in the provision of public infrastructure. One of the ways of reaching the latter objective is by the introduction of performance-based standards tied to bonuses and penalties to reward or punish the performance of the contractor. These performance based standards often refer to different aspects such as technical, environmental and safety issues. This paper focuses on the implementation of safety based incentives in PPPs. The main aim of this paper is to analyze whether the incentives to improve road safety in PPPs are effective in improving safety ratios in Spain. To this end, negative binomial regression models have been applied using information from the Spanish high capacity network in 2006. The findings indicate that even though road safety is highly influenced by variables that are not much controllable by the contractor such as the Average Annual Daily Traffic and the percentage of heavy vehicles in the highway, the implementation of safety incentives in PPPs has a positive influence in the reduction of fatalities, injuries and accidents.

Do Public Private Partnerships Improve Road Safety? The Case of Toll Concessions in Spain

El Transportation Research Board es un congreso de reconocido prestigio internacional en el ámbito de la investigación del transporte. Aunque las actas publicadas están en formato digital y sin ISSN ni ISBN, lo consideramos lo suficientemente importante como para que se considere en los indicadores. This paper focuses on the implementation of safety based incentives in Public Private Partnerships (PPPs). The aim of this paper is twofold. First, to evaluate whether PPPs lead to an improvement in road safety, when compared with other infrastructure management systems. Second, is to analyze whether the incentives to improve road safety in PPP contracts in Spain have been effective at improving safety performance. To this end, negative binomial regression models have been applied using information from the Spanish high-capacity network covering years 2007-2009. The results showed that even though road safety is highly influenced by variables that are not manageable by the private concessionaire such as the average annual daily traffic, the implementation of safety incentives in PPPs has a positive influence in the reduction of accidents.

Estudio del rendimiento bajo presión en los tiros libres en baloncesto, y su influencia sobre el porcentaje de acierto durante el último minuto de juego

