Energy policy aims to deliver security, sustainability and affordability, but politicians treat security of supply as over-riding. Absent market and regulatory failures, liberalized energy-only electricity markets might deliver adequate capacity. Ambitious targets for subsidized renewables and...

This paper presents a game-theoretic analysis of multimarket competition with capacity investments, applied to international gas markets. It identifies a strategic advantage of «focused» pipeline gas producers (e.g., Gazprom) over «diversified» multimarket exporters of liquefied natural gas...

The paper examines the use of taxation as a method of improving the redistributional impact of social benefits, focusing on the case of the universal family allowance programme in Hungary.

This paper explores the implications of examining the effect of policy changes on individual incomes rather than household incomes.

In this paper the integrated risk measure of Damant and Satchell (1996) is used to formulate an investor's utility function and the properties of this function are investigated. The authors calibrate their utility function for a typical UK investor who would hold different proportions of equity....

We study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by learning-by-doing. We show that this relationship may be positive or negative depending on the impulse source of fluctuations A key role is also played by the Frisch elasticity...