The following Working Papers were issued as part of the Center for the Study of Energy Markets working paper series that operated under UCEI from 2001 to 2009.

Borenstein, Severin “To What Electricity Price Do Consumers Respond? Residential Demand Elasticity Under Increasing Block-Pricing” (September 2009) | WP-195 | Abstract

Davis, Lucas W. and Muehlegger, Erich “Do Americans Consume Too Little Natural Gas? An Empirical Test of Marginal Cost Pricing” (September 2009) (Revised version published in RAND Journal of Economics, 41(4), 2010, pp. 791-810.) | WP-194 | Abstract

Conte, Marc N. and Kotchen, Matthew J. “Explaining the Price of Voluntary Carbon Offsets” (September 2009) (Revised version published in Climate Change Economics, 1(2), 2010, pp. 93-111.) | WP-193 | Abstract

Eichholtz, Piet, Kok, Nils and Quigley, John M. “Doing Well by Doing Good? Green Office Buildings” (August 2009) (Revised version published in The American Economic Review, 100(6), 2010, pp. 2494-2511.) | WP-192 | Abstract

Bushnell, James, Hobbs, Benjamin F. and Wolak,  Frank A. “When it comes to Demand Response, is FERC its Own Worst Enemy?” (August 2009) (Revised version published in The Electricity Journal, November 2009.) | WP-191 | Abstract

Holland, Stephen P. “Taxes and Trading versus Intensity Standards: Second-Best Environmental Policies with Incomplete Regulation (Leakage) or Market Power” (August 2009) (Revised version in the Journal of Environmental Economics and Management, 63(3): 375-387, 2012) | WP-190 | Abstract

Knittel, Christopher R. “The Implied Cost of Carbon Dioxide under the Cash for Clunkers Program” (August 2009) | WP-189 | Abstract

Corts, Kenneth S. “Building Out Alternative Fuel Retail Infrastructure: Government Fleet Spillovers in E85” (July 2009) (Revised version published in Journal of Environmental Economics and Management, 59, 2010, pp. 219-234.) | WP-188 | Abstract

Knittel, Christopher R. “Automobiles on Steroids: Product Attribute Trade-Offs and Technological Progress in the Automobile Sector” (July 2009). (Revised version published in The American Economic Review, 101(7), December 2011, pp. 3368-3399.) | WP-187 | Abstract

Fowlie, Meredith, Holland, Stephen P.,  and Mansur, Erin T. “What Do Emissions Markets Deliver and to Whom? Evidence from Southern California’s NOx Trading Program” (June 2009). (Revised version published in The American Economic Review,102(2), April 2012, pp. 1-29.) | WP-186 | Abstract

Auffhammer, Maximilian and Kellogg, Ryan “Clearing the Air? The Effects of Gasoline Content Regulation on Air Quality” (April 2009) (Revised version published in The American Economic Review, 101, October 2011, pp. 2687-2722.) | WP-185 | Abstract

Blumstein, Carl “Program Evaluation and Incentives for Administrators of Energy-Efficiency Programs: Can Evaluation Solve the Principal/Agent Problem?” (Revised October 2010) (Revised version published in Energy Policy, 38, 2010, pp. 6232-6239.) | WP-184 | Abstract

Bushnell, James and Chen, Yihsu “Regulation, Allocation, and Leakage in Cap-and-Trade Markets for CO2” (March 2009) | WP-183 | Abstract

Borenstein, Severin “The Implications of a Gasoline Price Floor for the California Budget and Greenhouse Gas Emissions”, (November 2008) | WP-182 | Abstract

Fowlie, Meredith, Knittel, Christopher R., and Wolfram, Catherine “Sacred Cars? Optimal Regulation of Stationary and Non-stationary Pollution Sources”(November 2008) (Revised version published in American Economic Journal: Economic Policy, Vol. 4, February 2012, pp. 98-126.) | WP-181 | Abstract

Borenstein, Severin “Equity Effects of Increasing-Block Electricity Pricing” (November 2008) Abstract | Full Paper

Kotchen, Matthew J. and Grant, Laura E. “Does Daylight Saving Time Save Energy? Evidence from a Natural Experiment in Indiana” (November 2008) (Revised version published in The Review of Economics and Statistics, 93 (2011) 1172-1185) Abstract | Full Paper