El minuto final de un partido ajustado de baloncesto es un momento crítico que está sujeto a multitud de factores que influyen en su desarrollo. Así, el porcentaje de acierto en los tiros libres durante ese periodo de tiempo va a determinar, en muchas ocasiones, el resultado final del partido. La disminución de rendimiento (drop) en esta faceta de juego en condiciones de presión, puede estar relacionada con múltiples variables propias del contexto deportivo estudiado, como por ejemplo: los segundos restantes de posesión, la situación en el marcador (ir ganando, empatando o perdiendo), la localización del partido (jugar en casa o fuera), la fase de competición (fase regular o eliminatorias) o el nivel del equipo (mejores/peores equipos). Además, las características del jugador que realiza los lanzamientos tienen una gran importancia respecto a su edad y años de experiencia para afrontar los momentos críticos, así como el puesto de juego que ocupa en el equipo. En este sentido, la combinación de factores del contexto y del jugador, permiten interactuar en el rendimiento del lanzador en los momentos finales de partido durante sus lanzamientos de tiro libre. El presente trabajo de tesis doctoral tiene como objetivo encontrar aquellas variables más relacionadas con la disminución de rendimiento del jugador en los tiros libres durante el último minuto de juego, y la última serie de tiros libres en los partidos ajustados de baloncesto. Para alcanzar el objetivo del estudio se analizaron 124 partidos ajustados (diferencias iguales o inferiores a 2 puntos) de todas las competiciones (fase regular, playoff y copa del Rey) de la liga ACB durante las temporadas 2011-2012 a 2014-2015. Para el registro de variables se analizó el porcentaje de acierto en los tiros libres del lanzador en la liga regular, partido completo, último minuto y última serie. De este modo se trató de analizar qué variables del contexto y del jugador permitían explicar el rendimiento en los tiros libres durante el último minuto, y la última serie de tiros libres del partido. Por otro lado, se trató de conocer el grado de asociación entre el descenso del rendimiento (drop) en los momentos finales de partido, y las variables estudiadas del jugador: puesto de juego, edad, y años de experiencia profesional; mientras que las variables situacionales consideradas fueron: fase de competición, localización, clasificación, tiempo restante, y diferencia parcial en el marcador. Para el análisis de los datos se realizaron dos modelos estadísticos: 1º) un modelo de regresión lineal múltiple para conocer el efecto de las variables independientes en el porcentaje de aciertos del lanzador en el último minuto, y en la última serie de tiros libres del partido; y 2º) un análisis de regresión logística binomial para analizar la relación existente entre la probabilidad de tener un drop (disminución del rendimiento) y las características del lanzador, y las variables situacionales. Los resultados del modelo de regresión lineal múltiple mostraron efectos negativos significativos en el porcentaje de acierto en los tiros libres durante el último minuto, cuando los lanzadores son los pívots (-19,45%). Por otro lado, los resultados durante la última serie mostraron el efecto negativo significativo sobre la posición de pívot (- 19,30%) y la diferencia parcial en el marcador (-3,33%, para cada punto de diferencia en el marcador) en el porcentaje de acierto en los tiros libres. Las variables independientes edad, experiencia profesional, clasificación en la liga regular, fase de competición, localización, y tiempo restante, no revelaron efectos significativos en los modelos de regresión lineal. Los resultados de la regresión logística binomial revelaron que las variables experiencia profesional entre 13 y 18 años (OR = 4,63), jugar de alero (OR = 23,01), y jugar de base (OR = 10,68) están relacionadas con una baja probabilidad de disminuir el rendimiento durante el último minuto del partido; mientras que ir ganando, aumenta esta probabilidad (OR = 0,06). Además, los resultados de la última serie mostraron una menor disminución del rendimiento del jugador cuando tiene entre 13 y 18 años de experiencia (OR = 4,28), y juega de alero (OR = 8,06) o base (OR = 6,34). Por el contrario, las variables situacionales relacionadas con esa disminución del rendimiento del jugador son las fases eliminatorias (OR = 0,22) e ir ganando (OR = 0,04). Los resultados principales del estudio mostraron que existe una disminución del rendimiento del jugador en su porcentaje de acierto en los tiros libres durante el último minuto y en la última serie de lanzamientos del partido, y que está relacionada significativamente con la edad, experiencia profesional, puesto de juego del jugador, y diferencia parcial en el marcador. Encontrando relación también con la fase de competición, durante la última serie de tiros libres del partido. Esta información supone una valiosa información para el entrenador, y su aplicación en el ámbito competitivo real. En este sentido, la creación de simulaciones en el apartado de aplicaciones prácticas, permite predecir el porcentaje de acierto en los tiros libres de un jugador durante los momentos de mayor presión del partido, en base a su perfil de rendimiento. Lo que puede servir para realizar una toma de decisiones más idónea, con el objetivo de lograr el mejor