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Browsing Working Papers by Title

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  • Eckaus, Richard S. (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 ...
  • Ellerman, A. Denny (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 ...
  • Greenstone, Michael (MIT Center for Energy and Environmental Policy Research, 2011-06-01)
  • Eckaus, Richard S. (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 ...
  • Pindyck, Robert S. (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 ...
  • Neumann, Anne; Hirschhausen, Christian von (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 ...
  • Glachant, Jean-Michel; Adrien, de Hauteclocque (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 ...
  • Blanchard, Olivier; Galí, Jordi (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 ...
  • Smith, James L.; Thompson, Rex W. (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 ...
  • Mello, Antonio S.; Reilly, John E. (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 ...
  • Fowlie, Meredith; Reguant, Mar; Ryan, Stephen P. (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 ...
  • Montero, Juan-Pablo; Katz, Ricardo Santiago; Sánchez, José Miguel (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 ...
  • Zhang, Xiaochun; Parsons, John E. (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 ...
  • Liski, Matti; Montero, Juan-Pablo (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 ...
  • Montero, Juan Pablo (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 ...
  • Sweeting, Andrew (MIT Center for Energy and Environmental Policy Research, 2004)
    This paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was ...
  • Joskow, Paul L. (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 ...
  • Dixit, Avinash K.; Pindyck, Robert S.; Sødal, Sigbjørn (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; ...
  • Müller, Chr; Wienken, W. (MIT Center for Energy and Environmental Policy Research, 2004)
  • Joskow, Paul L.; Tirole, Jean (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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