Bidding in Uniform Price Auctions for Value Maximizing Buyers
Posted on July 25th, 2024 by Tony TranWe study the problem of bidding in uniform price auctions, a widely used format in Treasury auctions, emissions permit auctions, […]
READ moreWe study the problem of bidding in uniform price auctions, a widely used format in Treasury auctions, emissions permit auctions, […]
READ moreThe efficient extraction and processing of ores into metals is key to clean energy transition technologies. This study compares single […]
READ moreConsumers purchase green energy via certificates independent from the physical good. The system’s current structure, primarily based on annual volumetric […]
READ moreGuaranteeing sufficient and affordable access to energy services is increasingly critical as climate change continues to accelerate, energy costs increase […]
READ moreThe global effort to accelerate the clean energy transition can only be successful if underpinned by an ambitious and concrete […]
READ moreWinter Storm Uri in 2021 exposed some of the vulnerabilities of the ERCOT grid. While freezing temperatures resulting in generator […]
READ moreInternational cooperation on climate change and trade is intensifying, as highlighted by numerous initiatives launched at the multilateral, plurilateral, and […]
READ moreWe examine the impact of energy transition policies on the U.S. markets of three critical minerals used for batteries, namely […]
READ moreForestation is viewed as an important means of removing CO2 from the atmosphere and thereby reducing net CO2 emissions. But […]
READ moreThe U.S. regulation of high-voltage transmission is highly complex and, as a result, generally poorly understood. The complexity is created […]
READ moreSpurred in part by three significant pieces of federal legislation, since 2021, the United States has experienced an investment surge […]
READ moreBuilding interregional transmission is critical to a decarbonized and more resilient U.S. grid. However, according to the most recent DOE […]
READ moreAs decarbonization policies lead to the electrification of the transportation, buildings, and other end-use sectors, it will be necessary to […]
READ moreI examine developments in the application of performance-based regulation (PBR) to electricity distribution and transmission in the United States. Applications […]
READ moreThis paper examines how digitalization impacts public service provision through a study of the U.S. power sector. We exploit the […]
READ moreThe average wait for a new generation project to interconnect to the grid continues to rise, with the median time […]
READ moreBuilding on the stochastic economic analysis of the plant-level ammonia production (AP) model, this study comprehensively considers key low-carbon AP […]
READ moreIn industries with extensive infrastructure needs and pronounced scale economies, consumers can be better served by well-designed regulation than by […]
READ moreFinancial risk is a central concern for investors in electricity technologies. Investors are both risk-averse and unable to optimally manage […]
READ moreI have noted that many observers of climate policy do not believe that the widely adopted policy of Net-zero emissions […]
READ moreMotivated by Carbon Emissions Trading Schemes, Treasury Auctions, Procurement Auctions, and Wholesale Electricity Markets, which all involve the auctioning of […]
READ moreWe consider repeated multi-unit auctions with uniform pricing, which are widely used in practice for allocating goods such as carbon […]
READ moreWind energy plays an important role in decarbonizing the economy and increasingly accounts for a growing share of electricity supply […]
READ moreWhat makes a sustainable company a sustainable company? More and more companies are setting seemingly ambitious net-zero targets for their […]
READ moreThe Inflation Reduction Act (IRA) represents the largest federal response to climate change to date. We highlight the key climate […]
READ moreThe power demand for electric vehicles in future mobility scenarios may lead to peaks and overloads threatening grid stability. The […]
READ moreThe Office of Information and Regulatory Affairs (OIRA) issued draft Circulars A-4 and A-94 for public comment earlier this year. […]
READ moreAccounting for nearly 8% of global annual carbon dioxide (CO2) emissions, the cement industry is considered difficult to decarbonize. While […]
READ moreOpinions regarding the climate impacts of Bitcoin mining deviate fundamentally between scholars and Bitcoin proponents. We validate arguments from both […]
READ moreOn March 14, 2023, the European Commission (EC) published the much awaited “Proposal for a regulation (…) to improve the […]
READ moreWe consolidate, generalize, and expand on a set of price-theory results to measure consumer benefits from technologies that improve the […]
READ moreWidespread adoption of hydrogen as an energy carrier is widely believed to require continued advances in Power-to-Gas (PtG) technologies. Here […]
READ moreRural populations are particularly exposed to increasing weather variability, notably because of agriculture. In this paper, we exploit longitudinal data […]
READ moreTo mitigate climate change, governments use various policy instruments to support low-carbon technologies. In many cases, state investment banks (SIBs) […]
READ moreThe ‘nuclear battery’ is a new concept for delivering nuclear powered heat and electricity. Their small scale and portability enable […]
READ moreParticulate matter significantly reduces life expectancy in India. We use a randomized controlled trial in the Indian state of Punjab […]
READ moreOn the 23rd of January 2023, the European Commission launched a public consultation on the reform of the EU’s electricity […]
READ moreThe ongoing energy crisis has severely hit energy consumers in Europe. Although it is a gas crisis, the existing electricity […]
READ moreReplacing conventional cars and trucks with battery electric vehicles requires a rapid expansion of fast-charging infrastructure. However, private sector charging […]
READ moreAbsent fundamental reform of retail electricity rates, economy-wide electrification will be substantially more difficult than necessary. In this Research Commentary, […]
READ moreWe estimate the macroeconomic impacts of carbon taxes on GDP and employment growth rates using 30 years of data on […]
READ moreWe use the 2017 National Household Travel Survey to investigate whether all-electric vehicles (EVs) are driven less than their counterfactual […]
READ moreI estimate the effect of temperature on cognitive performance in online brain training games. As this setting represents everyday cognitive […]
READ moreConcerns over climate change, along with falling costs of renewable energy technologies, have led to increased scrutiny over the role […]
READ moreDeep decarbonization targets require emission reductions in “hard-to-abate” sectors that have until recently received little attention, including freight trucking, shipping, […]
READ moreWhile carbon pricing, in general, and carbon taxes, in particular, are popular with economists, they are subject to considerable misunderstanding […]
READ moreCurrently, U.S. residential and small commercial electricity consumers typically pay a constant price per kWh consumed that accounts for most […]
READ moreWe propose a simple price-control mechanism correcting for a missing short-run response of demand to prices. It effectively implements an […]
READ moreWe analyze the labor market and aggregate effects of a carbon tax in a framework with pollution externalities and equilibrium […]
READ moreIn this paper, we study the optimal generation mix in power systems where only two technologies are available: variable renewable […]
READ moreHow does the sustainable level of consumption depend on productivity growth and the size and growth rate of the population? […]
READ morePotential decarbonization of the global trucking, shipping and aviation sectors by 2050 could be achieved by replacing fossil fuels with […]
READ moreWe study whether structured management practices affect the uptake and impact of industrial energy efficiency measures, which are widely considered […]
READ moreWhen deciding whether to introduce market competition in a regulated industry, a regulator faces an important tradeoff. Market-based prices can […]
READ moreThe final version of this paper will appear as Chapter 8 in the forthcoming MIT Energy Initiative study, The Future […]
READ moreTransnational power market design and development are impacted by economic, social and political factors that must inevitably be addressed. One […]
READ moreAn imperfectly-informed regulator needs to procure multiple units of some good (e.g., green energy, market liquidity, pollution reduction, land conservation) […]
READ moreFor several months, electricity prices in the European Union (EU) have been at sustained and unprecedentedly high levels. This situation […]
READ moreThe final version of this paper will appear as Chapter 6 in the forthcoming MIT Energy Initiative study, The Future […]
READ moreConstraints on electric power system carbon emissions will make optimal increased reliance on variable renewable energy (VRE, mainly wind and […]
READ moreWe study collusion among firms under imperfectly monitored environmental regulation. We develop a model in which firms increase variable profits […]
READ moreCorporate green bond announcements generate positive abnormal stock returns. We suggest this might be because managers use green bonds to […]
READ moreSeveral recent studies establish that crude oil and natural gas prices are cointegrated. Yet at times in the past, and […]
READ moreWe develop a model of the dynamic structure of capacity factor risk. It incorporates the risk that the capacity factor […]
READ moreThe United States requires a substantial investment in transmission capacity over the next several decades. This investment is needed to […]