resultado. Del mismo modo, orienta el tipo de proceso de entrenamiento que se ha de seguir, en relación a los jugadores más tendentes al drop, con el objetivo de minimizar el efecto de la presión sobre su capacidad para rendir adecuadamente en la ejecución de los tiros libres, y lograr de esta manera un rendimiento más homogéneo en todos los jugadores del equipo en esta faceta del juego, durante el momento crítico del final de partido. ABSTRACT. The final minute of a close game in basketball is a critical moment which is subject to many factors that influence its development. Thus, the success rate in free-throws during that period will determine, in many cases, the outcome of the game. Decrease of performance (drop) in this facet of play under pressure conditions, may be related to studied own multiple sports context variables, such as the remaining seconds of possession, the situation in the score (to be winning, drawing, or losing) the location of the match (playing at home or away), the competition phase (regular season or playoffs) or team level (best/worst teams). In addition, the characteristics of the player are very important related to his age and years of experience to face the critical moments, as well as his playing position into team. In this sense, the combination of factors in context and player, allows interact about performance of shooter in the final moments of the game during his free-throw shooting. The aim of this present doctoral thesis was find the most related variables to player´s drop in free throws in the last minute of the game and the last row of free-throws in closed games of basketball. To achieve the objective of the study, 124 closed games (less or equal than 2 points difference) were analyzed in every copetition in ACB league (regular season, playoff and cup) from 2011-2012 to 2014-2015 seasons. To record the variables, the percentage of success of the shooter in regular season, full game, last minute, and last row were analyzed. This way, it is tried to analyze which player and context variables explain the free-throw performance in last minute and last row of the game. On the other hand, it is tried to determine the degree of association between decrease of performance (drop) of the player in the final moments, and studied player variables: playing position, age, and years of professional experience; while considered situational variables considered were: competition phase, location, classification, remaining time, and score-line. For data analysis were performed two statistical models: 1) A multiple linear regression model to determine the effect of the independent variables in the succsess percentage of shooter at the last minute, and in the last row of free-throws in the game; and 2) A binomial logistic regression analysis to analyze the relationship between the probability of a drop (lower performance) and the characteristics of the shooter and situational variables. The results of multiple linear regression model showed significant negative effects on the free-throw percentage during last minute, when shooters are centers (-19.45%). On the other hand, results in the last series showed the significant negative effect on the center position (-19.30%) and score-line (-3.33% for each point difference in the score) in the free-throw percentage. The independent variables age, professional experience, ranking in the regular season, competition phase, location, and remaining time, revealed no significant effects on linear regression models. The results of the binomial logistic regression showed that the variables professional experience between 13 and 18 years (OR = 4.63), playing forward (OR = 23.01) and playing guard (OR = 10.68) are related to reduce the probability to decrease the performance during the last minute of the game. While wining, increases it (OR = 0.06). Furthermore, the results of the last row showed a reduction in performance degradation when player is between 13 and 18 years of experience (OR = 4.28), and playing forward (OR = 8.06) or guard (OR = 6.34). By contrast, the variables related to the decrease in performance of the player are the knockout phases (OR = 0.22) and wining (OR = 0.04). The main results of the study showed that there is a decrease in performance of the player in the percentage of success in free-throws in the last minute and last row of the game, and it is significantly associated with age, professional experience, and player position. Finding relationship with the competition phase, during last row of free-throws of the game too. This information is a valuable information for the coach, for applying in real competitive environment. In this sense, create simulations in the section of practical applications allows to predict the success rate of free-throw of a player during the most pressing moments of the game, based on their performance profile. What can be used to take more appropriate decisions in order to achieve the best result. Similarly, guides the type of training process must be followed in relation to the most favorable players to drop, in order to minimize the effect of pressure on their ability to perform properly in the execution of the free-throws. And to achieve, in this way, a more consistent performance in all team players in this facet of the game, during the critical moment in the final of the game.

