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With twenty-two chapters written by leading international experts,
this volume represents the most detailed and comprehensive Handbook
on electricity markets ever published. It covers all dimensions of
electricity markets: wholesale and retail; renewable electricity
sources; the electrification of mobility, heating and cooling; and
recent innovations such as distributed generation, electrical
energy storage, demand response and digital platforms that are
disrupting the industry. The benefits, as well as the limits, of
open markets and competition are assessed at the level of
underlying principles and with reference to specific cases,
including the UK, PJM Interconnection, Texas, Australia,
Scandinavia, continental Europe and China. The details of
electricity market designs are analysed and discussed. The book
also considers new emerging business models, as well as the impact
of electricity sector policy priorities such as universal access
and deep decarbonization. This Handbook is intended to be used and
useful. Students and young professionals will find the information
they need to enter the field. Researchers, experienced
professionals and public decision-makers will get a comprehensive
update on the topical issues in electricity markets that will guide
them through the important developments the sector is witnessing.
With twenty-two chapters written by leading international experts,
this volume represents the most detailed and comprehensive Handbook
on electricity markets ever published. It covers all dimensions of
electricity markets: wholesale and retail; renewable electricity
sources; the electrification of mobility, heating and cooling; and
recent innovations such as distributed generation, electrical
energy storage, demand response and digital platforms that are
disrupting the industry. The benefits, as well as the limits, of
open markets and competition are assessed at the level of
underlying principles and with reference to specific cases,
including the UK, PJM Interconnection, Texas, Australia,
Scandinavia, continental Europe and China. The details of
electricity market designs are analysed and discussed. The book
also considers new emerging business models, as well as the impact
of electricity sector policy priorities such as universal access
and deep decarbonization. This Handbook is intended to be used and
useful. Students and young professionals will find the information
they need to enter the field. Researchers, experienced
professionals and public decision-makers will get a comprehensive
update on the topical issues in electricity markets that will guide
them through the important developments the sector is witnessing.
This major volume presents a collection of classic articles on
economic regulation and its reform. The topics covered include the
political economy of regulation, efficient pricing for regulated
firms, incentive regulation, the empirical effects of economic
regulation in practice and network access pricing for competitive
entrants. Economic Regulation will be an essential source of
reference for scholars and students of industrial organization,
including natural monopoly regulation, regulatory reform and
deregulation.
This two-volume collection presents the most important recent
articles on empirical issues in industrial organization, related
primarily to the analysis of imperfect competition. The papers
cover empirical analysis of non-cooperative and cooperative
oligopoly, auctions, differentiated product markets, dynamic
competition and entry, plus selected work on innovation, vertical
contractual relationships, and incentive issues. New research in
these areas relies on detailed data for specific industries,
typically integrates modern imperfect competition theory into the
empirical specifications, commonly uses structural empirical models
derived directly from microeconomic theory, and applies modern
econometric techniques. This work and the associated techniques
play an increasingly important role in antitrust policy, market
design and in newly deregulated markets. This collection provides
an easily accessible source of the key papers on these topics,
which are otherwise not readily available. Empirical Industrial
Organization will be of interest to policymakers as well as
academics and students.
A comprehensive description and evaluation of the first three years
of the U.S. Acid Rain Program. This environmental control program
is the world's first large-scale use of a tradeable emission permit
system for achieving environmental goals. The book analyzes the
behavior and performance of the market for emissions permits, known
as allowances, and quantifies emission reductions, compliance
costs, and cost savings associated with the trading program. The
book also includes chapters on the historical context in which this
pioneering program developed and the political economy of allowance
allocations. Finally, the book discusses the program's successes,
its weaknesses, and the lesson learned regarding application of the
emissions-trading approach to controlling other types of emissions,
including greenhouse gases. The volume is an indispensable addition
to the library of all interested in the application of marker
principles for meeting environmental goals.
Markets for Clean Air provides a comprehensive, in-depth description and evaluation of the first three years' experience with the U.S. Acid Rain Program. This environmental control program is the world's first large-scale use of a tradable emission permit system for achieving environmental goals. The book analyzes the behavior and performance of the market for emissions permits, called allowances in the Acid Rain Program, and quantifies emission reductions, compliance costs, and cost savings associated with the trading program. The book also includes chapters on the historical context in which this pioneering program developed and the political economy of allowance allocations.
Markets for Power provides an unusually complete analysis of the
economic, technical, and institutional aspects of the electric
utility industry. The authors evaluate four currently popular
options for deregulating this unique segment of the economy, and in
a balanced program for reform, they advise against total
deregulation and recommend a cautious approach to even partial
deregulation.Paul L. Joskow is Professor of Economics and Richard
Schmalensee is Professor of Applied Economics, both at MIT
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