Imperfect Markets And Imperfect Regulation
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Imperfect Markets And Imperfect Regulation
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Author : Thomas-Olivier Leautier
language : en
Publisher: MIT Press
Release Date : 2019-03-19
Imperfect Markets And Imperfect Regulation written by Thomas-Olivier Leautier and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-19 with Business & Economics categories.
The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Léautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
Imperfect Markets Versus Imperfect Regulation In U S Electricity Generation
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Author : Steve Cicala
language : en
Publisher:
Release Date : 2017
Imperfect Markets Versus Imperfect Regulation In U S Electricity Generation written by Steve Cicala and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Electric power production categories.
This paper measures changes in electricity generation costs caused by the introduction of market mechanisms to determine output decisions in service areas that were previously using command-and-control-type operations. I use the staggered transition to markets from 1999-2012 to evaluate the causal impact of liberalization using a nationwide panel of hourly data on electricity demand and unit-level costs, capacities, and output. To address the potentially confounding effects of unrelated fuel price changes, I use machine learning methods to predict the allocation of output to generating units in the absence of markets for counterfactual production patterns. I find that markets reduce production costs by $3B per year by reallocating output among existing power plants: Gains from trade across service areas increase by 20% based on a 10% increase in traded electricity, and costs from using uneconomical units fall 20% from a 10% reduction in their operation.
Imperfect Markets For Power Competition And Residual Regulation In The Electricity Industry
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Author : Thomas-Olivier Nasser
language : en
Publisher:
Release Date : 1997
Imperfect Markets For Power Competition And Residual Regulation In The Electricity Industry written by Thomas-Olivier Nasser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
An Imperfect Markets Model Of The Banking Firm Under Regulation
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Author : John J. Mingo
language : en
Publisher:
Release Date : 1977
An Imperfect Markets Model Of The Banking Firm Under Regulation written by John J. Mingo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Banks and banking categories.
Topics In Microeconomics
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Author : Elmar Wolfstetter
language : en
Publisher: Cambridge University Press
Release Date : 1999-10-28
Topics In Microeconomics written by Elmar Wolfstetter and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-10-28 with Business & Economics categories.
This book in microeconomics focuses on the strategic analysis of markets under imperfect competition, incomplete information, and incentives. Part I of the book covers imperfect competition, from monopoly and regulation to the strategic analysis of oligopolistic markets. Part II explains the analytics of risk, stochastic dominance, and risk aversion, supplemented with a variety of applications from different areas in economics. Part III focuses on markets and incentives under incomplete information, including a comprehensive introduction to the theory of auctions, which plays an important role in modern economics.
Prices Vs Quantities
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Author : Erin Mansur
language : en
Publisher:
Release Date : 2007
Prices Vs Quantities written by Erin Mansur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Environmental policy categories.
In a market subject to environmental regulation, a firm's strategic behavior affects the production and emissions decisions of all firms. If firms are regulated by a Pigouvian tax, changing emissions will not affect the marginal cost of polluting. However, under a tradable permits system, the polluters' decisions affect the permit price. This paper shows that this feedback effect may increase a strategic firm's output. Relative to a tax, tradable permits improve welfare in a market with imperfect competition. As an application, I model strategic and competitive behavior of wholesalers in the Pennsylvania, New Jersey, and Maryland electricity market. Simulations suggest that exercising market power decreased local pollution by approximately nine percent, and therefore, substantially reduced the price of the region's pollution permits. Furthermore, I find that had regulators opted to use a tax instead of permits, the deadweight loss from imperfect competition would have been approximately seven percent greater.
Common Markets With Imperfect Competition
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Author : Pertti Haaparanta
language : en
Publisher:
Release Date : 1989
Common Markets With Imperfect Competition written by Pertti Haaparanta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Customs unions categories.
Perfect And Imperfect Markets In Politics And Economics
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Author : Donald Wittman
language : en
Publisher:
Release Date : 1986
Perfect And Imperfect Markets In Politics And Economics written by Donald Wittman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Government marketing categories.
Natural Monopoly
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-02-11
Natural Monopoly written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-11 with Business & Economics categories.
What is Natural Monopoly A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors. Specifically, an industry is a natural monopoly if the total cost of one firm, producing the total output, is lower than the total cost of two or more firms producing the entire production. In that case, it is very probable that a company (monopoly) or minimal number of companies (oligopoly) will form, providing all or most relevant products and/or services. This frequently occurs in industries where capital costs predominate, creating large economies of scale about the size of the market; examples include public utilities such as water services, electricity, telecommunications, mail, etc. Natural monopolies were recognized as potential sources of market failure as early as the 19th century; John Stuart Mill advocated government regulation to make them serve the public good. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Natural monopoly Chapter 2: Economies of scale Chapter 3: Microeconomics Chapter 4: Monopoly Chapter 5: Monopolistic competition Chapter 6: Perfect competition Chapter 7: Imperfect competition Chapter 8: Public utility Chapter 9: Economies of scope Chapter 10: X-inefficiency Chapter 11: Anti-competitive practices Chapter 12: Barriers to entry Chapter 13: Monopoly profit Chapter 14: Average cost Chapter 15: Contestable market Chapter 16: Market power Chapter 17: Free entry Chapter 18: Competition (economics) Chapter 19: Rate-of-return regulation Chapter 20: Minimum efficient scale Chapter 21: History of microeconomics (II) Answering the public top questions about natural monopoly. (III) Real world examples for the usage of natural monopoly in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Natural Monopoly.
Pollution Under Environmental Regulation In Energy Markets
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Author : Francesco Gullì
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-14
Pollution Under Environmental Regulation In Energy Markets written by Francesco Gullì and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-14 with Business & Economics categories.
Pollution Under Environmental Regulation in Energy Markets provides a study of environmental regulation when energy markets are imperfectly competitive. This theoretical treatment focuses on three relevant cases of energy markets. First, the residential space heating sector where hybrid regulation such as taxation and emissions trading together are possible. Second, the electricity market where transactions are organized in the form of multi-period auctions. Third, namely natural gas (input) and electricity (output) markets where there is combined imperfect competition in vertical related energy markets. The development of free or low carbon technologies supported by energy policies, aiming at increasing security of supply, is also explored whilst considering competition policies that reduce market power in energy markets thus improving market efficiency. Pollution Under Environmental Regulation in Energy Markets discusses the key issues of whether imperfect competition can lessen the ability of environmental policy to reduce pollution and/or to minimize the cost of meeting environmental targets. Policymakers, analysts and researchers gain a thorough understanding of the performance of environmental policy from Pollution Under Environmental Regulation in Energy Markets leading to better design of simulation models of performance and costs of environmental regulation.