Proposal of an Alternative Model for Speed-Flow Relationship in Two-Lane Highways

A research has been carried out in two-lanehighways in the Madrid Region to propose an alternativemodel for the speed-flowrelationship using regular loop data. The model is different in shape and, in some cases, slopes with respect to the contents of Highway Capacity Manual (HCM). A model is proposed for a mountainous area road, something for which the HCM does not provide explicitly a solution. The problem of a mountain road with high flows to access a popular recreational area is discussed, and some solutions are proposed. Up to 7 one-way sections of two-lanehighways have been selected, aiming at covering a significant number of different characteristics, to verify the proposed method the different classes of highways on which the Manual classifies them. In order to enunciate the model and to verify the basic variables of these types of roads a high number of data have been used. The counts were collected in the same way that the Madrid Region Highway Agency performs their counts. A total of 1.471 hours have been collected, in periods of 5 minutes. The models have been verified by means of specific statistical test (R2, T-Student, Durbin-Watson, ANOVA, etc.) and with the diagnostics of the contrast of assumptions (normality, linearity, homoscedasticity and independence). The model proposed for this type of highways with base conditions, can explain the different behaviors as traffic volumes increase, and follows a polynomial multiple regression model of order 3, S shaped. As secondary results of this research, the levels of service and the capacities of this road have been measured with the 2000 HCM methodology, and the results discussed. © 2011 Published by Elsevier Ltd.

Efficiency analysis of information technology and online social networks management : an integrated DEA-Model assessment

This paper analyses the relationship between productive efficiency and online-social-networks (OSN) in Spanish telecommunications firms. A data-envelopment-analysis (DEA) is used and several indicators of business ?social Media? activities are incorporated. A super-efficiency analysis and bootstrapping techniques are performed to increase the model?s robustness and accuracy. Then, a logistic regression model is applied to characterise factors and drivers of good performance in OSN. Results reveal the company?s ability to absorb and utilise OSNs as a key factor in improving the productive efficiency. This paper presents a model for assessing the strategic performance of the presence and activity in OSN.

