In a 'smart' electricity distribution network, flexible distribution resources (FDRs) can be coordinated to improve efficiency. But coordination enables whoever controls such resources to exercise market power. The paper establishes the following efficiency rankings of market structures:...

We provide a simple framework for interpreting instrumental variable regressions when there is a gap in time between the impact of the instrument and the measurement of the endogenous variable, highlighting a particular violation of the exclusion restriction that can arise in this setting. In...

We provide a simple framework for interpreting instrumental variable regressions when there is a gap in time between the impact of the instrument and the measurement of the endogenous variable, highlighting a particular violation of the exclusion restriction that can arise in this setting. In...

In a 'smart' electricity distribution network, flexible distribution resources (FDRs) can be coordinated to improve efficiency. But coordination enables whoever controls such resources to exercise market power. The paper establishes the following efficiency rankings of market structures:...

Despite extensive research on nonmarket returns to education, direct and spillover effects on mental health are widely unstudied. This study is the first to analyze heterogeneous intergenerational effects of children's education on parents' mental health. Given ambiguous theoretical...

Despite extensive research on nonmarket returns to education, direct and spillover effects on mental health are widely unstudied. This study is the first to analyze heterogeneous intergenerational effects of children's education on parents' mental health. Given ambiguous theoretical...