READ moreThis paper analyses the value and cost of line-pack flexibility in liberalized gas markets through the examination of the techno-economic […]
READ moreEconomic evaluations of alternative electric generating technologies typically rely on comparisons between their expected life-cycle production costs per unit of […]
READ moreClimate policy is complicated by the considerable compounded uncertainties over the costs and benefits of abatement. We don’t even know […]
READ moreEmissions trading schemes have great potential to lower pollution while minimizing compliance costs for firms in many areas now subject […]
READ moreAlthough economists have studied various indicators of resource scarcity (e.g., unit cost, resource rent, and market price), the phenomenon of […]
READ moreIn many countries, the electricity systems are quitting the vertically integrated monopoly organization for an operation framed by competitive markets. […]
READ moreThe study is motivated by the question “what is the optimal tariff design?” While we do not offer an answer […]
READ moreWith the Nuclear Waste Policy Act of 1982, the responsibility of American utilities in the long-term management of spent nuclear […]
READ moreRapid increases in oil prices in 2008 led some to call for special taxes on the oil industry. Because oil […]
READ moreEnergy costs are notoriously uncertain but what is the effect of this on energy saving investments? We find that real-option […]
READ moreAccording to the standard analysis of commodity prices, stockpiling is a necessary signature of speculation. This paper develops an approach […]
READ moreReducing the European Union GHG emissions by at least 80% by 2050 will require a near zero carbon electricity, road […]
READ moreAny economic analysis of climate change policy requires some model that describes the impact of warming on future GDP and […]
READ moreFederal tax policy provides a broad array of incentives for energy investment. I review those policies and construct estimates of […]
READ moreThis paper examines the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown that the hybrid […]
READ moreEquilibrium models have been proposed in literature with the aim of describing the evolution of the price of emission permits. […]
READ moreThis paper provides an overview of the use of renewable energy sources to generate electricity in the United States and […]
READ moreThe past two decades have witnessed the increasing use of a new form of environmental regulation, cap-and-trade, that consists of […]
READ moreMost US consumers are charged a near-constant retail price for electricity, despite substantial hourly variation in the wholesale market price. […]
READ moreThis paper evaluates a pilot program run by a company called OPOWER, previously known as Positive Energy, to mail home […]
READ moreThis paper addresses the question of whether the oil price spike of 2003-2008 was a bubble. We document and discuss […]
READ moreWhat is the likelihood that the U.S. will experience a devastating catastrophic event over the next few decades – something […]
READ moreEnergy intensity in Spain has increased since 1990, while the opposite has happened in the EU15. Decomposition analysis of primary […]
READ moreThis paper presents a comprehensive design of electricity transmission charges that are meant to recover regulated network costs. In addition, […]
READ moreAnswering to the formidable challenge of climate change calls for a quick transition to a future economy with a drastic […]
READ moreWe analyze the levelized cost of electricity (LCOE) for three different fuel cycles: a Once-Through Cycle, in which the spent […]
READ moreFocusing on tail effects, I incorporate distributions for temperature change and its economic impact in an analysis of climate change […]
READ moreAs with other commodity markets, markets for trading pollution permits have not been immune to market power concerns. In this […]
READ moreWe consider the cost of meeting emissions reduction targets consistent with a G8 proposal of a 50 percent global reduction […]
READ moreAn arbitrage free multi-factor model is developed of the correlated forward curves of the crude oil, gasoline, heating oil and […]
READ moreIn this paper we focus on one component of the cap-and-trade system: the markets that arise for trading allowances after […]
READ moreWe update the cost of nuclear power as calculated in the MIT (2003) Future of Nuclear Power study. Our main […]
READ moreIt has been long recognized that an exhaustible-resource monopsonist faces a commitment problem similar to that of a durable-good monopolist. […]
READ moreThis is a speech given to the National Press Club, September 26, 2008 outlining the need for comprehensive reform of […]
READ moreIn this paper, we test the Coase theorem in the context of carbon emissions trading. We investigate whether generating firms […]
READ moreThis paper uses top-down trend analysis and a bottom-up power sector model to define upper and lower boundaries on abatement […]
READ moreLong-term supply contracts often have ambiguous effects on the competitive structure, investment and consumer welfare in the long term. In […]
READ moreThe world oil market is regarded by many as a puzzle. Why are oil prices so volatile? What is OPEC […]
READ moreConstellation Energy has been a leading performer in the merchant power business since 2001. In addition to its legacy utility, […]
READ moreThe European Union’s Emission Trading Scheme (EU ETS) is the world’s first multinational cap-and-trade system for greenhouse gases. As an […]
READ moreThe Nordic power market presents a unique opportunity for testing the nature and degree of market power in storage behavior […]
READ moreThis paper provides an empirical assessment of CO2 emissions abatement in the UK power sector during the trial period of the […]
READ moreCurrent trends in electricity consumption imply that hundreds of new fossil-fuel power plants will be built in the United States […]
READ moreThis paper focuses on the possibilities for short term abatement in response to a CO2 price through fuel switching in […]
READ moreWe analyze oligopolistic exhaustible-resource depletion when firms can trade forward contracts on deliveries, a market structure prevalent in many resource […]
READ moreIt is puzzling today to explain diversity and imperfection of actual transmission monopoly designs in competitive electricity markets. We argue […]
READ moreIn the absence of a federal policy to cap carbon emissions many states are moving forward with their own initiatives, […]
READ moreThe Northeast region of China has been used as a testing ground for creation of a functioning wholesale electric power […]
READ moreThis paper argues that an increased application of quasi-experimental and experimental techniques will improve understanding about core environmental economics questions. […]
READ moreThis memorandum provides an overview of three deficiencies within the current presentation of the Community Independent Transaction Log (CITL) data […]
READ moreWe characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of […]
READ moreThis paper applies the literature on asymmetric price transmission to the emerging commodity market for EU emissions allowances (EUA). We […]
READ moreHigh concentrations of ozone in the Houston/Galveston area are associated with industrial plumes of highly reactive hydrocarbons, mixed with NOx. […]
READ moreAmbient observations have indicated that high concentrations of ozone observed in the Houston/Galveston area are associated with plumes of highly […]
READ moreThis paper provides an overview of the current status of development of the Canadian oil sands industry, and considers possible […]
READ moreDue to variations in weather and atmospheric chemistry, the timing and location of nitrogen oxide (NOX) reductions determine their effectiveness […]
READ moreThis essay examines several legal, regulatory and organizational issues that need to be addressed to create an effective regulatory regime […]
READ moreThe prospects of global warming and potential shortages of oil have brought energy back to the forefront of the list […]
READ moreThe so-called “electricity wholesale market” is, in fact, a sequence of several markets. The chain is closed with a provision […]
READ moreThis paper uses the housing market to develop estimates of the local welfare impacts of Superfund sponsored clean-ups of hazardous […]
READ moreThis paper examines the economic and regulatory challenges that must be faced by potential investors in new nuclear power plants […]
READ moreThe objective of this paper is to analyze the development of US natural gas infrastructure over the last two decades […]
READ moreIn a world of certainty, the design of environmental policy is relatively straightforward, and boils down to maximizing the present […]
READ moreThis paper provides an initial analysis of the EU ETS based on the installation-level data for verified emissions and allowance […]
READ moreOn January 1st, 2005, the EU Emissions Trading Scheme (EU ETS) scheme was officially launched, only two years after the […]
READ moreSince 2003 the international oil market has been moving away from the previous 20-year equilibrium in which prices fluctuated around […]
READ moreAs a person whose life began in England and ended in North America and who maintained academic affiliations in the […]
READ moreThis paper investigates the link between factor prices, technology and factor demands. I estimate the effect of price-induced technology adoption […]
READ moreIn this paper, we analyze structural changes in long-term contracts in the international trade of natural gas. Using a unique […]
READ moreEvidence from the U.S. and some other countries indicates that organized wholesale markets for electrical energy and operating reserves do […]
READ moreThis paper compares market designs intended to solve the resource adequacy (RA) problem, and finds that, in spite of rivalrous […]
