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Author: Thomas Edward Roderick
Publisher:
ISBN:
Category :
Languages : en
Pages : 264
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Book Description
This dissertation details regulation's impact in networked markets, notably in deregulated electricity and internet service markets. These markets represent basic infrastructure in the modern economy; their innate networked structures make for rich fields of economic research on regulatory impact. The first chapter models deregulated electricity industries with a focus on the Texas market. Optimal economic benchmarks are considered for markets with regulated delivery and interrelated network costs. Using a model of regulator, consumer, and firm interaction, I determine the efficiency of the current rate formalization compared to Ramsey-Boiteux prices and two-part tariffs. I find within Texas's market increases to generator surplus up to 55% of subsidies could be achieved under Ramsey-Boiteux pricing or two-part tariffs, respectively. The second chapter presents a framework to analyze dynamic processes and long-run outcomes in two-sided markets, specifically dynamic platform and firm investment incentives within the internet-service platform/content provision market. I use the Ericson-Pakes framework applied within a platform that chooses fees on either side of its two-sided market. This chapter determines the impact of network neutrality on platform investment incentives, specifically whether to improve the platform. I use a parameterized calibration from engineering reports and current ISP literature to determine welfare outcomes and industry behavior under network neutral and non-neutral regimes. My final chapter explores retail firm failure within the deregulated Texas retail electricity market. This chapter investigates determinants of retail electric firm failures using duration analysis frameworks. In particular, this chapter investigates the impact of these determinants on firms with extant experience versus unsophisticated entrants. Understanding these determinants is an important component in evaluating whether deregulation achieves the impetus of competitive electricity market restructuring. Knowing which economic events decrease a market's competitiveness helps regulators to effectively evaluate policy implementations. I find that experience does benefit a firm's duration, but generally that benefit assists firm duration in an adverse macroeconomic environment rather than in response to adverse market conditions such as higher wholesale prices or increased transmission congestion. Additionally, I find evidence that within the Texas market entering earlier results in a longer likelihood of duration.
Author: Thomas Edward Roderick
Publisher:
ISBN:
Category :
Languages : en
Pages : 264
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Book Description
This dissertation details regulation's impact in networked markets, notably in deregulated electricity and internet service markets. These markets represent basic infrastructure in the modern economy; their innate networked structures make for rich fields of economic research on regulatory impact. The first chapter models deregulated electricity industries with a focus on the Texas market. Optimal economic benchmarks are considered for markets with regulated delivery and interrelated network costs. Using a model of regulator, consumer, and firm interaction, I determine the efficiency of the current rate formalization compared to Ramsey-Boiteux prices and two-part tariffs. I find within Texas's market increases to generator surplus up to 55% of subsidies could be achieved under Ramsey-Boiteux pricing or two-part tariffs, respectively. The second chapter presents a framework to analyze dynamic processes and long-run outcomes in two-sided markets, specifically dynamic platform and firm investment incentives within the internet-service platform/content provision market. I use the Ericson-Pakes framework applied within a platform that chooses fees on either side of its two-sided market. This chapter determines the impact of network neutrality on platform investment incentives, specifically whether to improve the platform. I use a parameterized calibration from engineering reports and current ISP literature to determine welfare outcomes and industry behavior under network neutral and non-neutral regimes. My final chapter explores retail firm failure within the deregulated Texas retail electricity market. This chapter investigates determinants of retail electric firm failures using duration analysis frameworks. In particular, this chapter investigates the impact of these determinants on firms with extant experience versus unsophisticated entrants. Understanding these determinants is an important component in evaluating whether deregulation achieves the impetus of competitive electricity market restructuring. Knowing which economic events decrease a market's competitiveness helps regulators to effectively evaluate policy implementations. I find that experience does benefit a firm's duration, but generally that benefit assists firm duration in an adverse macroeconomic environment rather than in response to adverse market conditions such as higher wholesale prices or increased transmission congestion. Additionally, I find evidence that within the Texas market entering earlier results in a longer likelihood of duration.
