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The Value of Transmission in Electricity Markets : Evidence from a Nuclear Power Plant Closure
Davis, Lucas - 2014
Reliable estimates of the value of electricity transmission are critical if these heavily-regulated investments are to be made cost-effectively. In this paper, we exploit the abrupt closure of the San Onofre Nuclear Generating Station (SONGS) in February 2012. During the previous decade, SONGS...
Persistent link: https://www.econbiz.de/10012458479
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The Competitive Effects of Transmission Capacity in a Deregulated Electricity Industry
Borenstein, Severin - 1997
capacity on competition among" generators. We show that there may be no relationship between the effect of a transmission line …" in spurring competition and the actual electricity that flows on the line. We then investigate the" equilibria that are … relatively small investments in transmission may yield surprisingly large" payoffs in terms of increased competition …
Persistent link: https://www.econbiz.de/10012472520
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Impacts of the Clean Air Act on the Power Sector from 1938-1994 : Anticipation and Adaptation
Clay, Karen; Jha, Akshaya; Lewis, Joshua A.; Severnini, … - National Bureau of Economic Research - 2021
The passage of landmark government regulation is often the culmination of evolving social pressure and incremental policy change. During this process, firms may preemptively adjust behavior in anticipation of impending regulation, making it difficult to quantify the overall economic impact of...
Persistent link: https://www.econbiz.de/10012585446
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Do Mergers and Acquisitions Improve Efficiency? Evidence from Power Plants
Demirer, Mert; Karaduman, Ömer - National Bureau of Economic Research - 2024
Using rich data on hourly physical productivity and thousands of ownership changes from US power plants, we study the effects of acquisitions on efficiency and underlying mechanisms. We find a 2% average increase in efficiency for acquired plants, beginning five months after acquisitions....
Persistent link: https://www.econbiz.de/10014635690
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The Shifting Finance of Electricity Generation
Andonov, Aleksandar; Rauh, Joshua - National Bureau of Economic Research - 2024
Despite the incentives of incumbent domestic listed corporations (DLCs) in the electricity generation industry, private equity, institutional investors, and foreign corporations have played an outsized role in financing the energy transition. These new entrants are twice as likely to create...
Persistent link: https://www.econbiz.de/10014635696
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Chronic Excess Capacity in U.S. Industry
Hall, Robert E. - 1986
Persistent link: https://www.econbiz.de/10012477099
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Endogenous Capital Utilization and Productivity Measurement in Dynamic Factor Demand Models : Theory and an Application to the U.S. Electrical
Prucha, Ingmar R. - 1991
Studies of the firm's demand for factor inputs often assume a constant rate of utilization of the inputs and ignore the fact that the firm can simultaneously choose the level and the rate of utilization of its inputs. In particular, the literature on dynamic factor demand models has, until...
Persistent link: https://www.econbiz.de/10012475331
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The Effects of Mergers on Prices, Costs, and Capacity Utilization in the U.S. Air Transportation Industry, 1970-84
Lichtenberg, Frank R. - 1989
We analyze the effect of mergers on various aspects of airline performance during the period 1970-84, using a panel data set constructed by Caves et al. Estimates derived from a simple "matched pairs" statistical model indicate that these mergers were associated with reductions in unit cost. The...
Persistent link: https://www.econbiz.de/10012475840
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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms
Bordo, Michael D. - 2004
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10012467986
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Speculative Growth : Hints from the US Economy
Caballero, Ricardo - 2004
. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …
Persistent link: https://www.econbiz.de/10012468175