Now showing items 1-20 of 334

    • The politics of government decision making : regulatory institutions 

      Laffont, Jean-Jacques; Tirole, Jean (MIT Center for Energy and Environmental Policy Research, 1989)
      Public decision makers are given a vague mandate to regulate industries. Restrictions on their instruments or scope of regulation affect their incentives to identify with interest groups and the effectiveness ...
    • Auction design and favoritism 

      Laffont, Jean-Jacques; Tirole, Jean (MIT Center for Energy and Environmental Policy Research, 1989)
      The theory of auctions has ignored the fact that often auction designers, not the principal, design auctions. In a multi attribute auction, the auction designer may bias his subjective evaluation of quality or distort the ...
    • Irreversibility and the explanation of investment behavior 

      Pindyck, Robert S. (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 ...
    • Interdependent pricing and markup behavior : an empirical analysis of GM, Ford and Chrysler 

      Berndt, Ernst R.; Friedlaender, Ann Fetter; Wang Chiang, Judy S. (MIT Center for Energy and Environmental Policy Research, 1990)
      In this paper we show how to adapt the traditional contingent claims valuation techniques to correctly value the firm and its liabilities in the presence of agency costs. This enables us to measure the significance of the ...
    • The potential for reducing carbon emissions from increased efficiency : a general equilibrium methodology 

      Blitzer, Charles R. (MIT Center for Energy and Environmental Policy Research, 1990)
      This paper presents a methodology for analyzing the potential for reduction in carbon emissions through increased fuel efficiency and provides an illustration of the method. The methodology employed is a multisectoral, ...
    • The agency cost of alternative debt instruments 

      Mello, António Sampaio; Parsons, John E. (MIT Center for Energy and Environmental Policy Research, 1990)
      In this paper we show how to adapt the traditional contingent claims valuation techniques to correctly value the firm and its liabilities in the presence of agency costs. This enables us to measure the significance of the ...
    • The organization and management of nuclear power plants 

      Carroll, John S.; Cebon, Peter (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 ...
    • Tacit collusion in a dynamic duopoly with indivisible production and cumulative capacity constraints 

      Loury, Glenn C. (MIT Center for Energy and Environmental Policy Research, 1990)
      This paper studies a dynamic, quantity setting duopoly game characterized as follows: Each firm produces an indivisible output over a potentially infinite horizon, facing the constraint that its cumulative production cannot ...
    • Transitional strategies for the reduction of "greenhouse gas" emission in the United States electric power sector 

      Monroe, Burt L. (MIT Center for Energy and Environmental Policy Research, 1990)
      Environmental issues have become increasingly important in the political arena, particularly with growing concern over the "greenhouse effect," a potential global climatic warming caused by increases in anthropogenic ...
    • A general equilibrium analysis of the effects of carbon emission restrictions on economic growth in a developing country 

      Blitzer, Charles R. (MIT Center for Energy and Environmental Policy Research, 1990)
      A general equilibrium approach, in the form of a multisector, intertemporal programming model, is used to analyze the effects on the growth of the Egyptian economy of carbon emissions constraints that differ across sectors ...
    • Irreversibility, uncertainty and investment 

      Pindyck, Robert S. (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 ...
    • Do stock prices move together too much? 

      Pindyck, Robert S.; Rotemberg, Julio (MIT Center for Energy and Environmental Policy Research, 1990)
      We show that comovements of individual stock prices cannot be justified by economic fundamentals. This finding is a rejection of the present value model of security valuation. Unlike other tests of this model, ours is ...
    • Pricing behavior and verticle contracts in retail markets 

      Shepard, Andrea (MIT Center for Energy and Environmental Policy Research, 1990)
    • Uncertainty, information and project evaluation 

      Jacoby, Henry D.; Laughton, David G. (MIT Center for Energy and Environmental Policy Research, 1990)
      This paper presents a practical method for project evaluation using techniques of financial economics which were developed originally for valuing stock options and other financial assets. It is based on the formulation and ...
    • Inventories and the short-run dynamics of commodity prices 

      Pindyck, Robert S. (MIT Center for Energy and Environmental Policy Research, 1990)
      I examine the behavior of inventories and their role in the short-run dynamics of commodity production and price. Competitive producers of a storable commodity react to price changes by balancing costs of changing production ...
    • One for you, three for me, or, optimal production sharing rules for a petroleum exploration venture 

      Hampson, Philip Robert Osler; Parsons, John E.; Blitzer, Charles R. (MIT Center for Energy and Environmental Policy Research, 1990)
      This is a case study in the design of the production sharing rule used in an oil exploration partnership contract. The contract was negotiated in mid-1986 when a state-owned oil resources authority hired a ...
    • Energy use, technical progress and productivity growth : a survey of economic issues 

      Berndt, Ernst R. (MIT Center for Energy and Environmental Policy Research, 1990)
      This is a survey paper for non-specialists on interactions between energy and productivity growth. The first half of the paper surveys the general economic literature linking technical progress to realized gains in ...
    • Rail costs and capital adjustments in a quasi-regulated environment 

      Friedlaender, Ann Fetter (MIT Center for Energy and Environmental Policy Research, 1990)
      This paper reports on results obtained from estimation of a rail cost function using a pooled time-series cross section of Class I U.S. railroads for the period 1973-1986. Based on the results of this cost function, an ...
    • User cost in oil production 

      Adelman, Morris Albert; DeSilva, Harindar; Koehn, Michael F. (MIT Center for Energy and Environmental Policy Research, 1990)
      The assumption of an initial fixed mineral stock is superfluous and wrong. User cost (resource rent) in mineral production is the present value of expected increases in development cost. It can be measured as the difference ...
    • Is the gasoline tax regressive? 

      Poterba, James M. (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 ...