In this paper, we introduce an electricity market model and use it to explore the effect of climate change on electricity output and prices. It is calibrated to the New Zealand Electricity Market, and includes multiple generation fuels, uncertain fuel availability, and storage options. The model...

The "local cap" uses minimal information to establish an optimal price for a monopolized input in a vertically integrated firm. Under it only upstream costs need be known. No demand information is required. It is comparatively welfare efficient and has a small regulatory footprint. Profits are...

A number of studies have revealed that the effect of industrial policy on productivity growth is negative. Is this because industrial policy fails to control the activities of firms, or because it can effectively control them? This paper attempts to answer these questions, using firm-level data...

Water policy experts contend that the United States is heading toward a water scarcity crisis in the coming years. Global climate change is likely to make water scarcity much worse in the long run. This article argues that demands of current and projected water management challenges can best be...

The change in the market of public utilities – the liberalisation of markets – is a much debated and highly significant tendency in today’s economy. Many competing, contradicting views have been published on this issue. The demand for the liberalisation of the market of public utilities...

U.S. industries are facing intense pressures to become more energy efficient, driven by the need to lower the carbon footprints of energy-intensive sectors and to achieve energy security. A successful transition to a new era of efficient, low-carbon electricity production and usage will require...

In this study, we analyze the incentives of a streaming platform to bias consumption when products are vertically differentiated. The platform offers mixed bundles of content to monetize consumer interest in variety and pays royalties to sellers based on the effective consumption of the...

Based on the Business Environment and Enterprise Performance Survey (BEEPS) of firms in transition countries, which unbundles corruption to measure different types of corrupt transactions and provide detailed information on the characteristics and performance of firms, we find that: i)...

Recent studies have focussed on the characteristics and policies of the state to explain the extent and causes of corruption, with little attention paid to the role played by firms. Consequently, the links between corporate governance and national governance have been unexplored. This paper...

This paper develops a proxy measure of the inequality of influence on the basis of survey evidence from 2002 Business Environment and Enterprise Performance Survey (BEEPS) conducted among 6,500 firms in 27 transition countries. We refer to the resulting inequality as crony bias in the political...