READ moreSince the start of its economic reforms in 1978, China’s energy prices relative to other prices have increased. At the […]
READ moreOil prices are very volatile. But much of this volatility seems to reflect short-term, transitory factors that may have little […]
READ moreThis paper is about one aspect of Britain’s electricity trading system, its advantages and its weaknesses concerning the incentives it […]
READ moreIn order to preserve stability of electricity supply generators must provide ancillary services in addition to energy production. Hydroelectric resources […]
READ moreAny investor in assets that can be exploited sequentially faces a tradeoff between diversification and concentration. Loading a portfolio with […]
READ moreThis paper measures the economic impact of climate change on US agricultural land by estimating the effect of the presumably […]
READ moreDespite the considerable attention paid to the theory of tax incidence, there are surprisingly few estimates of the pass-through rate […]
READ moreWe consider a market for storable pollution permits in which a large agent and a fringe of small agents gradually […]
READ moreThe European Union’s “internal energy market” remains a work in progress. It is even possible its construction were to stall. […]
READ moreModern theoretical principles to govern the design of incentive regulation mechanisms are reviewed and discussed. General issues associated with applying […]
READ moreIntroduction. A working paper entitled “Oil and Natural Gas Reserve Prices 1982-2002: Implications for Depletion and Investment Cost” was published […]
READ moreThe transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. […]
READ moreFollowing the structure of many commodity markets, we consider a reduced number of large firms and a competitive fringe of […]
READ moreGovernment support of innovation – both technology creation and technology demonstration – is desirable to encourage private investors to adopt […]
READ moreThis chapter provides a comprehensive overview of the theoretical and empirical literature on the regulation of natural monopolies. It covers […]
READ moreConventional wisdom holds that dependence among geological prospects increases exploration risk. However, dependence also creates the option to truncate exploration […]
READ moreWe consider an infinitely-repeated oligopoly in which at each period firms not only serve the spot market by either competing […]
READ moreThis paper provides an empirical evaluation of the efficiency of allowance banking (i.e., abating more in early periods in order […]
READ moreThis paper examines a number of issues associated with alternative analytical approaches for evaluating investments in electricity transmission infrastructure and […]
READ moreThe energy market liberalisation process in Europe is increasingly focused on electricity market integration and related cross border issues. This […]
READ moreThe paper surveys the literature and publicly available information on market power monitoring in electricity wholesale markets. After briefly reviewing […]
READ moreSharp price fluctuations and increasing environmental and distributional concerns, among other issues, have led to a renewed academic interest in […]
READ moreAs oil prices rose in 2004, a large part of the blame was laid at the feet of the emerging […]
READ moreSince 1999, gasoline prices in California, Illinois and Wisconsin have spiked occasionally well above gasoline prices in nearby states. In […]
READ moreEconomists know how to calculate optimal prices for electricity transmission. These are rarely applied in practice. This paper develops a […]
READ moreThe Chicago cap-and-trade approach to regulating stationary source VOC emissions in the Chicago ozone non-attainment area is a pioneering program […]
READ moreAlthough the allocative efficiency benefits of competition are a tenet of microeconomic theory, the relation between competition and technical efficiency […]
READ moreThis paper provides an overview of the development of electric power transmission access, pricing and investment policies in the U.S. […]
READ moreChile was the first country in the world to implement a comprehensive reform of its electricity sector in the recent […]
READ moreI study the advantages of pollution permit markets over traditional standard regulations when the regulator has incomplete information on firms’ […]
READ moreThis paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second […]
READ moreWe consider an infinitely-repeated oligopoly in which at each period firms not only serve the spot market by either competing […]
READ moreElectricity generators can raise the price of power by withholding their plant from the market. We discuss two ways in […]
READ moreWe analyze a number of unstudied aspects of retail electricity competition. We first explore the implications of load profiling of […]
READ moreDespite all of the talk about “deregulation” of the electricity sector, a large number of non-market mechanisms have been imposed […]
READ moreOver the last three decades, ambient concentrations of sulfur dioxide (SO2) air pollution have declined by approximately 80%. This paper […]
READ moreWe examine the effects of total suspended particulates (TSPs) air pollution on infant health using the air quality improvements induced […]
READ moreIn this paper, we investigate the effect of market power on the equilibrium path of an emission permits market in […]
READ moreIn various fields of economic endeavor, agents enjoy the option to “try, try again.” Failure in a particular pursuit often […]
READ moreWe consider the impact of sequential investment and active management on the value of a portfolio of real options. The […]
READ moreWe examine the degree of natural gas market integration in Europe, North America and Japan, between the mid 1990’s and […]
READ moreAn enduring issue in environmental regulation is whether to clean up existing “old” plants or in some manner to bring […]
READ moreA time series is estimated of in-ground prices – as distinct from wellhead prices – of US oil and natural […]
READ moreWe now have over a decade of experience with the privatization, restructuring, regulatory reform, and wholesale and retail competition in […]
READ moreHans Landsberg and Sam Schurr each led research teams that produced two important energy futures policy studies that were published […]
READ moreUsing daily futures price data, I examine the behavior of natural gas and crude oil price volatility since 1990. I […]
READ moreThis paper examines the incentives to exercise market power that generators would face and the different strategies that they would […]
READ moreThis paper provides preliminary answers to four questions concerning the behavior of agents operating under the SO2 Allowance Trading Program […]
READ moreThis paper provides a comprehensive discussion of the causes and consequences of state and federal initiatives to introduce wholesale and […]
READ moreIn an attempt to reduce high electricity prices in England and Wales, the government and regulator forced the largest generators […]
READ moreAlternative market structures are distinguishable by the degree of parallel action exhibited by producers. We show that the correlation between […]
READ moreWe show that standard statistical tests of OPEC behavior have very low power across a wide range of alternative hypotheses […]
READ moreWe examine the performance attributes of a merchant transmission investment framework that relies on “market driven” transmission investment to provide […]
READ moreThe U.S. SO2 cap-and-trade program was established as a result of the enactment of the 1990 Clean Air Act Amendments […]
READ moreWe consider per-capita carbon dioxide emission trends in 16 early developed countries over the period 1870-2028. Using a multiple-break time […]
READ moreComments of Professor Paul L. Joskow before the US Federal Energy Regulatory Commission on January 10, 2003 I respectfully submit […]
READ moreIn this paper we provide a simulations-based demonstration of a hybrid electricity market that combines the distributed competitive advantages of […]
READ moreIn what follows, we highlight problems created by aggregation using fixed conversion coefficients (Section 1). We then offer an economic […]
READ moreThank you for giving me the opportunity to appear here today to discuss issues associated with the restructuring of U.S. […]
READ moreThe introduction of market rules in a electricity supply industry characterized by a vertically integrated monopoly and public ownership is […]
READ moreSince 1999, regional retail and wholesale gasoline markets in the United States have experienced significant price volatility, both intertemporally and […]
READ moreWhen access to monopoly owned networks is constrained auctioning access rights can increase the efficiency of allocations relative to negotiation […]
READ moreThis paper develops a methodology for estimating potential cost savings from the use of market-based instruments (MBIs) when local emissions […]
READ moreA tradeable permits market is said to be efficient when all affected firms trade permits until their marginal costs equal […]
READ moreThis paper provides an empirical evaluation of the temporal efficiency of the U.S. Acid Rain Program, which implemented a nationwide […]
READ moreThis paper evaluates President Bush’s recent proposal to reduce the cap on total SO2 emissions using a model of emissions […]
READ moreI study the design of environmental policies for a regulator that has incomplete information on firms’ emissions and costs of […]
READ moreAs China’s economy has grown, atmospheric pollution has become a greater problem and a matter of increasing concern to policymakers […]
READ moreotherwise he should keep markets separated. I also find that incomplete enforcement reduces the advantage of market integration.