Author: Sebastian Eyre
Publisher:
ISBN: 9781783479771
Category : Competition
Languages : en
Pages : 0
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Book Description
Featuring an original introduction by the editors, these carefully-selected essays explore the main issues surrounding competition and regulation in electricity markets. The industry is experiencing irresistible forces of change, driven by energy policy objectives; a reassessment of market regulation in the face of high-energy prices; and the response to consumer pressure to agree on what constitutes a fair price for energy. This volume identifies the key articles that underpin the debate across the industries supply chain (generation, supply and networks) from a regulatory perspective (including market power and incentive regulation). The collection then considers the overall impact of liberalisation and future developments.
Author: Yaran Jin
Publisher:
ISBN:
Category :
Languages : en
Pages : 288
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Book Description
In this dissertation, I study the welfare consequences of environmental and price regulations in the electricity industry. I address two important questions. One is that what are the welfare consequences of allowing firms to self-select between different types of environmental regulations. Another is how does the choice of transmission congestion pricing structure affect the emission externalities and fuel efficiency in the wholesale markets. I answer these questions by exploring several policy experiments in the state of Texas in the United States. The first chapter is a general introduction to the Texas electricity industry and the conceptual framework of analysis in this dissertation. It consists of the institutional details of the industry, including market organizations, transmission congestion pricing structures, and emission regulations. Based on the institutional details, I discuss the theoretical implications and propose the empirical hypothesis for above research questions. In the second chapter, I evaluate the welfare consequences of allowing firms to self-select between cap-and-trade regulation and intensity standards using the data from a unique voluntary NO [subscript x] emission cap-and-trade program in Texas from 2001 to 2005. The welfare evaluation focuses on the effects of such mixed policy instruments on emissions, industry profits, and market exit. I construct and estimate a structural model of power generating units equilibrium choices of policy instrument, emission abatement, and production to recover their abatement costs. With the estimated parameters, I simulate the equilibrium outcomes under a counterfactual mandatory cap-and-trade regulation. Results reveal that the mixed policy framework mainly benefits small and high-cost generating units. However, the aggregate emissions are lower and the aggregate profits are higher under the mandatory cap-and-trade regulation. I also document that the mixed policy instruments lead to a higher exit rate of older generating units. In the year 2010, the Electric Reliability Council of Texas (ERCOT) changed from a zonal market structure to a nodal market structure to incorporate the cost of transmission congestion into the wholesale price. The third chapter compares the emission intensities and fuel efficiency of power generating units in the ERCOT before and after this regulatory change, to investigate its efficiency and environmental impacts in the congested areas. I find that the new nodal market structure has heterogeneous impacts on areas with different causes of transmission congestion. For counties located along the path to transferring wind generation from west Texas to east Texas, the nodal pricing leads to increases in emissions from fossil-fired power plants, although the total increase in emission cost is not economically significant. Contrarily, the nodal pricing increases the fuel efficiency by 2-9.6% for power plants located around congested areas with excess load, and the estimated fuel cost saving is around $154.8m. The results provide important policy implications for future transmission network planning.
