Increasing shares of intermittent renewable energies challenge the dominant way to trade electricity ex-ante in forward, day-ahead, and intraday markets: Coal power plants and consumers cannot react to the stochastic element of renewables, whereas gas turbines can. We use a theoretical model to...

Increasing shares of intermittent renewable energies challenge the dominant way to trade electricity ex-ante in forward, day-ahead, and intraday markets: Coal power plants and consumers cannot react to the stochastic element of renewables, whereas gas turbines can. We use a theoretical model to...

When prices are set properly, they serve as important signals to guide customers to consume the efficient quantity of a good. However, in electricity markets many consumers do not pay prices that reflect the scarcity of power. The true social cost of power varies throughout a typical day; power...

In 1998 the U.S. Environmental Protection Agency sponsored an effort to examine the criticisms and concerns expressed about Pay-at-the-Pump (PATP) auto insurance and explore the reformulation of PATP, taking into account these concerns. This paper provides a brief exposition of PATP and its main...

The problem posed by the uninsured motorist is of concern to the general public, policyholders, insurance companies, insurance regulators, and legislators. What is striking, however, is the fragmentary nature of the information that is available and the fact that it is scattered over so many...