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Full-Text Articles in Business
Review Of The Reserves And Operable Capability Markets: New England's Experience In The First Four Months, Peter Cramton
Review Of The Reserves And Operable Capability Markets: New England's Experience In The First Four Months, Peter Cramton
Peter Cramton
I review the performance of the operating reserves and the operable capability markets in New England. The review covers the first four months of operation from May 1 to August 31, 1999. The review is based on my knowledge of the market rules and their implementation by the ISO, and the market data during this period, including bidding, operating, and settlement information. In the review, I (1) identify the potential market flaws with these markets, (2) look at the performance of the markets to see if the potential problems have materialized, (3) evaluate the ISO's short-term remedies for these market …
Impacts Of Strike Replacement Banks In Canada, Peter Cramton, Morley Gunderson, Joseph Tracy
Impacts Of Strike Replacement Banks In Canada, Peter Cramton, Morley Gunderson, Joseph Tracy
Peter Cramton
In the labor relations area no issue generates as much controversy and division between labor and management as does the legislative ban on replacement workers. In the United States, the issue of a ban on permanent replacement workers has come before Congress four times since 1988, although the only action taken has been an executive order in 1995, banning the government from doing business with firms that use permanent replacements (Cramton and Tracy 1998). In Canada, where labor matters are under provincial jurisdiction, legislative bans on permanent replacement workers exist in most jurisdictions (except New Brunswick, Nova Scotia and Prince …
The Effect Of Collective Bargaining Legislation On Strikes And Wages, Peter Cramton, Morley Gunderson, Joseph Tracy
The Effect Of Collective Bargaining Legislation On Strikes And Wages, Peter Cramton, Morley Gunderson, Joseph Tracy
Peter Cramton
Using Canadian data on large, private-sector contract negotiations from January 1967 to March 1993, we find that wages and strikes are substantially influenced by labor policy. The data indicate that conciliation policies have largely been ineffective in reducing strike costs. In contrast, contract reopener provisions appear to make both unions and firms better off by reducing negotiation costs without systematically affecting wage settlements. Legislation banning the use of replacement workers appears to lead to higher strike costs both by increasing the frequency and duration of strikes.
The Role Of The Iso In U.S. Electricity Markets: A Review Of Restructuring In California And Pjm, Peter Cramton, Lisa Cameron
The Role Of The Iso In U.S. Electricity Markets: A Review Of Restructuring In California And Pjm, Peter Cramton, Lisa Cameron
Peter Cramton
Several regions of the U.S. have sought to restructure the electric power industry by separating the potentially competitive generation sector from the natural monopoly functions of electricity transmission and distribution. Under this restructuring scheme, a central authority, which we will refer to as the independent system operator (ISO), is given control over both the transmission system and the spot market for electricity. The ISO's role in managing the spot market is relatively uncontroversial. This is because the spot market takes place in real time and requires continuous physical adjustments to electricity supply and demand subject to complex constraints, such as …
The Distributional Effects Of Carbon Regulation, Peter Cramton, Suzi Kerr
The Distributional Effects Of Carbon Regulation, Peter Cramton, Suzi Kerr
Peter Cramton
We examine the distributional effects of carbon regulation. An auction of carbon permits is the best way to achieve carbon caps set by international negotiation to limit global climate change. An auction is preferred to grandfathering (giving polluters permits in proportion to past pollution), because it allows reduced tax distortions, provides more flexibility in distribution of costs, provides greater incentives for innovation, and reduces the need for politically contentious arguments over the allocation of rents.