The questioning of how public investments decisions are made leads to a two-level problematic. On the one hand, public decision makers have constrained resources that they have to use the best way they can. On the other hand, by choosing between alternative investments projects, decision makers...

Network industries are now characterized by a regime of permanent innovation, while they continue to be fixed and sunk cost industries, due to the high level of investments in R&D and infrastructures. Players in these industries need to coordinate their investments; hence a threat of collusion....

Energy efficiency is the critical parameter for policies that aim at reducing energy consumption while maintaining or even boosting economic growth. The two main options to influence energy efficiency are changes in relative prices, i.e., raising the price of energy through economic instruments,...

Motivated by policy events experienced during the last two decades by the European natural gas industry, this paper develops a simple model for analyzing the interaction between gas release and capacity investment programs as tools to improve the performance of imperfectly competitive markets....

We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering natural gas as an exhaustible resource. Using US data, we estimate the model’s structural parameters and test economically founded restrictions. We analyze,...

This article treats energy taxation principles in the light of the need to optimise supply by non-EU suppliers. Our model distinguishes and evaluates the three terms of an optimum tax: budget, environment and strategy. Their values depend on technological data (output) and habits (consumption)...

We propose a joint modeling of spot electricity prices, forwards prices and other derivative prices, using recent developments in discrete time asset pricing methods based on the notions of stochastic discount factor and of compound autoregressive (or affine) stochastic processes. We show that...