Holland, Stephen P. and Moore, Michael R. “When to Pollute, When to Abate? Intertemporal Permit Use in the Los Angeles NOx Market” (May 2008)(Revised verison published in Land Economics (2012) 88(2) 275-299), Abstract | Full Paper

Borenstein, Severin “Cost, Conflict and Climate: U.S. Challenges in the World Oil Market (Revised version published in Milken Institute Review, 4th Quarter 2008.) Abstract | Full Paper

Borenstein, Severin “The Market Value and Cost of Solar Photovoltaic Electricity Production (January 2008) Abstract | Full Paper

Fowlie, Meredith “Incomplete Environmental Regulation, Imperfect Competition, and Emissions Leakage” (December 2007) (Revised version published in American Economic Journal: Economic Policy 1(2) 2009.) Abstract | Full Paper

Borenstein, Severin, Busse, Meghan and Kellogg, Ryan “Career Concerns, Inaction, and Market Inefficiency: Evidence from utility regulation” (Revised December 2010) (Revised version published in Journal of Industrial Economics, 60(2), June 2012.) Abstract | Full Paper

Kellogg, Ryan “Learning by Drilling: Inter-Firm Learning and Relationship Persistence in the Texas Oilpatch” (November 2007) (Revised version published in the Quarterly Journal of Economics, 126, November 2011, pp. 1961-2004.) Abstract | Full Paper

Borenstein, Severin “Electricity Rate Structures and the Economics of Solar PV: Could Mandatory Time-of-Use Rates Undermine California’s Solar Photovoltaic Subsidies?” (September 2007) Abstract | Full Paper

Harris, Jeffrey, Diamond, Rick, Iyer, Maithili, Payne, Christopher, Blumstein, Carl, and Siderius, Hans-Paul “Towards a Sustainable Energy Balance: Progressive Efficiency and the Return of Energy Conservation” (September 2007) (Revised version published in Energy Efficiency, 1(3), 175, 2008,) Abstract | Full Paper

Bushnell, James “The Implementation of California AB 32 and its Impact on Wholesale Electricity Markets” (August 2007) (Revised version published in Climate Policy, Vol. 8, 2008.) Abstract | Full Paper

Deschenes, Olivier and Greenstone, Michael “Climate Change, Mortality, and Adaptation: Evidence from Annual Fluctuations in Weather in the US” (August 2007) (Revised version published in American Economic Journal: Applied Economics,3(4): 152-185, October 2011) Full Paper

Bushnell, James B. and Wolfram, Catherine “The Guy at the Controls: Labor Quality and Power Plant Efficiency” (June 2007) (Revised version published in International Differences in the Business Practices and the Productivity of Firms, University of Chicago Press, 2009.) Full Paper

Holland, Stephen P., Knittel, Christopher R., and Hughes, Jonathan E. “Greenhouse Gas Reductions under Low Carbon Fuel Standards?” (May 2007) (Revised version published in The American Economic Journal: Economic Policy 1(1), February 2009.)) Full Paper

Bushnell, James, Peterman, Carla, and Wolfram, Catherine “California’s Greenhouse Gas Policies: Local Solutions to a Global Problem?” (2007) Full Paper

Auffhammer, Maximilian, Blumstein, Carl, Fowlie, Meredith “Demand-Side Management and Energy Efficiency Revisited” (April 2007) (Revised version published in The Energy Journal, 29(3) 2008.) Full Paper

Bushnell, James and Ishii, Jun “An Equilibrium Model of Investment in Restructured Electricity Markets” (January 2007) Full Paper

Kellogg, Ryan and Wolff, Hendrik “Does Extending Daylight Saving Time Save Energy? Evidence From an Australian Experiment” (January 2007) (Revised version published in Journal of Environmental Economics and Management, 56, 2008.) Full Paper

Letzler, Robert “Using Incentive Preserving Rebates to Increase Acceptance of Critical Peak Electricity Pricing” (Revised May 2010) Full Paper

Shanefelter, Jennifer Kaiser “Restructuring, Ownership and Efficiency: The Case of Labor in Electricity Generation” (November 2006), Full Paper

