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For many economic problems standard statistical analysis, based on the notion of stationarity, is not adequate. These include modeling seasonal decisions of consumers, forecasting business cycles and - as we show in the present article - modeling wholesale power market prices. We apply standard...

Bei der Energiewende geht es aus ökonomischer Sicht darum, ihre klima- und umweltpolitisch Ziele so zu erreichen, dass auch die beiden anderen Eckpunkte des energiepolitischen Zieldreiecks, die Wirtschaftlichkeit und die Versorgungssicherheit, angemessene Berücksichtigung finden. Der...

Der Ausstieg aus der Kernenergie und die angestrebte Energiewende werden vermutlich zu steigenden Strompreisen führen. Einigen Schätzungen zufolge könnten die Preise für Strom bis zum Jahr 2020 um bis zu 30% angehoben werden. Wer trägt die Hauptlast der hohen Kosten? Kann es gelingen, die...

Recent benefit-cost studies have shown that the marginal benefits from controlling conventional air emissions from coal-fired electric utility power plants in the US exceed marginal costs of pollution control. Moreover existing and proposed regulations ignore harm caused by the emission of...

Modelling price formation in electricity markets is a notoriously difficult process, due to physical constraints on electricity generation and transmission, and the potential for market power. This difficulty has inspired the recent development of bottom-up agent-based algorithmic learning...

One of the objectives of energy security is the uninterrupted physical availability of energy. However, there is limited information about how much is the cost of energy supply interruptions. This information is essential to optimize investment and operating decisions to prevent energy...

The German Energiewende’s potential effects on the reliability of electricity supply as well as the corresponding economic consequences have recently entered both the political and scientific debate. However, empirical evidence of power outage costs in Germany is rather scarce. Following a...