Propuestas regulatorias para el diseño de un mercado ibérico a plazo eficiente de la energía = Regulatory proposals for the development of an efficient iberian energy forward market

El mercado ibérico de futuros de energía eléctrica gestionado por OMIP (“Operador do Mercado Ibérico de Energia, Pólo Português”, con sede en Lisboa), también conocido como el mercado ibérico de derivados de energía, comenzó a funcionar el 3 de julio de 2006. Se analiza la eficiencia de este mercado organizado, por lo que se estudia la precisión con la que sus precios de futuros predicen el precio de contado. En dicho mercado coexisten dos modos de negociación: el mercado continuo (modo por defecto) y la contratación mediante subasta. En la negociación en continuo, las órdenes anónimas de compra y de venta interactúan de manera inmediata e individual con órdenes contrarias, dando lugar a operaciones con un número indeterminado de precios para cada contrato. En la negociación a través de subasta, un precio único de equilibrio maximiza el volumen negociado, liquidándose todas las operaciones a ese precio. Adicionalmente, los miembros negociadores de OMIP pueden liquidar operaciones “Over-The-Counter” (OTC) a través de la cámara de compensación de OMIP (OMIClear). Las cinco mayores empresas españolas de distribución de energía eléctrica tenían la obligación de comprar electricidad hasta julio de 2009 en subastas en OMIP, para cubrir parte de sus suministros regulados. De igual manera, el suministrador de último recurso portugués mantuvo tal obligación hasta julio de 2010. Los precios de equilibrio de esas subastas no han resultado óptimos a efectos retributivos de tales suministros regulados dado que dichos precios tienden a situarse ligeramente sesgados al alza. La prima de riesgo ex-post, definida como la diferencia entre los precios a plazo y de contado en el periodo de entrega, se emplea para medir su eficiencia de precio. El mercado de contado, gestionado por OMIE (“Operador de Mercado Ibérico de la Energía”, conocido tradicionalmente como “OMEL”), tiene su sede en Madrid. Durante los dos primeros años del mercado de futuros, la prima de riesgo media tiende a resultar positiva, al igual que en otros mercados europeos de energía eléctrica y gas natural. En ese periodo, la prima de riesgo ex-post tiende a ser negativa en los mercados de petróleo y carbón. Los mercados de energía tienden a mostrar niveles limitados de eficiencia de mercado. La eficiencia de precio del mercado de futuros aumenta con el desarrollo de otros mecanismos coexistentes dentro del mercado ibérico de electricidad (conocido como “MIBEL”) –es decir, el mercado dominante OTC, las subastas de centrales virtuales de generación conocidas en España como Emisiones Primarias de Energía, y las subastas para cubrir parte de los suministros de último recurso conocidas en España como subastas CESUR– y con una mayor integración de los mercados regionales europeos de energía eléctrica. Se construye un modelo de regresión para analizar la evolución de los volúmenes negociados en el mercado continuo durante sus cuatro primeros años como una función de doce indicadores potenciales de liquidez. Los únicos indicadores significativos son los volúmenes negociados en las subastas obligatorias gestionadas por OMIP, los volúmenes negociados en el mercado OTC y los volúmenes OTC compensados por OMIClear. El número de creadores de mercado, la incorporación de agentes financieros y compañías de generación pertenecientes a grupos integrados con suministradores de último recurso, y los volúmenes OTC compensados por OMIClear muestran una fuerte correlación con los volúmenes negociados en el mercado continuo. La liquidez de OMIP está aún lejos de los niveles alcanzados por los mercados europeos más maduros (localizados en los países nórdicos (Nasdaq OMX Commodities) y Alemania (EEX)). El operador de mercado y su cámara de compensación podrían desarrollar acciones eficientes de marketing para atraer nuevos agentes activos en el mercado de contado (p.ej. industrias consumidoras intensivas de energía, suministradores, pequeños productores, compañías energéticas internacionales y empresas de energías renovables) y agentes financieros, captar volúmenes del opaco OTC, y mejorar el funcionamiento de los productos existentes aún no líquidos. Resultaría de gran utilidad para tales acciones un diálogo activo con todos los agentes (participantes en el mercado, operador de mercado de contado, y autoridades supervisoras). Durante sus primeros cinco años y medio, el mercado continuo presenta un crecimento de liquidez estable. Se mide el desempeño de sus funciones de cobertura mediante la ratio de posición neta obtenida al dividir la posición abierta final de un contrato de derivados mensual entre su volumen acumulado en la cámara de compensación. Los futuros carga base muestran la ratio más baja debido a su buena liquidez. Los futuros carga punta muestran una mayor ratio al producirse su menor liquidez a través de contadas subastas fijadas por regulación portuguesa. Las permutas carga base liquidadas en la cámara de compensación ubicada en Madrid –MEFF Power, activa desde el 21 de marzo de 2011– muestran inicialmente valores altos debido a bajos volúmenes registrados, dado que esta cámara se emplea principalmente para vencimientos pequeños (diario y semanal). Dicha ratio puede ser una poderosa herramienta de supervisión para los reguladores energéticos cuando accedan a todas las transacciones de derivados en virtud del Reglamento Europeo sobre Integridad y Transparencia de los Mercados de Energía (“REMIT”), en vigor desde el 28 de diciembre de 2011. La prima de riesgo ex-post tiende a ser positiva en todos los mecanismos (futuros en OMIP, mercado OTC y subastas CESUR) y disminuye debido a la curvas de aprendizaje y al efecto, desde el año 2011, del precio fijo para la retribución de la generación con carbón autóctono. Se realiza una comparativa con los costes a plazo de generación con gas natural (diferencial “clean spark spread”) obtenido como la diferencia entre el precio del futuro eléctrico y el coste a plazo de generación con ciclo combinado internalizando los costes de emisión de CO2. Los futuros eléctricos tienen una elevada correlación con los precios de gas europeos. Los diferenciales de contratos con vencimiento inmediato tienden a ser positivos. Los mayores diferenciales se dan para los contratos mensuales, seguidos de los trimestrales y anuales. Los generadores eléctricos con gas pueden maximizar beneficios con contratos de menor vencimiento. Los informes de monitorización por el operador de mercado que proporcionan transparencia post-operacional, el acceso a datos OTC por el regulador energético, y la valoración del riesgo regulatorio pueden contribuir a ganancias de eficiencia. Estas recomendaciones son también válidas para un potencial mercado ibérico de futuros de gas, una vez que el hub ibérico de gas –actualmente en fase de diseño, con reuniones mensuales de los agentes desde enero de 2013 en el grupo de trabajo liderado por el regulador energético español– esté operativo. El hub ibérico de gas proporcionará transparencia al atraer más agentes y mejorar la competencia, incrementando su eficiencia, dado que en el mercado OTC actual