Keohane, Nathaniel O., Mansur, Erin T., and Voynov, Andrey “Averting Enforcement: Strategic Response to the Threat of Environmental Regulation” (October 2006) (Revised version published in Journal of Economics and Management Strategy, 18(1), Spring 2009.) Full Paper

Hughes, Jonathan E., Knittel, Christopher R., and Sperling, Daniel “Evidence of a Shift in the Short-Run Price Elasticity of Gasoline Demand” (September 2006) (Revised version published in The Energy Journal 29(1), January 2008.) Full Paper

Deschenes, Olivier “The Economic Impacts of Climate Change: Evidence from Agricultural Profits and Random Fluctuations in Weather” (2007) (Revised version published in American Economic Review, 102(7): 3761-3773, December 2012) Full Paper

Bushnell, James B. and Wolfram, Catherine “The Economic Effects of Vintage Differentiated Regulations: The Case of New Source Review” (July 2006) (Revised version in the Journal of Environmental Economics and Management, 64(2): 137-152, 2012.) Full Paper

Borenstein, Severin “Wealth Transfers Among Large Customers from Implementing Real-Time Retail Electricity Pricing ” (July 2006) (Revised version published in The Energy Journal, 28(2) 2007.) Full Paper

Borenstein, Severin “Customer Risk from Real-Time Retail Electricity Pricing: Bill Volatility and Hedgability” (July 2006) (Revised version published in The Energy Journal, 28(2) 2007.) Full Paper

Green, Richard and Le Coq, Chloe “The Length of Contracts and Collusion” (Revised version published in International Journal of Industrial Organization, Elsevier, Elsevier, vol. 28(1), pages 21-29, January 2010) Full Paper

Le Coq, Chloe “Index Contracts and Spot Market Competition” (2006) Full Paper

Phadke, Amol “Feasibility of Wholesale Electricity Competition in a Developing Country: Insights from Simulating a Market in Maharashtra State, India” (June 2006) Full Paper

Wolak, Frank “Residential Customer Response to Real-Time Pricing: The Anaheim Critical-Peak Pricing Experiment” (May 2006) Full Paper

Willems, Bert “Virtual Divestitures, Will They Make a Difference? Cournot Competition, Option Markets and Efficiency” (May 2006) Full Paper

Fowlie, Meredith “Emissions Trading, Electricity Industry Restructuring, and Investment in Pollution Abatement” (November 2005) (Revised version published in American Economic Review, 100(3), 2010.) Full Paper

Bushnell, James “Oligopoly Equilibria in Electricity Contract Markets” (October 2006) (Revised version published in Journal of Regulatory Economics, Vol. 32, 2008.) Full Paper

Borenstein, Severin “Wealth Transfers from Implementing Real-Time Retail Electricity Pricing” (August 2005) (Revised version publised in The Energy Journal, 28(2), 2007) Full Paper

Bushnell, James “Electricity Resource Adequacy: Matching Policies and Goals” (August 2005) (Revised version published in The Electricity Journal, September 2005) Full Paper

Pepermans, Guido and Willems, Bert “Ramsey Pricing in a Congested Network with Market Power in Generation: A Numerical Illustration for Belgium” (June 2005) Full Paper

Borenstein, Severin and Bushnell, James “Retail Policies and Competition in the Gasoline Industry” (May 2005) Full Paper

Holland, Stephen P. and Mansur, Erin T. “The Short-Run Effects of Time-Varying Prices in Competitive Electricity Markets” (May 2006) (Revised version published in The Energy Journal, 27(4): 127-155, 2006.) Full Paper

Borenstein, Severin “Valuing the Time-Varying Electricity Production of Solar Photovoltaic Cells” (March 2005) Full Paper

Berry Cullen, Julie, Friedberg, Leora, and Wolfram, Catherine “Do Households Smooth Small Consumption Shocks? Evidence from Anticipated and Unanticipated Variation in Home Energy Costs” (April 2005) Full Paper

Bushnell, James B. and Wolfram, Catherine “Ownership Change, Incentives and Plant Efficiency: The Divestiture of U.S. Electric Generation Plants” (March 2005) Full Paper