READ moreCommodity prices tend to be volatile, and volatility itself varies over time. changes in volatility can affect market variables by […]
READ moreThe collapse of California’s electricity restructuring and competition program has attracted attention around the world. Prices in California’s competitive wholesale […]
READ moreThe movement of deregulation in Japan’s electric power industry started in 1995 with the revision of the Electric Utility Industry […]
READ moreThis essay discusses U.S. energy policy and the associated evolution of energy supply, energy demand, energy prices and the industrial […]
READ moreA universal prediction of the various oligopoly models used to predict and explain behaviour in the England and Wales (E&W) […]
READ moreI discuss the short-run dynamics of commodity prices, production, and inventories, as well as the sources and effects of market […]
READ moreBecause of the uncertainties and irreversibilities that are often inherent in environmental degradation, its prevention, and its economic consequences, environmental […]
READ moreIn many petroleum basins, and especially in more mature areas, most reserve additions consist of the growth over time of […]
READ moreThe England and Wales wholesale electricity market is about to undergo major reform (NETA). I describe and analyse the proposed […]
READ moreImportant reforms have been made to the oil sector tax code in Venezuela. Given its diversity of oil resources, there […]
READ moreDespite growing interest in the use of emissions trading for pollution control, empirical evidence for this regulatory instrument has been […]
READ moreWe analyze labor productivity in coal mining in the United States using indices of productivity change associated with the concepts […]
READ moreThis paper discusses the evolution of wholesale and retail competition in the U.S electricity sector and associated industry restructuring and […]
READ moreOn May 13, 1999, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) on Regional Transmission […]
READ moreIn many countries, infrastructure sectors that have historically been vertically integrated natural monopolies subject to public regulation, such as electric […]
READ moreIn a companion paper (Joskow-Tirole 1998), we examined whether and how the allocation of financial transmission rights may enhance the […]
READ moreMost economists and analysts claim that extended use of pollution charges in environmental policy will have substantial efficiency advantages in […]
READ moreThis dissertation presents a different approach at looking at market power in capacity rights markets that goes beyond the functional […]
READ moreJapan consumes a considerable amount of the world’s energy, and it occupies an even more important position in the markets […]
READ moreShort-run cost curves shift over time as depletion counters increasing knowledge. Under competition, a rightward (leftward) shift indicates lower (higher) […]
READ moreAllowances are a central feature of Title IV; and, from the time Title IV was enacted, there has been concern […]
READ moreThe low price of allowances has been a frequently noted featured of the implementation of the sulfur dioxide emissions market […]
READ moreThis paper examines natural gas pricing at five citygate locations in the northeastern United States using daily and weekly price […]
READ moreI examine the long-run behavior of oil, coal, and natural gas prices, using up to 127 years of data, and […]
READ moreThe U.S. Acid Rain Program is one of the first, and by far the most extensive, applications of a market […]
READ moreThe Clean Air Act Amendments of 1990 initiated the first large-scale use of the tradable permit approach to pollution control. […]
READ moreTradable pollution permits are the basis of a new market-based approach to environmental control. The Acid Rain Program, established under […]
READ moreTo deepen the understanding of the relation between economic development and energy demand, this study estimates the Engel curves that […]
READ moreThis paper develops new techniques to assess the expanse of the geographic market under varying supply and demand conditions and […]
READ moreThis paper exploits a large mine-level database to contribute to our understanding of the micro-sources of productivity growth. The database […]
READ moreThe U.S. acid rain program, Title IV of the 1990 Clean Air Act Amendments, is a pioneering experience in environmental […]
READ moreWe develop continuous-time models of capacity choice when demand fluctuates stochastically, and the firm’s opportunities to expand or contract are […]
READ moreotherwise a second-best equilibrium is implemented. The latter is sensitive to uncertainty in control costs and benefits.
READ morewe show that this trade-off is closely analogous to the standard trade-off for the pricing decision of a firm that faces a downward sloping demand curve. We reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the same form as the formula for a firm’s optimal markup of price over marginal cost. This is illustrated with several examples.
READ moreAndrew B. Bernard, September 1996We examine the hypothesis that hazardous waste facilities are disproportionately located in minority neighborhoods. We also ask […]
READ morePaul L. Joskow, Richard Schmalensee, and Elizabeth M. Bailey, August 1996Title IV of the Clean Air Act Amendments of 1990 created […]
READ moreM.A. Adelman, August 1996The U.S. Energy Information Agency has recently published a report prepared by Petroconsultants, Inc. that addresses the cost […]
READ moreA. Denny Ellerman, July 1996This paper explores the seeming paradox between the predominant choice of natural gas for capacity additions to […]
READ moreM.A. Adelman and G.C. Watkins, May 1996The object of this research is to estimate a time series, starting in 1979, for […]
READ moreElizabeth M. Bailey, March 1996Please see the update to this paper: WP-98005 – Allowance Trading Activity and State Regulatory Rulings: Evidence from […]
READ moreA. Denny Ellerman and Juan Pablo Montero, February 1996This paper presents an analysis of the reduction in SO2 emissions by electric […]
READ moreRichard Schmalensee and Thomas M. Stoker, August 1995Continuing rapid growth in U.S. gasoline consumption threatens to exacerbate environmental and congestion problems. […]
READ moreAndrew B. Abel, Avinash K. Dixit, Janice C. Eberly, and Robert S. Pindyck, June 1995Capital investment decisions must recognize the limitations […]
READ moreAvinash K. Dixit and Robert S. Pindyck, February 1995This paper provides a simple introduction to the new option view of investment. […]
READ moreA. Denny Ellerman, November 1994A significant increase in the seaborne trade for coal over the past twenty years has unified formerly […]
READ moreJames M. Poterba and Julio J. Rotemberg, June 1994Many proposed and actual environmental taxes are taxes on intermediate goods. These goods, […]
READ moreStephen Lautzenhiser and Scott McDonald, June 1994The purpose of this thesis is to analyze capacity release transactions in the natural gas […]
READ moreAndrew B. Bernard and Pamela H. Chang, June 1994In this paper, we examine the determinants of the international trade in waste […]
READ moreMasayuki Inoue, March 1994In recent years, the circumstances surrounding Japanese City gas industries have been changing drastically. On one hand, as […]
READ moreOlivier Herbelot, March 1994This paper examines the use of contingent claim analysis to evaluate the option of retrofitting a coal gasifier […]
READ moreOlivier Herbelot, March 1994Standard discounted cash flow methods are not well suited to the valuation of investments whose characteristics can be […]
READ moreAustan Goolsbee, December 1993This paper explores the effect that energy prices and market conditions have on the retirement rates of capital […]
READ moreRichard Schmalensee, October 1993Recently, some have argued that tougher environmental policies can create jobs, stimulate innovation, and enhance competitiveness. On this […]
READ moreJerry A. Hausman and Whitney K. Newey, September 1993We apply nonparametric regression models to estimation of demand curves of the type […]
READ moreNULL
READ moreJohn Reilly, Neil Hohmann, and Sally Kane, August 1993Empirical estimates of the economic welfare implications of the impact of climate change […]
READ moreJohn Reilly and Chris Thomas, June 1993Efforts to access climate change have generally been unsuccessful in describing the economic damages (or […]
READ moreDiego Rodriguez and Thomas M. Stoker, June 1993This paper gives the results of a semiparametric analysis of pollution effects on housing […]
READ moreNULL
READ morePaul L. Joskow, Nancy Rose, and Andrea Shepard, March 1993This paper explores the influence of economic regulation on the level and […]
READ moreRichard Schmalensee, March 1993In order to derive optimal policies for greenhouse gas emissions control, the discounted marginal damages of emissions of […]
READ moreRobert S. Pindyck and Andrés Solimano, March 1993A recent literature suggests that because investment expenditures are irreversible and can be delayed, […]
READ moreStewart C. Myers and Richard S. Ruback, Revised January 1993This paper develops a new rule for calculating the discount rate to […]
READ moreHilary Sigman, October 1992In 1989, 30 states levied taxes on e generation or management of hazardous waste. These taxes constitute […]
