In this paper we study the potential effects of Real-Time Pricing (RTP) of electricity on the need for long-run capacities in the Nordic Power markets. A characteristic of the Nordic Power market is the large variety of production technologies, of which hydro and nuclear power are capacity...

In many countries, the electricity systems are quitting the vertically integrated monopoly organization for an operation framed by competitive markets. It therefore questions how nuclear plants should be operated in an open market framework. We address the medium-term horizon of management to...

The aim of this article is to investigate the impact that the introduction of a carbon price signal will have on fuel switching within the electricity generation sector from sources of generation with high carbon footprints to sources of generation with lower carbon footprints. To examine this...

This paper investigates the effect of wind generation in the states comprising the Australian National Electricity Market (NEM). The methodology utilize an agent based model, which contains many features salient to the NEM including intra-state and inter-state transmission branches, regional...

In this paper, an integrated approach based on Monte Carlo simulation and Six Sigma methodology is used to analyze the risk associated with a project's total cost. Monte Carlo simulation is applied to understand the variability in total cost caused by the probabilistic cost items. By Six Sigma...

Developing a concept of stochastic frontier we estimate the expected increase in the production volume achieved as a result of a shift to the achievable production potential. The expected economic effect of an activity of raising production efficiency is forecast. The distribution of the...

Growth is often treated as something like a general property of any well-managed economic system, but the sustainability of this has been called into question since the 1970s. The current paper argues that the main problem with growth statistics - measured in income or capital - lies in the way...

The problem of competitiveness has becoming one of the main concerns of European governments. This is reflected trough out the Europe 2020 Strategy that includes as key priority the promotion of efficient and productive use of inputs. Differently to other "well-behaved" European "neighbours", in...

We derive the well-known continuity principle for adjoint variables for preannounced or anticipated changes in parameters for continuoustime, infinite-horizon, perfect foresight optimization models. For easy and intuitive numerical computation of the resulting multi point boundary value problem...

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: (1) It can easily deal with a wide range of dynamic systems including stiff differential equations and systems giving rise...