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Markets for power in the United States : an interim assessment
(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 ...
The efficiency and robustness of allowance banking in the U.S. Acid Rain Program
(MIT Center for Energy and Environmental Policy Research, 2005)
This paper provides an empirical evaluation of the efficiency of allowance banking (i.e., abating more in early periods in order to abate less in later periods) in the nationwide market for sulfur dioxide (SO2) emission ...
Forward trading and collusion in oligopoly
(MIT Center for Energy and Environmental Policy Research, 2005)
We consider an infinitely-repeated oligopoly in which at each period firms not only serve the spot market by either competing in prices or quantities but also have the opportunity to trade forward contracts. Contrary to ...
Diversification and the value of exploration portfolios
(MIT Center for Energy and Environmental Policy Research, 2005)
Conventional wisdom holds that dependence among geological prospects increases exploration risk. However, dependence also creates the option to truncate exploration if early results are discouraging. We show that the value ...
Regulation of natural monopolies
(MIT Center for Energy and Environmental Policy Research, 2005)
This chapter provides a comprehensive overview of the theoretical and empirical literature on the regulation of natural monopolies. It covers alternative definitions of natural monopoly, regulatory goals, alternative ...
The costs of environmental regulation in a concentrated industry
(MIT Center for Energy and Environmental Policy Research, 2005)
The typical cost analysis of an environmental regulation consists of an engineering estimate of the compliance costs. In industries where fixed costs are an important determinant of market structure this static analysis ...
A residential energy demand system for Spain
(MIT Center for Energy and Environmental Policy Research, 2005)
Sharp price fluctuations and increasing environmental and distributional concerns, among other issues, have led to a renewed academic interest in energy demand. In this paper we estimate, for the first time in Spain, an ...
Electricity market reform in the European Union : review of progress towards liberalisation and integration
(MIT Center for Energy and Environmental Policy Research, 2005)
The energy market liberalisation process in Europe is increasingly focused on electricity market integration and related cross border issues. This signals that the liberalisation of national electricity markets is now ...
Patterns of transmission investment
(MIT Center for Energy and Environmental Policy Research, 2005)
This paper examines a number of issues associated with alternative analytical approaches for evaluating investments in electricity transmission infrastructure and alternative institutional arrangements to govern network ...
What should the government do to encourage technical change in the energy sector?
(MIT Center for Energy and Environmental Policy Research, 2005)
Government support of innovation - both technology creation and technology demonstration - is desirable to encourage private investors to adopt new technology. In this paper, I review the government role in encouraging ...