READ moreRobert M. Margolis, October 1992This paper discusses how two sets of emissions scenarios, generated using the Atmospheric Stabilization Framework, were used […]
READ moreGordon M. Kaufman, September 1992Prior to his untimely death, my friend Dave Wood gave me wise counsel about how best to […]
READ moreRicardo J. Caballero and Robert S. Pindyck, August 1992We study the effects of aggregate and idiosyncratic uncertainty on the entry of […]
READ moreMasaki Takahashi, August 1992The paper reviews and discusses uncertainty about global warming science, impact on society. It also discusses what […]
READ moreHilary Sigman, June 1992Policies that encourage recycling may be used to reduce environmental costs from waste disposal when direct restrictions on […]
READ moreDiego Rodriguez and Thomas M. Stoker, June 1992This paper presents a simple regression test of parametric and semiparametric index models against […]
READ moreRobert S. Pindyck, March 1992I study irreversible investment decisions when projects take time to complete, and are subject to two types […]
READ moreM.A. Adelman and G.C. Watkins, March 1992The Hotelling Valuation Principle, that the in-situ value of a mineral unit equals the current […]
READ moreM.A. Adelman, February 1992After 1973, oil consumption stagnated worldwide. Non-OPEC output increased, mostly in Alaska, Mexico, and the North Sea, but […]
READ moreAnn F. Friedlaender, Ernst R. Berndt, Judy Shaw-Er Wang Chiang, Mark Showalter, and Christopher A. Vellturo, September 1991This paper reports on […]
READ moreCharles R. Blitzer, Richard S. Eckaus, Supriya Lahiri, and Alexander Meeraus, June 1990A general equilibrium approach, in the form of a […]
READ moreCharles R. Blitzer, Richard S. Eckaus, Supriya Lahiri, and Alexander Meeraus, May 1990This paper presents a methodology for analyzing the potential […]
READ moreM.A. Adelman, February 1991During 1984-1989, oil development investment cost in the USA fell, but only because of lower activity. The whole […]
READ moreRobert S. Pindyck, August 1991This paper clarifies how uncertainty affects irreversible investment in a competitive market equilibrium. With free entry, irreversibility […]
READ moreRobert S. Pindyck, July 1991The present value model says that an asset’s price equals the sum of current and future discounted […]
READ moreR.W. Bates, July 1991Interest in energy conservation, although to some degree cyclical, has been stimulated during the last twenty years by […]
READ morePaul L. Joskow, March 1991This testimony discusses the changing structure of the electricity industry and some of the public policy issues […]
READ moreJames M. Poterba, March 1991This paper develops several points concerning the design and implementation of a carbon tax. First, if implemented […]
READ moreAndrea Shepard, Revised January 1992Predictions derived from a principal-agent analysis of the manufacturer-retailer relationship are derived and tested using microdata on […]
READ moreR.D. Tabors and Burt L. Monroe, January 1991The object of this paper is to identify strategies for the U.S. electric utility […]
READ moreHenry Jacoby, December 1990Within the realm of derivative asset valuation, two types of methods are available for solving the investment timing […]
READ moreRichard S. Eckaus, November 1990Policies dealing with global warming require a measure of the effects of the emissions of greenhouse gases […]
READ moreJames M. Poterba, October 1990Claims of the regressivity of gasoline taxes typically rely on annual surveys of consumer income and expenditures […]
READ moreM.A. Adelman, October 1990The assumption of an initial fixed mineral stock is superfluous and wrong. User cost (resource rent) in mineral […]
READ moreAnne F. Friedlaender, Ernst R. Berndt, Judy Shaw-Er Wang Chiang, and Christopher A. Vellturo, June 1990This paper reports on results obtained […]
READ moreAntonio Mello and John Parsons, Revised June 1990In this paper we show how to adapt the traditional contingent claims valuation techniques […]
READ moreTimothy Besley, Stephen Coate, and Glenn Loury, May 1990This paper examines the role and performance of an institution for allocating savings […]
READ moreJean-Jacques Laffont and Jean Tirole, December 1989The theory of auctions has ignored the fact that often auction designers, not the principal, […]
READ moreJean-Jacques Laffont and Jean Tirole, September 1989Public decision makers are given a vague mandate to regulate industries. Restrictions on their instruments […]
READ moreOliver Hart and Jean Tirole, April 1990Few people would disagree with the proposition that horizontal mergers have the potential to restrict […]
READ moreNULL
READ moreRobert S. Pindyck and Julio Rotemberg, April 1990We show that comovements of individual stock prices cannot be justified by economic fundamentals. […]
READ moreRobert S. Pindyck, March 1990Most investment expenditures have two important characteristics. First, they are largely irreversible; the firm cannot disinvest, so […]
READ moreErnst R. Berndt, March 1990This is a survey paper for non-specialists on interactions between energy and productivity growth. The first half […]
READ moreRobert S. Pindyck, March 1990I examine the behavior of inventories and their role in the short-run dynamics of commodity production and […]
READ moreRobert S. Pindyck, January 1990The explanation of aggregate and sectoral investment behavior has been one of the less successful endeavors in […]
READ morePhilip Hampson, John Parsons, and Charles Blitzer, Revised July 1990This is a case study in the design of the production sharing […]
READ moreRenewable subsidies are an influential device for wind power investment. These policies help lower emissions by offsetting high-emitting electricity generation […]
READ moreHow to fight global problems with local tools? When only firms know what externality-producing activities can be relocated, policies shape […]
READ moreWe evaluated the system cost of providing electricity and heat to serve the load profiles of two types of Alaskan […]
READ moreArticle 6 of the Paris Agreement allows Parties to cooperate by transferring mitigation outcomes, promising significant reductions in the cost […]
READ moreWe document non-linear stock effects in the relationship linking emerging technology adoption and network infrastructure increments. We exploit 2010-2017 data […]
READ moreThis paper focuses on efforts to build what policymakers call the “smart grid,” involving 1) improved remote monitoring and automatic […]
READ moreThe United States consumed more petroleum-based liquid fuel per capita than any other OECD- high-income country- 30 percent more than […]
READ moreTestimony of Michael Greenstone before the Senate Budget Committee Task Force on Government Performance November 16, 2011 I appreciate the […]
READ moreAnalyses of global climate policy as a sequential decision under uncertainty have been severely restricted by dimensionality and computational burdens. […]
READ moreThis paper evaluates the effect of fuel prices on new vehicle fuel economy in the eight largest European markets. The […]
READ moreInstead of efficiently pricing greenhouse gases, policy makers have favored measures that implicitly or explicitly subsidize low carbon fuels. We […]
READ moreUsing the most comprehensive data file ever compiled on air pollution, water pollution, environmental regulations, and infant mortality from a […]
READ moreSince the Clean Air Act Amendments of 1990 (CAAA), atmospheric concentration of local pollutants has fallen drastically. A natural question […]
READ moreI am grateful for the opportunity to speak today about two interrelated challenges that our country faces. The first is […]
READ moreTestimony of Michael Greenstone before the U.S. House Committee on Transportation and Infrastructure June 9, 2010 I appreciate the opportunity […]
READ moreFocusing on the U.S. and the E.U., this essay seeks to advance four main propositions. First, the incidence of the […]
READ moreWe know little about the dynamic economic impacts of natural disasters. I examine the effect of hurricanes on US counties’ […]
READ moreThe United States Government recently concluded a year-long process to develop a range of values representing the monetized damages associated […]
READ moreWe are the first to examine the effect of Superfund cleanups on infant health rather than focusing on proximity to […]
READ moreSubglobal climate policies induce changes in international competitiveness and favor a relocation of carbon-emitting activities. We argue that many energy-intensive […]
READ moreWe construct two simple examples that help to clarify the role of a key assumption in the analysis of price […]
READ moreThis article reviews the current experiences implemented to date in the South American region to promote non-conventional renewable energy sources. […]
READ moreThough the facts of global climate change are beyond doubt, there has been relatively limited information about its local consequences. […]
READ moreThe overlapping impact of the Emission Trading System (ETS) and renewable energy (RE) deployment targets creates a classic case of […]
READ moreEnergy consumption is critical to economic growth and quality of life. America’s energy system, however, is malfunctioning. The status quo […]
READ moreThis paper analyzes the impact of the Fukushima accident on the future of nuclear power around the world. We begin […]
READ moreFrance, Germany, and Sweden link vehicle taxes to the carbon dioxide (CO2) emissions rates of passenger vehicles. Based on new […]
