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Reflecting its reliance on fossil fuels, the electric power
industry produces the majority of the world's greenhouse gas
emissions. The need for a revolution in the industry becomes
further apparent given that 'decarbonization' means an increasing
electrification of other sectors of the economy?in particular,
through a switch from gasoline to electric vehicles. Of the options
for producing electric power without significant greenhouse gas
emissions, renewable energy is most attractive to policymakers, as
it promises increased national self-reliance on energy supplies and
the creation of new industries and jobs, without the safety and
political concerns of nuclear power or the unproven technology of
carbon capture and storage. Drawing on both economic theory and the
experiences of the United States and EU member states, Harnessing
Renewable Energy addresses the key questions surrounding renewable
energy policies. How appropriate is the focus on renewable power as
a primary tool for reducing greenhouse gas emissions? If renewable
energy is given specific support, what form should that support
take? What are the implications for power markets if renewable
generation is widely adopted? Thorough and well-evidenced, this
book will be of interest to a broad range of policymakers, the
electric power industry, and economists who study energy and
environmental issues.
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.
Beginning with railroad regulation in 1887 and continuing for eight
decades, the U.S. Federal Government expanded its regulatory scope
to cover key transportation, telecommunications and energy sectors.
In the last quarter of the 20th century this long-term trend was
abruptly and dramatically reversed as important sectors of the U.S.
economy were deregulated. This Research Review introduces the
causes and effects of this process, and the political and economic
forces behind the elimination of regulatory authority.
Many of the most dynamic public companies, from Alibaba to Facebook
to Visa, and the most valuable start-ups, such as Airbnb and Uber,
are matchmakers that connect one group of customers with another
group of customers. Economists call matchmakers multisided
platforms because they provide physical or virtual platforms for
multiple groups to get together. Dating sites connect people with
potential matches, for example, and ride-sharing apps do the same
for drivers and riders. Although matchmakers have been around for
millennia, they're becoming more and more popular--and
profitable--due to dramatic advances in technology, and a lot of
companies that have managed to crack the code of this business
model have become today's power brokers. Don't let the flashy
successes fool you, though. Starting a matchmaker is one of the
toughest business challenges, and almost everyone who tries to
build one, fails. In Matchmakers, David Evans and Richard
Schmalensee, two economists who were among the first to analyze
multisided platforms and discover their principles, and who've
consulted for some of the most successful platform businesses in
the world, explain how matchmakers work best in practice, why they
do what they do, and how entrepreneurs can improve their chances
for success. Whether you're an entrepreneur, an investor, a
consumer, or an executive, your future will involve more and more
multisided platforms, and Matchmakers--rich with stories from
platform winners and losers--is the one book you'll need in order
to navigate this appealing but confusing world.
Hardbound. This handbook serves as a source, reference, and
teaching supplement for industrial organization (or industrial
economics), the broad field within microeconomics that focuses on
business behavior and its implications both for market structures
and processes, and for public policies towards them. Comprehensive
and up-to-date surveys are provided of recent developments and the
state of knowledge in the major areas of research in this field as
of the latter part of the 1980's, written at a level suitable for
use by non-specialist economists and students on advanced graduate
courses. Each chapter can be read independently, although they are
organized into sections.For more information on the Handbooks in
Economics series, please see our home page on http:
//www.elsevier.nl/locate/he
Hardbound. This handbook serves as a source, reference, and
teaching supplement for industrial organization (or industrial
economics), the broad field within microeconomics that focuses on
business behavior and its implications both for market structures
and processes, and for public policies towards them. Comprehensive
and up-to-date surveys are provided of recent developments and the
state of knowledge in the major areas of research in this field as
of the latter part of the 1980's, written at a level suitable for
use by non-specialist economists and students on advanced graduate
courses. Each chapter can be read independently, although they are
organized into sections. For more information on the Handbooks in
Economics series, please see our home page on http:
//www.elsevier.nl/locate/he
Harnessing the power of software platforms: what executives and
entrepreneurs must know about how to use this technology to
transform industries and how to develop the strategies that will
create value and drive profits. Software platforms are the
invisible engines that have created, touched, or transformed nearly
every major industry for the past quarter century. They power
everything from mobile phones and automobile navigation systems to
search engines and web portals. They have been the source of
enormous value to consumers and helped some entrepreneurs build
great fortunes. And they are likely to drive change that will dwarf
the business and technology revolution we have seen to this point.
Invisible Engines examines the business dynamics and strategies
used by firms that recognize the transformative power unleashed by
this new revolution-a revolution that will change both new and old
industries. The authors argue that in order to understand the
successes of software platforms, we must first understand their
role as a technological meeting ground where application developers
and end users converge. Apple, Microsoft, and Google, for example,
charge developers little or nothing for using their platforms and
make most of their money from end users; Sony PlayStation and other
game consoles, by contrast, subsidize users and make more money
from developers, who pay royalties for access to the code they need
to write games. More applications attract more users, and more
users attract more applications. And more applications and more
users lead to more profits. Invisible Engines explores this story
through the lens of the companies that have mastered this
platform-balancing act. It offers detailed studies of the personal
computer, video game console, personal digital assistant, smart
mobile phone, and digital media software platform industries,
focusing on the business decisions made by industry players to
drive profits and stay a step ahead of the competition. Shorter
discussions of Internet-based software platforms provide an
important glimpse into a future in which the way we buy, pay,
watch, listen, learn, and communicate will change forever. An
electronic version of this book is available under a Creative
Commons license.
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
The MIT Sloan School of Management perspective on future management
challenges. The MIT Sloan School of Management, as conceived by the
legendary General Motors chairman Alfred P. Sloan, was founded in
1952 to draw on the scientific and technical resources of MIT and
approach the problems of management with the rigorous research
practices for which MIT was famous. Fifty years later, the Sloan
School gathered international leaders in business and management,
MIT faculty, students, and alumni to address again the basic
principles that should guide business and management. This book
presents the papers prepared by student-faculty teams, speeches by
business and world leaders, and summaries of the discussions from
this special convocation; taken together, they offer a guide to the
future of management based on the hallmarks of MIT and
Sloan-creativity and innovation. The topics considered coalesced
around three main themes. First, and paramount, is the necessity of
building and maintaining trust by means of openness, transparency,
and accountability; this was addressed in speeches by Kofi Annan
and Carly Fiorina and exemplified by the case study presented of
Nike's efforts to rebuild the trust of customers. The increasingly
complex conditions of the modern global economy emerged as another
recurring theme, as the participants considered the effect of the
growing spectrum of stakeholders on issues of corporate governance.
The third common theme was the inescapability of technological and
scientific change, from the Internet as a marketing tool to the
organizational impact of information technology.
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