"This paper develops an empirical approach to estimate the equilibrium value of renewable electricity technologies, and applies it to evaluate solar energy mandates in southeastern Arizona. Solar generation and other renewables suffer from intermittency because weather varies and is only...

Legislation often empowers agencies to develop rules, but legal challenges may create uncertainty, thereby increasing firm costs, delaying policy objectives, and affecting externalities. This paper investigates policy uncertainty surrounding the Mercury and Air Toxics Standard, estimating a...

Natural gas has replaced coal as the dominant fuel for U.S. electricity generation. However, U.S. states that regulate electric utilities have retired coal more slowly than others. We build a structural model of rate-of-return regulation during an energy transition where utilities face tradeoffs...