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Browsing Working Papers by Title
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(MIT Center for Energy and Environmental Policy Research, 1990)The explanation of aggregate and sectoral investment behavior has been one of the less successful endeavors in empirical economics. Existing econometric models have had little success in explaining or predicting investment ...
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(MIT Center for Energy and Environmental Policy Research, 1994)This paper incorporates an option value into deforestation policy analysis. Similar to an option value in finance, the option value here reflects the advantage to delaying irreversible species extinction until more information ...
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(MIT Center for Energy and Environmental Policy Research, 1990)Most investment expenditures have two important characteristics. First, they are largely irreversible; the firm cannot disinvest, so the expenditures are sunk costs. Second, they can be delayed, allowing ...
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(MIT Center for Energy and Environmental Policy Research, 1990)Claims of the regressivity of gasoline taxes typically rely on annual surveys of consumer income and expenditures which show that gasoline expenditures are a larger fraction of income for very low income households than ...
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(MIT Center for Energy and Environmental Policy Research, 1997.)The United Nation's Framework Convention on Climate Change (FCCC), signed by more than 150 nations in June 1992, commits signatory countries to limit greenhouse gas (GHG) emissions to 1990 levels by the year 2000. Article ...
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(MIT Center for Energy and Environmental Policy Research, 1992)The use of the atmosphere as a dumping place for greenhouse gases has been a matter of laissez faire. Proposals for international agreement to restrict the rate of such emissions are, in effect, proposals for collectively ...
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(MIT Center for Energy and Environmental Policy Research, 2003)This paper provides preliminary answers to four questions concerning the behavior of agents operating under the SO2 Allowance Trading Program that could not be adequately answered until several years' data on compliance ...
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(MIT Center for Energy and Environmental Policy Research, 2011-06-01)
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(MIT CEEPR, 2012-05-21)Though the facts of global climate change are beyond doubt, there has been relatively limited information about its local consequences. Global climate models and their derivatives have provided often differing and unspecific ...
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(MIT Center for Energy and Environmental Policy Research, 1999)I examine the long-run behavior of oil, coal, and natural gas prices, using up to 127 years of data, and address the following questions: What does over a century of data tell us about the stochastic dynamics of price ...
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(MIT Center for Energy and Environmental Policy Research, 2006)In this paper, we analyze structural changes in long-term contracts in the international trade of natural gas. Using a unique data set of 262 long-term contracts between natural gas producers and importers, we estimate the ...
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(2008)Long-term supply contracts often have ambiguous effects on the competitive structure, investment and consumer welfare in the long term. In a context of market building, these effects are likely to be worsened and thus even ...
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(MIT Center for Energy and Environmental Policy Research, 2007)We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes. We examine four ...
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(MIT Center for Energy and Environmental Policy Research, 2004)We consider the impact of sequential investment and active management on the value of a portfolio of real options. The options are assumed to be interdependent, in that exercise of any one is assumed to produce, in addition ...
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(MIT CEEPR, 2012-05-21)Recent financial reforms, such as the Dodd-Frank Act in the U.S. and the European Market Infrastructure Regulation, encourage greater use of clearing and therefore increased margining of derivative trades. They also impose ...
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(MIT CEEPR, 2013-01)We assess the long-run dynamic implications of market-based regulation of carbon dioxide emissions in the US Portland cement industry. We consider several alternative policy designs, including mechanisms that use production ...
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(MIT Center for Energy and Environmental Policy Research, 2000)Despite growing interest in the use of emissions trading for pollution control, empirical evidence for this regulatory instrument has been confined to a few experiences in the United States. This paper broadens the empirical ...
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(MIT Center for Energy and Environmental Policy Research, 2008)The Northeast region of China has been used as a testing ground for creation of a functioning wholesale electric power market. We describe the ownership structure of the generation assets for those plants participating in ...
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(MIT Center for Energy and Environmental Policy Research, 2005)We consider a market for storable pollution permits in which a large agent and a fringe of small agents gradually consume a stock of permits until they reach a long-run emissions limit. The subgame-perfect equilibrium ...
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(MIT Center for Energy and Environmental Policy Research, 2009-04)As with other commodity markets, markets for trading pollution permits have not been immune to market power concerns. In this paper, I survey the existing literature on market power in permit trading but also contribute ...
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