no se revela precio alguno de gas. ABSTRACT The Iberian Power Futures Market, managed by OMIP (“Operador do Mercado Ibérico de Energia, Pólo Português”, located in Lisbon), also known as the Iberian Energy Derivatives Market, started operations on 3 July 2006. The market efficiency, regarding how well the future price predicts the spot price, is analysed for this energy derivatives exchange. There are two trading modes coexisting within OMIP: the continuous market (default mode) and the call auction. In the continuous trading, anonymous buy and sell orders interact immediately and individually with opposite side orders, generating trades with an undetermined number of prices for each contract. In the call auction trading, a single price auction maximizes the traded volume, being all trades settled at the same price (equilibrium price). Additionally, OMIP trading members may settle Over-the-Counter (OTC) trades through OMIP clearing house (OMIClear). The five largest Spanish distribution companies have been obliged to purchase in auctions managed by OMIP until July 2009, in order to partly cover their portfolios of end users’ regulated supplies. Likewise, the Portuguese last resort supplier kept that obligation until July 2010. The auction equilibrium prices are not optimal for remuneration purposes of regulated supplies as such prices seem to be slightly upward biased. The ex-post forward risk premium, defined as the difference between the forward and spot prices in the delivery period, is used to measure its price efficiency. The spot market, managed by OMIE (Market Operator of the Iberian Energy Market, Spanish Pool, known traditionally as “OMEL”), is located in Madrid. During the first two years of the futures market, the average forward risk premium tends to be positive, as it occurs with other European power and natural gas markets. In that period, the ex-post forward risk premium tends to be negative in oil and coal markets. Energy markets tend to show limited levels of market efficiency. The price efficiency of the Iberian Power Futures Market improves with the market development of all the coexistent forward contracting mechanisms within the Iberian Electricity Market (known as “MIBEL”) – namely, the dominant OTC market, the Virtual Power Plant Auctions known in Spain as Energy Primary Emissions, and the auctions catering for part of the last resort supplies known in Spain as CESUR auctions – and with further integration of European Regional Electricity Markets. A regression model tracking the evolution of the traded volumes in the continuous market during its first four years is built as a function of twelve potential liquidity drivers. The only significant drivers are the traded volumes in OMIP compulsory auctions, the traded volumes in the OTC market, and the OTC cleared volumes by OMIClear. The amount of market makers, the enrolment of financial members and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume by OMIClear show strong correlation with the traded volumes in the continuous market. OMIP liquidity is still far from the levels reached by the most mature European markets (located in the Nordic countries (Nasdaq OMX Commodities) and Germany (EEX)). The market operator and its clearing house could develop efficient marketing actions to attract new entrants active in the spot market (e.g. energy intensive industries, suppliers, small producers, international energy companies and renewable generation companies) and financial agents as well as volumes from the opaque OTC market, and to improve the performance of existing illiquid products. An active dialogue with all the stakeholders (market participants, spot market operator, and supervisory authorities) will help to implement such actions. During its firs five and a half years, the continuous market shows steady liquidity growth. The hedging performance is measured through a net position ratio obtained from the final open interest of a month derivatives contract divided by its accumulated cleared volume. The base load futures in the Iberian energy derivatives exchange show the lowest ratios due to good liquidity. The peak futures show bigger ratios as their reduced liquidity is produced by auctions fixed by Portuguese regulation. The base load swaps settled in the clearing house located in Spain – MEFF Power, operating since 21 March 2011, with a new denomination (BME Clearing) since 9 September 2013 – show initially large values due to low registered volumes, as this clearing house is mainly used for short maturity (daily and weekly swaps). The net position ratio can be a powerful oversight tool for energy regulators when accessing to all the derivatives transactions as envisaged by European regulation on Energy Market Integrity and Transparency (“REMIT”), in force since 28 December 2011. The ex-post forward risk premium tends to be positive in all existing mechanisms (OMIP futures, OTC market and CESUR auctions) and diminishes due to the learning curve and the effect – since year 2011 – of the fixed price retributing the indigenous coal fired generation. Comparison with the forward generation costs from natural gas (“clean spark spread”) – obtained as the difference between the power futures price and the forward generation cost with a gas fired combined cycle plant taking into account the CO2 emission rates – is also performed. The power futures are strongly correlated with European gas prices. The clean spark spreads built with prompt contracts tend to be positive. The biggest clean spark spreads are for the month contract, followed by the quarter contract and then by the year contract. Therefore, gas fired generation companies can maximize profits trading with contracts of shorter maturity. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. The same recommendations are also valid for a potential Iberian gas futures market, once an Iberian gas hub – currently in a design phase, with monthly meetings amongst the stakeholders in a Working Group led by the Spanish energy regulatory authority since January 2013 – is operating. The Iberian gas hub would bring transparency attracting more shippers and improving competition and thus its efficiency, as no gas price is currently disclosed in the existing OTC market.

Bayesian model selection methodology for road safety

Road accidents are a very relevant issue in many countries and macroeconomic models are very frequently applied by academia and administrations to reduce their frequency and consequences. The selection of explanatory variables and response transformation parameter within the Bayesian framework for the selection of the set of explanatory variables a TIM and 3IM (two input and three input models) procedures are proposed. The procedure also uses the DIC and pseudo -R2 goodness of fit criteria. The model to which the methodology is applied is a dynamic regression model with Box-Cox transformation (BCT) for the explanatory variables and autorgressive (AR) structure for the response. The initial set of 22 explanatory variables are identified. The effects of these factors on the fatal accident frequency in Spain, during 2000-2012, are estimated. The dependent variable is constructed considering the stochastic trend component.