READ moreTwo decades have passed since the Clean Air Act Amendments of 1990 launched a grand experiment in market-based environmental policy: […]
READ moreA ubiquitous and largely unquestioned assumption in studies of housing markets is that there is perfect information about local amenities. […]
READ moreDerivative markets are an important tool enabling non-financial companies to reduce their risk and manage their financing. Effective regulation of […]
READ moreWe assess the long-run dynamic implications of market-based regulation of carbon dioxide emissions in the US Portland cement industry. We […]
READ moreIncentives for the development of renewable energy have increasingly become an instrument of climate policy, that is, as a means […]
READ moreMany consumers are keenly aware of gasoline prices, and consumer responses to gasoline prices have been well studied. In this […]
READ moreThis paper provides a framework for understanding how the trade in oil derivatives relates to the physical production and use […]
READ moreIn many regulated markets, private, third-party auditors are chosen and paid by the firms that they audit, potentially creating a […]
READ moreCompared with gasoline engines, diesel fuel engines significantly reduce fuel consumption and greenhouse gas emissions from passenger vehicles, but they […]
READ moreA key reason for poor performance in large capital projects is the weak incentives facing the involved entities to deliver […]
READ moreElectricity prices have fallen significantly since 2008, putting commercial nuclear reactors in the United States under substantial financial pressure. In […]
READ moreCoupling the modes of action of four different climate control mechanisms: emission reduction, CO2 removal, adaptation, and geoengineering can greatly […]
READ moreThe decarbonization of the light-duty vehicle (LDV) fleet in the United States is an important policy priority for the coming […]
READ moreThe cost and revenue earnings potential of alternative power generation sources has shifted considerably in recent years. Here we introduce […]
READ moreWe consider the techno-economic feasibility of constructing a large-scale reverse osmosis desalination plant at the Diablo Canyon Nuclear Power Plant […]
READ moreAs a central element of its climate policy agenda, the Biden Administration has declared a goal to decarbonize the national […]
READ moreThe International Energy Agency projects on the basis of national government expressed intentions, that global electric vehicle, EV, deployments are […]
READ moreMany governments, electric utilities, and large electricity consumers have committed to deep decarbonization of the electricity sector by 2050 or […]
READ moreElectric power sectors around the world have changed dramatically in the last 25 years as a result of sector liberalization […]
READ morePower-to-Gas technology has recently experienced lower acquisition costs and lower conversion efficiency losses. At the same time, wholesale power markets […]
READ moreAs the United States undergoes an unprecedented shift away from carbon-intensive energy sources and towards a clean energy future, federal […]
READ moreGovernments often subsidize private R&D using both direct subsidies and tax incentives. In this paper, I develop a framework for […]
READ moreThe transition to a low-carbon electricity system is likely to require grid-scale energy storage to smooth the variability and intermittency […]
READ moreThe past decade has seen an unprecedented surge of climate change-driven extreme weather events that have wrought over $800 billion […]
READ moreHighway fast-charging (HFC) stations for electric vehicles (EVs) are necessary to address range anxiety concerns and thus to support economy-wide […]
READ moreIn this paper, we carry out three studies of the local and global impacts of supply shocks in energy markets, […]
READ moreWe consider welfare-optimal investment in and operation of electric power systems with constant returns to scale in multiple available generation […]
READ moreCurrently, renewable technologies are often evaluated using the Levelized cost of electricity (LCOE), which is a measure of building and […]
READ moreTo design climate policy decision makers must choose from a variety of policy options such as carbon pricing and low-carbon […]
READ moreAs part of its Green Deal, the European Union is currently preparing a “Carbon Border Adjustment Mechanism” (CBAM). A CBAM […]
READ moreNet metering schemes (NEM), typically implemented to incentivize investment on distributed energy resources (DER), could be regressive, given that DER […]
READ moreAdvocates for addressing climate change point to the urgency of accelerating a low-carbon energy transition and the benefits that can […]
READ moreMajor industrial transitions in the United States led to highly divergent community outcomes. As the nation transitions to a deeply […]
READ moreWhat happens to people and places as communities transition from one form of energy production and consumption to another? How […]
READ moreWe employ machine learning techniques to estimate household carbon footprints (HCFs) for the average household in each Census tract—geographic areas […]
READ moreThe world must rapidly shift to clean energy sources in order to avoid causing additional, catastrophic damage to the climate. […]
READ moreGovernment actions to counteract climate change must take into account how Americans view the climate crisis and what they believe […]
READ moreDeep decarbonization of existing economies may still avert the worst of catastrophic global climatic disruption. As political discourse in the […]
READ moreSolutions to climate change will require the mass deployment of new energy technologies and infrastructure. Two fundamental questions emerge from […]
READ moreThe Energy sector is critical to the economic vitality of the United States, but has been undergoing significant change in […]
READ moreSources of innovative growth have the potential to mitigate the localized adverse impacts of a low-carbon energy transition. Transitions themselves […]
READ moreWe show that residential rooftop solar photovoltaics (PV) adoption under typical electricity tariffs that inefficiently recover residual costs through volumetric […]
READ moreTechnological change in industries that are characterized by large technical systems often occurs incrementally along given technological trajectories. Given pressing […]
READ moreIn this commentary, we explore how the short-run effects of Covid-19 in reducing CO2 and local air pollutant emissions can […]
READ morePower systems with high penetrations of solar generation need to replace solar output when it falls rapidly in the late […]
READ moreThe ability of power system participants to trade in short-term power markets is not only limited by grid constraints, but […]
READ morePersistent greenhouse gas (GHG) emissions threaten global climate goals and have prompted consideration of climate controls supplementary to emissions mitigation. […]
READ moreThis paper studies the introduction of an EU-wide emission standard on the automobile market. Using panel data from 1998-2011, I […]
READ moreThere is a lot we know about climate change, but there is also a lot we don’t know. Even if […]
READ moreWe correlate county-level COVID-19 death rates with key variables using both linear regression and negative binomial mixed models, although we […]
READ moreIn this chapter of the forthcoming Handbook on the Economics of Electricity, we examine the global implications of electrifying the […]
READ moreThis paper addresses the role of pumped hydro storage (PHS) to decarbonization of the electricity sector using Spain’s power system […]
READ moreMost of the literature on the economics of catastrophes assumes that such events cause a reduction in the stream of […]
READ moreWe formulate generation capacity portfolio planning in the power grid as a least-cost optimization problem and derive analytical expressions for […]
READ moreBased on data for a portfolio of 548 multi-unit buildings observed over 16 years, we quantify the impacts of more […]
READ moreMeeting climate policy targets in the U.S. Northeast will likely require the nearly complete decarbonization of electricity generation. To that […]
READ moreGovernments use procurement auctions for renewable energy support to stimulate investment in renewable energy. The main challenge in auction design […]
READ moreWe use causal forests to evaluate the heterogeneous treatment effects (TEs) of repeated behavioral nudges towards household energy conservation. The […]
READ moreThis field experiment quantifies the impact of social norm information on the demand for indoor temperature. Based on high-frequency data […]
READ moreThe solar industry in the United States typically uses a credit score such as the FICO score as an indicator […]
READ moreWe use novel microdata on on-road fuel consumption and prices paid for fuel in Japan to estimate short-run elasticities of […]
READ moreThis essay provides a broad-brush comparison of performance under traditional arrangements for electricity supply with those that emerged after the […]
READ moreDespite substantial progress in recent years, the global community is projected to fall short in its goal to achieve universal […]
READ moreWe study how state-led crackdowns under conditions of urgency effect firm behavior. By linking the timing of centralized dispatch of […]