Willems, Bert “Cournot Competition, Financial Option Markets and Efficiency” (March 2005) Full Paper

Borenstein, Severin, Bushnell, James, Knittel, Christopher R., and Wolfram, Catherine “Inefficiencies and Market Power in Financial Arbitrage: A Study of California’s Electricity Markets” (December 2004) (Revised version published in Journal of Industrial Economics, 56(2) 2008.) Full Paper

Busse, Meghan R. and Keohane, Nathaniel O. “Market Effects of Environmental Regulation: Coal, Railroads, and the 1990 Clean Air Act” (September 2004) (Revised version published in The Rand Journal of Economics, 38(4), 2007.) Full Paper

Holland, Stephen P. and Mansur, Erin T. “Is Real-Time Pricing Green?: The Environmental Impacts of Electricity Demand Variance” (September 2006) (Revised version published in Review of Economics and Statistics, 90(3), August 2008.) Full Paper

Fabrizio, Kira M., Rose, Nancy L., and Wolfram, Catherine “Does Competition Reduce Costs? Assessing the Impact of Regulatory Restructuring on U.S. Electric Generation Efficiency” (December 2004) (Revised version published in The American Economic Review, Vol. 97, September 2007, pp. 1250-1277.) Full Paper

Wolak, Frank “Lessons from International Experience with Electricity Market Monitoring” (June 2004) Full Paper

Borenstein, Severin “The Long-Run Efficiency of Real-Time Electricity Pricing” (Revised February 2005) (Revised version published in Energy Journal 26(3), 2005.) Full Paper

Borenstein, Severin, Bushnell, James, and Lewis, Matthew “Market Power in California’s Gasoline Market” (May 2004) Full Paper

Kim, Dae-Wook and Knittel, Christopher R. “Biases in Static Oligopoly Models?: Evidence from the California Electricity Market ” (May 2004) (Revised version published in Journal of Industrial Economics, December 2006, 54(4): 451-70.) Full Paper

Joskow, Paul and Tirole, Jean “Retail Electricity Competition ” (April 2004) (Revised version published in Rand Journal of Economics, 37(4), Winter 2006.) Full Paper

Joskow, Paul and Tirole, Jean “Reliability and Competitive Electricity Markets” (April 2004) (Revised version published in Rand Journal of Economics, 38(1), Spring 2007.) Full Paper

Ishii, Jun “Technology Adoption and Regulatory Regimes: Gas Turbines Electricity Generators from 1980 to 2001” (February 2011) Full Paper

Ishii, Jun and Yan, Jingming “Investment under Regulatory Uncertainty: U.S. Electricity Generation Investment Since 1996” (March 2004) Full Paper

Bushnell, James, Mansur, Erin T., and Saravia, Celeste “Vertical Arrangements, Market Structure, and Competition: An Analysis of Restructured U.S. Electricity Markets” (Revised February 2005) (Revised version published in American Economic Review, 98(1) 2008.) Full Paper

Hortacsu, Ali and Puller, Steven L. “Testing Strategic Models of Firm Behavior in Restructured Electricity Markets: A Case Study of ERCOT” (Revised November 2004) (Revised version published in RAND Journal of Economics, 39(1), Spring 2008. ) Full Paper

Creti, Anna and Fabra, Natalia “Capacity Markets for Electricity” (February 2004) (Revised version published in Energy Economics, 29(2), March 2007.) Full Paper

Waddams, Catherine “Spoilt for Choice? The Costs and Benefits of Opening UK Residential Markets” (February 2004) Full Paper

Fabra, Natalia, von der Fehr, Nils-Henrik, and Harbord, David “Designing Electricity Auctions” (February 2004) (Revised version published in Rand Journal of Economics, Vol. 37(1), Spring 2006.) Full Paper

Saravia, Celeste “Arbitrageurs on Efficiency and Market Power in the New York Electricity Market” (November 2003) Full Paper

Lewis, Matt “Asymmetric Price Adjustment and Consumer Search: An Examination of the Retail Gasoline Market” (November 2003) (Revised version published in Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(2), pages 409-449, 06) Full Paper

