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1999

Selected Works

Articles 1 - 9 of 9

Full-Text Articles in Finance

Review Of The Reserves And Operable Capability Markets: New England's Experience In The First Four Months, Peter Cramton Nov 1999

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 …

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Affidavit Of Peter Cramton, Peter Cramton Sep 1999

Affidavit Of Peter Cramton, Peter Cramton

Peter Cramton

Summary of review of reserves and operable capability markets. For ISO New England.

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Impacts Of Strike Replacement Banks In Canada, Peter Cramton, Morley Gunderson, Joseph Tracy Sep 1999

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 …

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The Effect Of Collective Bargaining Legislation On Strikes And Wages, Peter Cramton, Morley Gunderson, Joseph Tracy Aug 1999

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.

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Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed Jun 1999

Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Research on land tenure and use control and the socioeconomic sets of regulations in the agricultural rainfed sub sector of Sudan, come to focus for many reasons. Anthropogenic pressure, expanding animal population and migration led to accelerated impacts on both the ecological systems and land yields. Conflicts between governmental regulations and indigenous rules contribute to generate inconsistencies on who have the right to till the land and hence own it. With such transformation logically, more intensive commercial farming took place and land intake exponentially increased. Private or collective property rights of land are procured through traditional tenure, prescription, settlement or …

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The Role Of The Iso In U.S. Electricity Markets: A Review Of Restructuring In California And Pjm, Peter Cramton, Lisa Cameron Apr 1999

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 …

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Charities In Tax Reform: Threats To Subsidies Overt And Covert, Evelyn Brody Mar 1999

Charities In Tax Reform: Threats To Subsidies Overt And Covert, Evelyn Brody

Evelyn Brody

Fundamental tax reform would do far more damage to charities than the obvious repeal of the deduction for charitable contributions. Over the decades, charities have quietly garnered billions of dollars worth of indirect benefits. For example, the largest tax expenditure - the exclusion from workers' income of employer-provided health insurance - has fattened nonprofit hospitals, and the new tuition tax credits promise to spur tuition inflation. Tax reform presents an opportunity to eliminate tax subsidies and enact any desired direct expenditures for specific public goods and activities. However, converting tax expenditures to direct outlays would likely take the form of …

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Project Appraisal For The Keynesian Investment Planner, Greg Hill Jan 1999

Project Appraisal For The Keynesian Investment Planner, Greg Hill

Greg Hill

This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on investment, the private and social rates of discount, and other concepts used in cost-benefit analysis may be modified to take account of the income externalities generated by the multiplier, mark-up pricing, and the causal priority of investment over saving.

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The Distributional Effects Of Carbon Regulation, Peter Cramton, Suzi Kerr Jan 1999

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.

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