READ moreFuel-economy standards for new vehicles are a primary policy instrument in many countries to reduce the carbon footprint of the […]
READ moreTo overcome adoption barriers and promote battery electric vehicles (BEVs) as an energy efficient consumer transportation option, a number of […]
READ moreIn this short note, I use MIT’s Emissions Prediction and Policy Analysis (EPPA) Model to calculate the carbon tax required […]
READ moreThe cost of utility-scale photovoltaics (PV) has declined rapidly over the past decade. Yet increased renewable electricity generation, decreased natural […]
READ moreElectricity power systems, typically a very slow-moving and traditional industry, is in a state of flux as technological innovations, such […]
READ moreWhen energy storage is employed to facilitate large-scale integration of intermittent renewable electricity generation, do competitive bulk power markets continue […]
READ moreWe obtain a formula for how non-renewable resources should be taxed when governments need to collect commodity tax revenues: This […]
READ moreAnecdotes that Millennials fundamentally differ from prior generations are numerous in the popular press. One claim is that Millennials, happy […]
READ moreAmbiguity in calculating unit cost continues to spur debate on how to account for operating assets in managerial decisions, especially […]
READ moreHistorically, high voltage electric transmission facilities in the U.S. have been owned and operated primarily by incumbent utilities subject to […]
READ moreFuel-switching is inevitable to achieve deep decarbonization. Humanity has used approximately two-thirds of the carbon budget compatible with the goal […]
READ moreIn the United States, consumers invest billions of dollars annually in energy efficiency, often on the assumption that these investments […]
READ moreElectricity tariffs typically charge residential users a volumetric rate that covers the bulk of energy, transmission, and distribution costs. The […]
READ moreThe supply of intermittent wind and solar generation with zero marginal operating cost is increasingly rapidly in the U.S. These […]
READ moreBlockchain began with Bitcoin, which was the first successful attempt to validate transactions via a decentralized data protocol. Participation in […]
READ moreParties to the Paris Agreement can engage in voluntary cooperation and use internationally transferred mitigation outcomes towards their national climate […]
READ moreSpain’s seven operating nuclear plants currently provide more than 20% of its electricity. Each of these began operation in the […]
READ moreI study the role of purely financial players in electricity markets, where they trade alongside physical buyers and sellers. Using […]
READ moreThis paper studies the role of imperfect information and attentional biases in the context of energy efficiency investments in rented […]
READ moreWe examine the effect of the U.S. Shale Gas Boom on global trade and consumption of coal and CO2 emissions. […]
READ moreDistributed energy resources (DERs) hold the potential to deliver substantial benefits to the power system. However, under traditional tariff schemes, […]
READ moreWe show that inefficiencies from having separate markets to correct an environmental externality are significantly mitigated when firms participate in […]
READ moreIn a declining market each firm hopes others will exit first. Collusive cross-ownership removes this war of attrition: it achieves […]
READ moreAccording to the International Energy Agency, energy efficiency programs make up 72% of global greenhouse gas abatement strategies. However, there […]
READ moreWe raise the question if improvements to current energy-only markets are sufficient to maintain resource adequacy in electricity markets or […]
READ moreThis paper addresses the implications of the emergence of distributed energy resources (DERs) for industry structure in the electric power […]
READ moreWe analyse the impact of corruption and two key aspects of electricity sector reforms, such as the creation of independent […]
READ moreThe UK was widely seen as one of the world’s leaders on electricity deregulation in the early 1990s. Though the […]
READ moreWe examine the response of vehicle purchase behavior to China’s largest national subsidy program for fuel efficient vehicles during 2010 […]
READ moreCorrective taxes can completely solve a variety of market failures, but actual policies are commonly forced to deviate from the […]
READ moreElectricity market prices across organized wholesale electricity markets in the United States have declined significantly in recent years, prompting several […]
READ moreThe profitability of many agricultural decisions depends on farmers’ abilities to predict the weather. Since climate change implies (possibly unknown) […]
READ moreThe Russian budget relies heavily on exports of fossil fuels, which are the major source of greenhouse gas (GHG) emissions. […]
READ moreThe Paris Agreement has achieved one of two key necessary conditions for ultimate success—a broad base of participation among the […]
READ moreLocal air pollution problems have led authorities in many cities around the world to impose limits on car use, increasingly […]
READ moreMeasurement of the full costs and benefits of energy-saving technologies is often difficult, confounding adoption decisions. We study consequences of […]
READ moreWe examine the pass-through of wholesale prices to retail prices in the market for E85, which contains 51%–83% ethanol, and […]
READ moreWith respect to electrical grids and power systems there is a trend towards a greater penetration and subsequent utilization of […]
READ moreWe study pollution permit markets in which a fraction of permits are allocated to firms based on their output. Output-based […]
READ moreOutput-based allocations (OBAs) are typically used in emission trading systems (ETS) with a fixed cap to mitigate leakage in sectors […]
READ moreHousehold preferences for goods with a bundle of attributes may have complex substitution patterns when one attribute is changed. For […]
READ moreWe examine an open economy’s strategy to reduce its carbon emissions by replacing its consumption of coal (very carbon intensive) […]
READ moreThe adverse effects of black carbon (BC) emissions from diverse sources are significant in human and economic terms. BC emissions […]
READ morePigovian regulation provides monetary penalties/rewards to incentivize prosocial behavior, and may thereby trigger behavioral effects beyond a more standard response […]
READ moreRestructuring an electricity sector entails a complex realignment of political and economic institutions, which may both delay and distort the […]
READ moreIt has long been argued that people are poorly-informed about and inattentive to fuel economy when buying cars, and that […]
READ moreRecent work has suggested that tropical forest and savanna represent alternative stable states, which are subject to drastic switches at […]
READ moreThe literature on the developmental state suggests that state structure determines the ability of governments to drive technological change. This […]
READ moreThe impact of environmental regulation on firm productivity has been long been debated, however, mainly for western economies and with […]
READ moreWhen agents expect a regulation to change the relative price of new equipment, they may shift purchases forward to avoid […]
READ moreAs in most commodities markets, deregulated electricity markets allow the participation of purely financial traders to enhance informational and productive […]
READ moreA pure energy-only market has been shown, under certain conditions, to create the optimal incentives for market entry and exit. […]
READ moreWe propose a new way to estimate the remaining volume of recoverable shale oil resources in the U.S. Our method […]
READ moreDespite widespread agreement that a carbon tax would be more efficient, many countries use fuel economy standards to reduce transportation-related […]
READ moreWe explore the effect on U.S. real GDP growth of the sharp and sustained decline in the global price of […]
READ moreTVA and the other federal electric utilities were created under Democratic administrations, and their service territories were initially bluer than […]
READ moreThe persistently low allowance prices in the EU emissions trading scheme (EU ETS)—oscillating between €5/tCO2 and €17/tCO2 since 2008/9—has reignited […]
READ moreWhen comparing oil and gas projects – their relative attractiveness, robustness, and contribution to markets – various dollar per barrel […]
READ moreNow more than ever, activist NGOs oppose industrial projects/practices that have nevertheless been approved by public regulators. These NGOs are […]
READ moreResearchers and professional evaluators are increasingly turning to randomized field experiments to evaluate energy efficiency programs and policies. This article […]
READ moreAll things being equal, integration of emissions trading systems though linking increases their economic efficiency. With several greenhouse gas emissions […]
READ moreA need for a low-carbon world has added a new challenging dimension for the long-term energy scenarios development. In addition […]
READ moreLinking the European Union Emissions Trading System (EU ETS) to the Chinese national ETS promises considerable economic and political benefits. […]
READ moreThe integration of significant volumes of intermittent renewable generation and distributed energy resources in electric power systems is forcing a […]
