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Research Interests: Economics and Natural Gas
Research Interests: Economics and Natural Gas
... In addition to IBM, mainframes in the US have been made by Burroughs Corporation, Control Data Corporation (CDC), Digital Equipment Cor-poration (DEC), General Electric (GE), Honeywell Information Systems (HIS), National Cash Register... more
... In addition to IBM, mainframes in the US have been made by Burroughs Corporation, Control Data Corporation (CDC), Digital Equipment Cor-poration (DEC), General Electric (GE), Honeywell Information Systems (HIS), National Cash Register (NCR), Radio Corporation of ...
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Research Interests: Economics and Natural Gas
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Competitive markets for the production of electricity are growing, but the facilities that transmit and distribute it are still monopolies. To foster competition in transmission, FERC has set standards for forming regional transmission... more
Competitive markets for the production of electricity are growing, but the facilities that transmit and distribute it are still monopolies. To foster competition in transmission, FERC has set standards for forming regional transmission organizations. The form of those organizations is the subject of intense debate. Some interests favor nonprofit Independent System Operators (ISOs); others favor transmission companies ("Transcos"). The ISO is a political solution to an economic problem. The structure of an ISO invites inefficient choices and dominance by transmission owners. Its nonprofit form is no more than a veil under which interests of all sorts can manipulate its governance process to obtain benefits for themselves. A Transco is an imperfect economic institution, but its imperfections are known, its underlying logic is the same as that of any regulated corporation, and its monopolistic aspects are at least familiar if not perfectly solvable.
The twentieth century's many technological revolutions shared a common predecessor: the electrification of the planet. Electricity transformed the machine age and helped create the information age, as a once-undependable novelty... more
The twentieth century's many technological revolutions shared a common predecessor: the electrification of the planet. Electricity transformed the machine age and helped create the information age, as a once-undependable novelty became a necessity of life and commerce. Not surprisingly, almost from its inception governments have actively intervened in its production and distribution. Their activities produced a remarkable diversity of electrical systems. State-owned Electricité de France is a near-total monopolist, but known for its effective nuclear technology and its pioneering efforts in economically efficient pricing. Consumers in the United Kingdom can choose from competing sellers who buy or generate power in lightly regulated markets. Japan and the United States are dominated by large corporate utilities with exclusive territories and regulated rates, but the U.S. also has over 2,000 small systems owned by local governments. Almost everywhere, but at varying paces, electr...
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Research Interests: Economics and Electricity
Abstract: Economists have long recognized that certainty of contract is essential to a healthy economy. Long-term forward contracts, in particular, help reduce financial risk. Those contracts can only accomplish that goal, however, if... more
Abstract: Economists have long recognized that certainty of contract is essential to a healthy economy. Long-term forward contracts, in particular, help reduce financial risk. Those contracts can only accomplish that goal, however, if parties know the contracts will be ...
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ABSTRACT Backers of a national RPS have produced an impressive list of objectives in both the environmental and the economic realms. For every one of them an RPS will at best be an inefficient policy, and at worst it will be outrightly... more
ABSTRACT Backers of a national RPS have produced an impressive list of objectives in both the environmental and the economic realms. For every one of them an RPS will at best be an inefficient policy, and at worst it will be outrightly pernicious.
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ABSTRACT Restructuring dockets continue to be dominated by a narrow and economically obsolete view of vertical integration. We now know that it can be efficient, particularly in an industry with the flow dependencies of electricity.... more
ABSTRACT Restructuring dockets continue to be dominated by a narrow and economically obsolete view of vertical integration. We now know that it can be efficient, particularly in an industry with the flow dependencies of electricity. Integration is a matter of degree rather than a binary choice between 0 and 100 percent. The economically warranted degree needs to be investigated rather than determined by politics. Both markets and integration have their virtues, and policymakers must account for the costs and benefits of both.
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ABSTRACT
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Research Interests: Economics and Drug abuse
An extensive set of self-reported survey data exists on illegal drug use. The survey data show that drug use is quite frequent among the younger adult population, relatively infrequent among those of high-school age, and rare among... more
An extensive set of self-reported survey data exists on illegal drug use. The survey data show that drug use is quite frequent among the younger adult population, relatively infrequent among those of high-school age, and rare among middle-aged and older adults. Drug use varies by occupational category in ways that are difficult to rationalize. This study utilizes a model in
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... Under Prime Minister Robert Muldoon, the previous National Party government had originated several think big projects ... Walter Primeaux's (1975) alleged finding of a great increase in X-efficiency from such competition is... more
... Under Prime Minister Robert Muldoon, the previous National Party government had originated several think big projects ... Walter Primeaux's (1975) alleged finding of a great increase in X-efficiency from such competition is suspect on several grounds (Joskow and Schmalensee ...
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Editor's Note: This is an edited transcription from the general session of the 73rd Annual Conference of the Western Economic Association International, held in Lake Tahoe, Nevada. Copyright 1999 Western Economic... more
Editor's Note: This is an edited transcription from the general session of the 73rd Annual Conference of the Western Economic Association International, held in Lake Tahoe, Nevada. Copyright 1999 Western Economic Association International.
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Decontrol of the wellhead price of natural gas under the Natural Gas Policy Act of 1978 ended the general shortage of natural gas, which had begun in the 1960s. It also led to dislocations in gas markets because of regulatory... more
Decontrol of the wellhead price of natural gas under the Natural Gas Policy Act of 1978 ended the general shortage of natural gas, which had begun in the 1960s. It also led to dislocations in gas markets because of regulatory uncertainties that created difficulties in renegotiating contracts made during the shortage period. Together, the decontrol and dislocations led to a
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The authors, an ad-hocgroup of professionals with experience in regulatory and energy economics, share a common concern with the continuing turmoil facing the electricity industry ("the... more
The authors, an ad-hocgroup of professionals with experience in regulatory and energy economics, share a common concern with the continuing turmoil facing the electricity industry ("the industry") in California. Most ofthe authorsendorsed the first California Electricity ...