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Author: L. Lynne Kiesling Publisher: Routledge ISBN: 1135979804 Category : Business & Economics Languages : en Pages : 427
Book Description
Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm – decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.
Author: L. Lynne Kiesling Publisher: Routledge ISBN: 1135979804 Category : Business & Economics Languages : en Pages : 427
Book Description
Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm – decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.
Author: Laura Lynne Kiesling Publisher: Routledge Studies in Business ISBN: 9780415772822 Category : Business & Economics Languages : en Pages : 189
Book Description
This book delves into regulatory and technological change affecting the electricity industry and provides a previously unexplored synthesis of new institutional economics, experimental economics, evolutionary economics, and network theory.
Author: L. Lynne Kiesling Publisher: Routledge ISBN: 1135979812 Category : Business & Economics Languages : en Pages : 200
Book Description
This book delves into regulatory and technological change affecting the electricity industry and provides a previously unexplored synthesis of new institutional economics, experimental economics, evolutionary economics, and network theory.
Author: Paul L. Joskow Publisher: A E I Press ISBN: Category : Business & Economics Languages : en Pages : 68
Book Description
In this timely monograph, Paul L. Joskow argues that the crisis in the financial market should not become an excuse for reversing beneficial regulatory reforms in other sectors. The financial crisis presents a valuable opportunity to evaluate a broad range of regulatory reform options and make reasoned decisions about their rightful application to financial products and markets.
Author: Antonio Nicita Publisher: Springer ISBN: 3319437178 Category : Business & Economics Languages : en Pages : 164
Book Description
This book explores the wave of liberalization reforms experienced by OECD network industries. Focusing on the telecommunications sector, the authors analyze the latest data available on liberalization and privatization, and following a political economics approach, they integrate standard economic analysis with the most recent studies of the political determinants of market-oriented policies. The book presents new econometric evidence on several policy issues, including institutional complementarities dynamics, the problem of policy sequencing and the role of government political ideology. The detailed and comprehensive discussion offers insights into how so many countries adopting similar reforms actually differ in their policy “bundling”, intensity and implementation of liberalization and privatization.
Author: Fulvio Castellacci Publisher: Edward Elgar Publishing ISBN: 1783477881 Category : Business & Economics Languages : en Pages : 193
Book Description
This book investigates the ongoing liberalization of the European defence market and explores how companies can respond to these changes by adjusting their innovation and internationalization strategies. Traditionally, the EU defence sector has been fragmented into several weakly integrated and highly protected domestic markets which often leads to the duplication of innovative efforts, rising production costs and an overall lack of competitiveness. Using a variety of methods including case studies, econometric analyses and agent-based modelling, the authors reveal that liberalization will provide new and relevant opportunities for European defence companies. However, any potential benefits will only be realized if private firms perceive that a full and well-coordinated implementation process is in place.
Author: Daniel Lederman Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper summarizes new empirical findings concerning the magnitude of market failures affecting industrial performance and innovation, firm dynamics after economic policy reforms, and the effectiveness of popular government interventions designed to promote exports and foreign direct investment (FDI). Regarding the effectiveness of public subsidies and targeted services, new evidence suggests that innovation policies targeting both patentable and non-patentable innovations, might yield higher returns in terms of innovative activity if they are broadly diversified across products within broad industrial categories, and revealed comparative advantage by itself provides little guidance as to what these innovative sectors might be. In general, efforts to promote exports and FDI seem to be effective on their own terms when the returns to public expenditures in these areas are measured by their effects on the value of exports and FDI inflows. However, there is significant heterogeneity both across regions and across types of expenditures. Overall, the recent research suggests that trade reforms and deregulation are not enough to sustain long-term development.
Author: Federica Coelli Publisher: ISBN: Category : International trade Languages : en Pages : 39
Book Description
Abstract: This paper estimates the effect of trade policy during the Great Liberalization of the 1990s on innovation in over 60 countries using international firm-level patent data. The empirical strategy exploits ex-ante differences in firms' exposure to countries and industries, allowing us to construct firm-specific measures of tariffs. This provides a source of variation that enables us to establish the causal impact of trade policy on innovation. Our results suggest that trade liberalization has economically significant effects on innovation and, ultimately, on technical change and growth. According to our estimates, about 7 percent of the increase in knowledge creation during the 1990s can be explained by trade policy reforms. Furthermore, we find that the increase in patenting reflects innovation, rather than simply more protection of existing knowledge. Both improved market access and more import competition contribute to the positive innovation response to trade liberalization
Author: L. Lynne Kiesling
Author: L. Lynne Kiesling
Author: Laura Lynne Kiesling
Author: L. Lynne Kiesling
Author: Paul L. Joskow
Author: Antonio Nicita
Author: Ilmo Pyyhtiä
Author: Fulvio Castellacci
Author: Daniel Lederman
Author: M. E. Beesley
Author: Federica Coelli