Author: Joachim Bertsch
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Cesar Cancho Diez
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This dissertation contains two essays on the analysis of market imperfections. In the first essay, I empirically test whether in a three-level hierarchy with asymmetries of information, more competition among intermediaries leads to more deception against the principal. In this setting, intermediaries supervise agents by delegation of the principal, and compete among themselves to provide supervision services to the agents. They cannot be perfectly monitored, therefore allowing them to manipulate supervision results in favor of the agents, and potentially leading to less than optimal outcomes for the principal. Using inspection-level data from the vehicular inspection program in Atlanta, I test for the existence of inspection deception (false positives), and whether this incidence is a function of the number of local competitors by station. I estimate the incidence of the most common form of false positives (clean piping) to be 9% of the passing inspections during the sample period. Moreover, the incidence of clean piping -- passing results of a different vehicle fraudulently applied to a failing vehicle -- per station increases by 0.7% with one more competitor within a 0.5 mile radius. These results are consistent with the presence of more competitors exacerbating the perverse incentives introduced by competition under this setting. In the second essay, we test whether electricity consumption by industrial and commercial customers responds to real-time prices after these firms sign-up for prices linked to the electricity wholesale market price. In principle, time-varying prices (TVP) can mitigate market power in wholesale markets and promote the integration of intermittent generation sources such as wind and solar power. However, little is known about the prevalence of TVP, especially in deregulated retail markets where customers can choose whether to adopt TVP, and how these firms change their consumption after signing up for this type of tariff. We study firm-level data on commercial and industrial customers in Texas, and estimate the magnitude of demand responsiveness using demand equations that consider the restrictions imposed by the microeconomic theory. We find a meaningful level of take-up of TVP? in some sectors more than one-quarter of customers signed up for TVP. Nevertheless, the estimated price responsiveness of consumption is still small. Estimations by size and by type of industry show that own price elasticities are in most cases below 0.01 in absolute value. In the only cases that own price elasticities reach 0.02 in absolute value, the magnitude of demand response compared to the aggregate demand is negligible.
Author: Jeffrey A. Hart
Publisher: Cambridge Scholars Publishing
ISBN: 1527528715
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
This is a book about the politics and history of the Internet. The Internet has been in existence for over fifty years. The way we live our lives has changed considerably because of this new medium. As the Internet has become increasingly popular, it has been drawn into age-old struggles over censorship and freedom of expression. It has played an increasing role in commerce, and controversies have erupted over privacy, security, consumer rights, intellectual property rights, taxation, and other matters. With the rise of Internet-connected smartphones, the Internet has become part of daily life for billions of people. One major theme explored in this book is the contrast between the dream and the reality of the Internet. Many of the creators of the Internet shared a vision of building a system that would empower individuals anywhere in the world to share their knowledge and creativity. This profoundly democratic dream came out of an age in which many pre-existing power structures were being questioned. This book argues that the Internet has actually resulted in the creation of new centers of power and influence, many of which are anti-democratic.
Author: Daniel Grote
Publisher:
ISBN:
Category :
Languages : en
Pages : 556
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Author: Jean-Marc Zogheib
Publisher:
ISBN: 9781954750999
Category :
Languages : en
Pages : 144
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Book Description
While particularly dynamic and innovative, the digital and telecommunication industries are found to have a great tendency towards concentration, resulting in strong market power and raising concerns from competition and regulatory authorities. In this study focusing on such network industries, Jean-Marc Zogheib explores the interplay between public policy and firms' strategies by combining various tools of theoretical economic analysis adopted from industrial economics, network economics, and platform economics. Mr. Zogheib's thesis consists of three distinct essays: the first chapter examines how merger policy affects firms' entry strategies, the second chapter shifts the focus to public intervention by considering how the coexistence of private and public players affects competition and investment, while the third chapter investigates the role of privacy in competition between digital platforms and the importance of consumer data in the competitive analysis of mergers. This book clearly illustrates how economics can contribute essential building blocks to the construction of competitive reasoning and how the integration of competition law into economic models extended their collective utility. An important read for lawyers and economists alike. The book was awarded the inaugural Concurrences PhD Award in Economics.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 388
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Author: Rony Curvelo
Publisher: iUniverse
ISBN: 0595168299
Category : Political Science
Languages : en
Pages : 118
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Book Description
These analytical and descriptive essays deliver just what readers have come to expect from the author. Divided into eight chapters covering justice, democracy, finance, freedom, and bureaucracy, this book presents fresh interpretations of the major issues in Public Administration. The author challenge readers to think anew about important issues.