Bushnell, James “California’s Electricity Crisis: A Market Apart?” (November 2003) (Revised version published in Energy Policy, Vol. 32: 1045-1052, 2004.) Full Paper

Kahn, Shulamit and Knittel, Christopher R. “The Impact of the Clean Air Act Amendments of 1990 on Electric Utilities and Coal Mines: Evidence from the Stock Market” (September 2003) Full Paper

Mansur, Erin T. “Vertical Integration in Restructured Electricity Markets: Measuring Market Efficiency and Firm Conduct” (October 2003) (Revised version published in Review of Economics and Statistics, 90(2), May 2008.) Full Paper

Borenstein, Severin and Holland, Stephen P. “On the Efficiency of Competitive Electricity Markets With Time-Invariant Retail Prices” (August 2003) (Revised version published in Rand Journal of Economics, 36 (Autumn 2005)) Full Paper

Blumstein, Carl, Goldman, Charles, and Barbose, Galen “Who Should Administer Energy-Efficiency Programs?” (August 2003) (Revised version published in Energy Policy, 33, p.1053 (2005).) Full Paper

Wolak, Frank “Measuring Unilateral Market Power in Wholesale Electricity Markets: The California Market 1998 – 2000” (June 2003) (Revised version published in American Economic Review, May 2003; 93(2):425-30.) Full Paper

Kolstad, Jonathan and Wolak, Frank “Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market” (May 2003) Full Paper

Giulietti, Monica, Waddams Price, Catherine, and Waterson, Michael “Consumer Choice and Industrial Policy: a Study of UK Energy Markets” (April 2003) (Revised version published in The Economic Journal, 115, October 2005.) Full Paper

Wolfram, Catherine “The Efficiency of Electricity Generation in the US After Restructuring” (Revised June 2003) (Revised version published in Electricity Deregulation: Choices and Challenges, Griffin and Puller, eds., University of Chicago Press, 2005.) Full Paper

Wolak, Frank “Lessons from the California Electricity Crisis” (Revised May 2003) (Revised version published in Electricity Deregulation: Choices and Challenges, Griffin and Puller, eds., University of Chicago Press, 2005.) Full Paper

Bushnell, James “Looking for Trouble: Competition Policy in the U.S. Electricity Industry” (Revised April 2003) (Revised version published in Electricity Deregulation: Choices and Challenges, Griffin and Puller, eds., University of Chicago Press, 2005.) Full Paper

Ishii, Jun “From Investor-owned Utility to Independent Power Producer” (Revised January 2006) (Revised version published in Energy Journal, 27(3), 2006.) Full Paper

Ishii, Jun and Yan, Jingming “Does Divestiture Crowd-Out New Investment? The ‘Make or Buy’ Decision in U.S. Electricity Generation Investments” (Revised January 2006) (Revised version published in Rand Journal of Economics, 38(1), 2007.) Full Paper

Borenstein, Severin and Holland, Stephen P. “Investment Efficiency in Competitive Electricity Markets With and Without Time-Varying Retail Prices” (July 2003) Full Paper

Borenstein, Severin, Jaske, Michael, and Rosenfeld, Arthur “Dynamic Pricing Advanced Metering and Demand Response in Electricity Markets” (October 2002) (Revised version of Section I published in Electricity Deregulation: Choices and Challenges, Griffin and Puller, eds., University of Chicago Press, 2005.) Full Paper

Baldick, Ross “Variation of Distribution Factors with Loading” (September 2002) (Revised version published in IEEE Transactions on Power Systems 18(4):1316-1323, November 2003.) Full Paper

Blumstein, Carl, Friedman, L. S., and Green, R. J. “The History of Electricity Restructuring in California” (August 2002) (Revised version published in Journal of Industry, Competition, and Trade, 21(1) 9 (2002).) Full Paper

Borenstein, Severin, Bushnell, James, and Wolak, Frank “Measuring Market Inefficiencies in California’s Restructured Wholesale Electricity Market” (June 2002) (Revised version published in American Economic Review, Vol. 92, No. 5:1376-1405, Winter 2002.) Full Paper

Bushnell, James and Saravia, Celeste “An Emperical Assessment of the Competitiveness of the New England Electricity Market” (May 2002). Full Paper

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