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Baum, Christopher F.; Caglayan, Mustafa; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

financial frictions arising from asymmetric information, proxied by firms' liquidity and degree of uncertainty. Measures of … intrinsic and extrinsic uncertainty are derived from firms' daily stock returns and S&P 500 index returns along with a CAPM …. Financial frictions captured by interactions between firms' cash flow and both intrinsic and CAPM-based measures of uncertainty …

Persistent link: https://www.econbiz.de/10004963877

Market Power Rents and Climate Change Mitigation: A Rationale for Coal Taxes?

Richter, Philipp M.; Mendelevitch, Roman; Jotzo, Frank - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015

In this paper we investigate the introduction of an export tax on steam coal levied by an individual country (Australia), or a group of major exporting countries. The policy motivation would be twofold: generating tax revenues against the background of improved terms-of-trade, while CO2...

Persistent link: https://www.econbiz.de/10011265687

All Quiet on the Eastern Front?: Disruption Scenarios of Russian Natural Gas Supply to Europe

Richter, Philipp M.; Holz, Franziska - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

The Russian-Ukrainian crisis has revitalized the European concerns of supply disruptions of natural gas as experienced in 2006 and 2009. However, the European supply situation, regulation and infrastructure have changed since: imports aremore diversified, EU member states better connected and a...

Persistent link: https://www.econbiz.de/10011266590

An Exact Solution Method for Binary Equilibrium Problems with Compensation and the Power Market Uplift Problem

Huppmann, Daniel; Siddiqui, Sauleh - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015

We propose a novel method to find Nash equilibria in games with binary decision variables by including compensation payments and incentive-compatibility constraints from non-cooperative game theory directly into an optimization framework in lieu of using first order conditions of a...

Persistent link: https://www.econbiz.de/10011266601

Combining Energy Networks: The Impact of Europe's Natural Gas Network on Electricity Markets until 2050

Abrell, Jan; Gerbaulet, Clemens; Holz, Franziska; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

The interdependence of electricity and natural gas is becoming a major energy policy and regulatory issue in all jurisdictions around the world. The increased role of gas fired plants in renewable-based electricity markets and the dependence on gas imports make this issue particular striking for...

Persistent link: https://www.econbiz.de/10010896171

Market Power, Fuel Substitution and Infrastructure: A Large-Scale Equilibrium Model of Global Energy Markets

Huppmann, Daniel; Egging, Ruud - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

Assessing and quantifying the impacts of technological, economic, and policy shifts in the global energy system requires large-scale numerical models. We propose a dynamic multi-fuel market equilibrium model that combines endogenous fuel substitution within demand sectors and in power...

Persistent link: https://www.econbiz.de/10010896174

Power System Transformation toward Renewables: Investment Scenarios for Germany

Egerer, Jonas; Schill, Wolf-Peter - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

We analyze distinctive investment scenarios for the integration of fluctuating renewables in the German power system. Using a combined model for dispatch, transmission, and investment, three different investment options are considered, including gas-fired power plants, pumped hydro storage, and...

Persistent link: https://www.econbiz.de/10010896175

Endogenous Investment Decisions in Natural Gas Equilibrium Models with Logarithmic Cost Functions

Huppmann, Daniel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

The liberalisation of the natural gas markets and the importance of natural gas as a transition fuel to a low-carbon economy have led to the development of several large-scale equilibrium models in the last decade. These models combine long-term market equilibria and investments in...

Persistent link: https://www.econbiz.de/10010896188

European Electricity Grid Infrastructure Expansion in a 2050 Context

Egerer, Jonas; Gerbaulet, Clemens; Lorenz, Casimir - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

The European climate targets until 2050 require an adaptation of the generation portfolio in terms of renewable and fossil based generation. Assumptions on the timeline of the targets and the availability and costs of generation technologies are used in energy system models to optimize the cost...

Persistent link: https://www.econbiz.de/10010896205

The Role of CO2-EOR for the Development of a CCTS Infrastructure in the North Sea Region: A Techno-Economic Model and Application

Mendelevitch, Roman - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

Scenarios of future energy systems attribute an important role to Carbon Capture, Transport, and Storage (CCTS) in achieving emission reductions. Using captured CO2 for enhanced oil recovery (CO2-EOR) can improve the economics of the technology. This paper examines the potential for CO2-EOR in...

Persistent link: https://www.econbiz.de/10010896210