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On the Persistent Financial Losses of U.S. Airlines : A Preliminary Exploration
Borenstein, Severin - 2011
U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the … that challenges the economics of deregulation. I examine some of the most common explanations among industry participants …
Persistent link: https://www.econbiz.de/10013130786
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Deregulation, Consolidation, and Efficiency : Evidence from U.S. Nuclear Power
Davis, Lucas W. - 2011
markets. Deregulation has been accompanied by substantial market consolidation and today the three largest companies control … more than one-third of all U.S. nuclear capacity. We find that deregulation and consolidation are associated with a 10 …
Persistent link: https://www.econbiz.de/10013121046
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Vertical Arrangements, Market Structure, and Competition an Analysis of Restructured U.S. Electricity Markets
Bushnell, James - 2007
This paper examines vertical arrangements in electricity markets. Vertically integrated wholesalers, or those with long-term contracts, have less incentive to raise wholesale prices when retail prices are determined beforehand. For three restructured markets, we simulate prices that define...
Persistent link: https://www.econbiz.de/10012775797
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When Does Regulation Distort Costs? Lessons from Fuel Procurement in U.S. Electricity Generation
Cicala, Steve - 2014
techniques relative to matched plants that were not subject to any regulatory change. Deregulation also led to a shift toward …
Persistent link: https://www.econbiz.de/10013054040
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The U.S. Electricity Industry after 20 Years of Restructuring
Borenstein, Severin - 2015
Prior to the 1990s, most electricity customers in the U.S. were served by regulated, vertically-integrated, monopoly utilities that handled electricity generation, transmission, local distribution and billing/collections. Regulators set retail electricity prices to allow the utility to recover...
Persistent link: https://www.econbiz.de/10013023689
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Do Markets Reduce Costs? Assessing the Impact of Regulatory Restructuring on U.S. Electric Generation Efficiency
Markiewicz, Kira; Rose, Nancy L.; Wolfram, Catherine D. - 2021
While neoclassical models assume static cost-minimization by firms, agency models suggest that firms may not minimize costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to market-oriented environments for many U.S. electric...
Persistent link: https://www.econbiz.de/10013218426
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Mergers, Deregulation and Cost Savings in the U.S. Rail Industry
Berndt, Ernst R.; Friedlaender, Ann F.; Wang Chiang, … - 2021
The success of deregulation in creating a viable private rail freight system in the ?U.S. since 1979 is relatively … undisputed. Deregulation has proceeded in three ways: (i) eased rate setting restrictions; (ii) simplified merger applications … of deregulation on rail costs from those directly attributable to mergers and acquisitions. We employ a translog variable …
Persistent link: https://www.econbiz.de/10013210639
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On the Economic Consequences of Index-Linked Investing
Wurgler, Jeffrey - 2010
Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is...
Persistent link: https://www.econbiz.de/10013138081
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Valuation of Variance Forecast with Simulated Option Markets
Engle, Robert F. - 2010
An appropriate metric for the success of an algorithm to forecast the variance of the rate of return on a capital asset could be the incremental profit from substituting it for the next best alternative. We propose a framework to assess incremental profits for competing algorithms to forecast...
Persistent link: https://www.econbiz.de/10013138666
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Security Baskets and Index-Linked Securities
Gorton, Gary B. - 2010
Security baskets and index-lined securities are securities whose values are functions of the cash flows or values of other assets. Creation of these "composite" securities would seem to be redundant since investors can cost1ess1y replicate them. In this paper we study the existence and optimal...
Persistent link: https://www.econbiz.de/10013138948