READ moreIn November 2014, OPEC announced a new strategy geared towards improving its market share. Oil-market analysts interpreted this as an […]
READ moreExploiting geological variation within shale deposits and timing in the initiation of hydraulic fracturing, this paper finds that allowing fracing […]
READ moreScientists believe significant climate change is unavoidable without a drastic reduction in the emissions of greenhouse gases from the combustion […]
READ moreThe case for or against capacity remuneration mechanisms (CRMs) is often made in a simple framework that takes the structure […]
READ moreDistributed energy resources (“DERs”) are being adopted throughout the world. These technologies, if properly integrated, have the potential to not […]
READ moreThirty years ago, the notion of a government allocating tradable rights to emit pollution was controversial. Many environmental advocates felt […]
READ moreThis paper explores the prospects for a global carbon market as the centrepiece of any serious attempt to reach the […]
READ moreEnergy trade has developed into one of the most contentious and divisive issues between Russia and EU in the post-Cold […]
READ moreWe examine the environmental impact of the post-2005 natural gas glut in the United States due to the shale gas […]
READ moreCarbon dioxide emissions are highly correlated with cyclical fluctuations in the U.S. economy; they increase during booms and fall during […]
READ moreThe U.S. Renewable Fuel Standard (RFS) requires blending increasing quantities of biofuels into the U.S. surface vehicle fuel supply. In […]
READ moreUS derivative markets, including commodity derivatives used in industries like energy, are undergoing dramatic reform following the financial crisis. This […]
READ moreIn response to cost changes, prices often rise more strongly or quickly than they fall. This phenomenon has attracted attention […]
READ moreA major concern with addressing the negative externalities of gasoline consumption by regulating fuel economy, rather than increasing fuel taxes, […]
READ moreIn this paper, we study the effects of competition among multiple suppliers who sell green technology products, such as electric […]
READ moreGovernments use consumer incentives to promote green technologies (e.g., solar panels and electric vehicles). Our goal in this paper is […]
READ moreIn recent articles, I have argued that integrated assessment models (IAMs) have flaws that make them close to useless as […]
READ moreThe conventional analysis of policy-induced changes in resource extraction is inconsistent with the actual way OPEC is exerting its market […]
READ moreThe 2009 Cash for Clunkers program aimed to stimulate consumer spending in the new automobile industry, which was experiencing disproportionate […]
READ moreIn climate negotiations, negotiators frequently reject soft forms of cooperation that require no hard commitments and at best simple coordination. […]
READ moreVirtual bidding is a type of transaction introduced into wholesale electricity markets to improve competition and pricing. This paper analyzes […]
READ moreUsing data on hourly outputs and spot prices for a sample 25 wind and nine solar generating plants covering all […]
READ moreFlexibility in environmental regulations can lead to reduced costs if it allows additional abatement from lower cost sources or if […]
READ moreThe growing potential for widespread integration of distributed energy resources (DER) presents the electric power sector with significant changes to […]
READ moreThis study examines carbon spot and futures price relationships and the dynamics of the carbon term structure in the European […]
READ moreOngoing changes in the delivery of electricity services and the use and management of electricity distribution systems—including the proliferation of […]
READ moreEconomy-wide top-down equilibrium (TD) models have traditionally proved to be valuable tools for assessing energy and climate policies. New modeling […]
READ moreMany countries are tightening passenger vehicle fuel economy standards. In assessing the welfare effects of standards, the literature has not […]
READ moreThis paper discusses a series of issues regarding the economic integration of intermittent renewables into European electricity markets. This debate […]
READ moreThis paper describes the formulation of IMRES: an electricity generation capacity expansion model with unit commitment constraints in which decisions […]
READ moreGovernment subsidies have driven rapid growth in U.S. wind and solar generation. Using data on hourly outputs and prices for […]
READ moreVery little. A plethora of integrated assessment models (IAMs) have been constructed and used to estimate the social cost of […]
READ moreThe price of crude oil in the U.S. had never exceeded $40 per barrel until mid-2004. By 2006 it reached […]
READ moreA basic tenet of economics posits that when consumers or firms don’t face the true social cost of their actions, […]
READ moreAdaptation is the only strategy that is guaranteed to be part of the world’s climate strategy. Using the most comprehensive […]
READ moreFrom 1864 to 1972, the real price of oil fell by, on average, over one percent per year. This trend […]
READ moreIn this paper we analyze whether the 2009 “Cash for Clunkers” program was indeed, as U.S. Transportation Secretary Ray LaHood […]
READ moreThe economic costs of environmental regulations have been widely debated since the U.S. began to restrict pollution emissions more than […]
READ moreI examine the risk/return tradeoff for environmental investments, and its implications for policy choice. Consider a policy to reduce carbon […]
READ moreClimate policy poses a dilemma for environmental economists. The economic argument for stringent GHG abatement is far from clear. There […]
READ moreIt is conventional wisdom that it is possible to reduce exposure to indoor air pollution, improve health outcomes, and decrease […]
READ moreWillingness to pay for air quality is a function of health and the costly defensive investments that contribute to health, […]
READ moreEthanol made from corn comprises 10% of US gasoline, up from 3% in 2003. This dramatic increase was spurred by […]
READ moreRecent financial reforms, such as the Dodd-Frank Act in the U.S. and the European Market Infrastructure Regulation, encourage greater use […]
READ moreEfforts to reduce greenhouse gas emissions in the US have relied on Corporate Average Fuel Economy (CAFE) Standards and Renewable […]
READ moreRecent increases in natural gas reserve estimates and advances in shale gas technology make natural gas a fuel with good […]
READ moreDrawing from relevant experiences in power systems around the world, this paper offers a critical review of existing policy support […]
READ moreThis paper examines the impact that uncertainty over economic growth may have on global energy transition and CO2 prices. We […]
READ moreStephen Ansolabehere, March 2007 The prospects of global warming and potential shortages of oil have brought energy back to the […]
READ moreJean Michel Glachant and Marcelo Saguan, January 2007 The so-called “electricity wholesale market” is, in fact, a sequence of several […]
READ morePaul L. Joskow, December 2006 This paper examines the economic and regulatory challenges that must be faced by potential investors […]
READ moreChristian von Hirschhausen, December 2006 The objective of this paper is to analyze the development of US natural gas infrastructure […]
READ moreAnne Neumann and Christian von Hirschhausen, May 2006 In this paper, we analyze structural changes in long-term contracts in the […]
READ moreRalph Turvey, March 2006 This paper is about one aspect of Britain’s electricity trading system, its advantages and its weaknesses […]
READ moreHilary Sigman, October 1992 In 1989, 30 states levied taxes on e generation or management of hazardous waste. These taxes […]
READ moreHilary Sigman, October 1992 In 1989, 30 states levied taxes on e generation or management of hazardous waste. These taxes […]
READ moreMasaki Takahashi, August 1992 The paper reviews and discusses uncertainty about global warming science, impact on society. It also discusses […]
READ moreMasaki Takahashi, August 1992 The paper reviews and discusses uncertainty about global warming science, impact on society. It also discusses […]
READ moreJohn S. Carroll, Constance Perin, and Alfred A. Marcus, December 1991 The Nuclear Power Plant Advisory Panel on Organizational Learning […]
READ moreTed Glen Achorn, May 1991 Refinements in the safety and performance of nuclear power plants must be made to maintain […]
READ moreJohn S. Carroll and Peter B. Cebon, February 1990 Nuclear power plants are a controversial technology. The future of the […]
READ moreDuring the past two years, a group of researchers at the MIT Center for Energy Policy Research has been conducting […]
READ moreThis paper will examine how a set of past policies and practices has produced a pattern of LNG use in […]
READ moreThe MIT project on international gas trade is examining the forces affecting natural gas trade in the three major markets: […]
READ moreThe MIT project on international gas trade is examining the forces affecting natural gas trade in the three major markets: […]
READ moreThe MIT project on international gas trade is examining the forces affecting natural gas trade in the three major markets: […]
READ more