The oil industry is of great economic significance to many countries, and privatisations of National Oil Companies (NOCs) have often been controversial, as have been the benefits from privatisation more generally. We conduct a social cost-benefit analysis of the partial privatisation of...

The European Commission’s Target Electricity Model aims to integrate EU electricity markets. This paper estimates the potential benefit to the EU of coupling interconnectors to increase the efficiency of trading day-ahead, intra-day and sharing balancing services efficiently across borders....

The aim of this study is to perform a cost benefit analysis of the different options for connecting distributed generation (DG) customers in a specific constrained area (the March Grid), under the context of the Flexible Plug and Play trial. The study shows the importance of the development of...

Corporate managers and executive compensation in many industries place significant emphasis on measures of firm size, such as sales revenue or market share. Such objectives have an important yet thus far unquantified impact on market performance. With n symmetric firms, equilibrium welfare...

This paper reports an empirical investigation into the welfare impacts of an introduction of private sector participation into the Philippines electricity generation sector, by liberalizing the market for independent power producers (IPPs) during the power crisis of 1990-1993. This study uses a...

How to treat transmission constraints in electricity markets that are not based on a pool but on bilateral trading? Three approaches are currently discussed: First, the system operator resolves constraints and socialises costs; second, physical transmission contracts; third, locational charging...

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give...

The authors develop a test of infinite degree stochastic dominance based on the use of the empirical moment generating function. Two applications are considered. One uses the income data of Anderson (Econometrica, 1996) and derives results consistent with his. In the other application, the...

This paper attempts to assess the social welfare impact of the restructuring and privatisation of the electricity market in Peru. The target companies, Electrolima and Electro Sur Medio, account for 64 per cent of the total distribution market and 100 per cent of the privatised distribution...

Studies of compensating discrimination (known in the U.S. as affirmative action) have not accounted for the role of envy. Yet envy affects utility. I consider the compensatingdiscrimination policies that individuals acknowledging envy would choose when behind a veil of ignorance. The...