Browsing Center for Energy and Environmental Policy Research by Title
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Browsing Center for Energy and Environmental Policy Research by Title
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(MIT Center for Energy and Environmental Policy Research, 2005)The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and ...
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(MIT Center for Energy and Environmental Policy Research, 1997)We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; ...
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(MIT Center for Energy and Environmental Policy Research, 2004)
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(MIT Center for Energy and Environmental Policy Research, 2003)We examine the performance attributes of a merchant transmission investment framework that relies on "market driven" transmission investment to provide the infrastructure to support competitive wholesale markets for ...
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(MIT Center for Energy and Environmental Policy Research, 1991)This paper aims to interpret Demand-Side Management (DSM) activity and to point out its problems, adopting microeconomics as an analytical tool. Two major findings follow. first, the cost-benefit analysis currently in use ...
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(MIT Center for Energy and Environmental Policy Research, 2010-01)Any economic analysis of climate change policy requires some model that describes the impact of warming on future GDP and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP ...
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(MIT Center for Energy and Environmental Policy Research, 2010-07)In many countries, the electricity systems are quitting the vertically integrated monopoly organization for an operation framed by competitive markets. In such a competitive regime one can ask what the optimal management ...
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(MIT Center for Energy and Environmental Policy Research, 2009)An arbitrage free multi-factor model is developed of the correlated forward curves of the crude oil, gasoline, heating oil and tanker shipping markets. Futures contracts trading on public exchanges are used as the primary ...
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(MIT Center for Energy and Environmental Policy Research, 2001)I study the optimal design of marketable permit systems to regulate various pollutants (e.g. air pollution in urban areas) when the regulator lives in a real world of imperfect information and incomplete enforcement. I ...
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(MIT Center for Energy and Environmental Policy Research, 1998)This paper examines natural gas pricing at five citygate locations in the northeastern United States using daily and weekly price series for the years 1994-97. In particular, the effects of the natural gas price at Henry ...
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(MIT Center for Energy and Environmental Policy Research, 2006)As a person whose life began in England and ended in North America and who maintained academic affiliations in the United Kingdom, Canada and the U.S., Campbell Watkins had a fine appreciation for the subtle differences ...
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(MIT Center for Energy and Environmental Policy Research, 2006)Since 2003 the international oil market has been moving away from the previous 20-year equilibrium in which prices fluctuated around $25/bbl (in today's dollars). The single most important reason is that growing demand has ...
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(MIT Center for Energy and Environmental Policy Research, 1995)This paper provides a simple introduction to the new option view of investment. We explain the shortcomings of the orthodox theory, and then outline the basic ideas behind the option framework. Several industry examples ...
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(MIT Center for Energy and Environmental Policy Research, 1993)We apply nonparametric regression models to estimation of demand curves of the type most often used in applied research. From the demand curve estimators we derive estimates of exact consumers surplus and deadweight loss, ...
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(MIT Center for Energy and Environmental Policy Research, 2002)Congestion on power grids seems a physical reality, a "hard" fact easy to check. Our paper models a different idea: congestion signal may be distorted by transmission system operators (TSOs), which puts the European ...
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(MIT Center for Energy and Environmental Policy Research, 1999)Oil field "growth" has become a well-recognized phenomenon in mature, well-explored provinces such as the United States leading to the continual under-estimation in oil production forecasts. This working paper explores the ...
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(MIT Center for Energy and Environmental Policy Research, 1991)This paper clarifies how uncertainty affects irreversible investment in a competitive market equilibrium. With free entry, irreversibility affects the distribution of future prices, and thereby creates an opportunity cost ...
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(MIT Center for Energy and Environmental Policy Research, 2004)In this paper, we investigate the effect of market power on the equilibrium path of an emission permits market in which firms can bank current permits for use in later periods. In particular, we study the market equilibrium ...
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(MIT Center for Energy and Environmental Policy Research, 2009-09)We analyze the levelized cost of electricity (LCOE) for three different fuel cycles: a Once-Through Cycle, in which the spent fuel is sent for disposal after one use in a reactor, a Twice-Through Cycle, in which the spent ...
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(MIT Center for Energy and Environmental Policy Research, 2003)A time series is estimated of in-ground prices - as distinct from wellhead prices ₆ of US oil and natural gas reserves for the period 1982-2002, using market purchase and sale transaction information. The prices are a ...
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