Priority service offers a menu of contingent contracts for distribution of scarce supplies. Prices inducing customers' efficient self-selection are expectations of spot prices for comparable service. Customers' selections reveal the benefit of capacity expansion. Priority service can be...

The past three decades transformed the electricity industry. The essential goals of liberalization have been to lower costs, improve reliability, and stimulate investment and innovations through establishment of competitive electricity markets, while also relying on market mechanisms to provide...

In this paper, we assume that the world oil price is an increasing function of the level of world oil demand and that OECD nations adopt tariffs to reduce their oil imports. We present a simple model to investigate issues related to the coordination of tariff policies between two regions: US and...