In this paper we show that free entry decisions may be socially ineffcient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In our model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with...

This paper discusses the challenges that confront the WTO, inspired by the recent appointment of a new Director-General for the organization and various views that have been expressed by knowledgeable observers as to how these challenges should be addressed. The paper focuses in particular on...

This paper proposes a set of VaR models appropriate to capture the dynamics of energy prices and subsequently quantify energy price risk by calculating VaR and ES measures. Amongst the competing VaR methodologies evaluated in this paper, besides the commonly used benchmark models, a MC...

Onshore, generators are connected to the transmission grid by TSOs. This regulatory model could simply be extended to offshore (i.e. Germany), but the connection of offshore wind farms to shore is also an opportunity to test alternatives, i.e. the third party model (i.e. the UK) or the generator...

The institutional setting of open gas networks and markets is revealing considerably diverse and diverging roads taken by the US, the EU or Australia. We will show that this is explained by key choices made in the liberalization process. This liberalization is based on a redefinition of the...

At the 9th Ministerial Conference of the WTO in Bali it was agreed to develop a work program to conclude the long-running Doha round. This report argues that any work program should recognize that goods and services are increasingly produced in international supply chains. Many of the policies...

This paper measures both population ageing and shrinking within the working age populations of all 27 European Union countries between 2010 and 2025, in the absence of any further migration. In this ‘no migration scenario’ it provides the levels of net migration that should be necessary to...

This working paper deals with one of the most pressing problems in the study and policy of regional integration: the problem of ‘Eurocentrism’, which in this context implies that assumptions and theories developed for the study of Europe crowd-out both more universally applicable frameworks...

The implementation of the Lisbon Treaty assessed new prerogatives to the European Parliament (EP) on the Common Foreign and Security Policy (CFSP) and on the Common Security and Defence Policy (CSDP). This has increased the role of the EP thus changing the balance of power with other EU...

This paper will try to explain the nature of European actorness, the mode of European policy-making, and the formation of common European interests. What are the pillars of EU power and how does the EU engage in power politics? Has Europe’s normative power of attraction vanished as a...