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Notes On The Gridlab-D Household Equivalent Thermal Parameter Model, Leigh Tesfatsion, Swathi Battula 2019 Iowa State University

Notes On The Gridlab-D Household Equivalent Thermal Parameter Model, Leigh Tesfatsion, Swathi Battula

Economics Working Papers

GridLab-D (GLD) is an agent-based platform, developed by researchers at Pacific Northwest National Laboratory, that permits users to accurately simulate the state dynamics of power distribution systems at time scales ranging from sub-seconds to years. The purpose of this study is to present, in careful comprehensive form, a complete analytical state-space control representation for a version of the GLD Household Equivalent Thermal Parameter Model as support documentation for model users. This model is a physically-based implementation of a household with multiple price-responsive and conventional appliances whose thermal dynamics are determined over successive days by resident appliance usage and external weather ...


Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp 2019 University of Pennsylvania Law School

Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust’s consumer welfare principle stands for the proposition that antitrust policy should encourage markets to produce output as high as is consistent with sustainable competition, and prices that are accordingly as low. Such a policy does not protect every interest group. For example, it opposes the interests of cartels or other competition-limiting associations who profit from lower output and higher prices. It also runs counter to the interest of less competitive firms that need higher prices in order to survive. Market structure is relevant to antitrust policy, but its importance is contingent rather than absolute – that is, market structure ...


Pro-Social Consumer And Firm Behavior In Imperfectly Competitive Regional Agricultural Markets, Jill Fitzsimmons 2019 University of Massachusetts Amherst

Pro-Social Consumer And Firm Behavior In Imperfectly Competitive Regional Agricultural Markets, Jill Fitzsimmons

Doctoral Dissertations

In this dissertation, I combine field research, econometric methods, and economic theory to analyze a market in which both firms’ and consumers’ choices are motivated by social preferences. This work contributes to the fields of behavioral economics, industrial organization, and local food systems economics. The dissertation expands the growing literature on social preferences to incorporate firms’ choices that are motivated by utility maximizing objectives in an environment that allows endogenous equilibrium prices and quantities. Firms with social preferences operate in a competitive environment in which they may face downstream market power. In particular, the research focuses on intermediated Farm to ...


Competition In The Venture Capital Market And The Success Of Start-Up Companies: Theory And Evidence, Suting Hong, Konstantinos Serfes, Veikko Thiele 2018 Drexel University

Competition In The Venture Capital Market And The Success Of Start-Up Companies: Theory And Evidence, Suting Hong, Konstantinos Serfes, Veikko Thiele

Konstantinos Serfes

No abstract provided.


Whatever Did Happen To The Antitrust Movement?, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Whatever Did Happen To The Antitrust Movement?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust in the United States today is caught between its pursuit of technical rules designed to define and implement defensible economic goals, and increasing calls for a new antitrust “movement.” The goals of this movement have been variously defined as combating industrial concentration, limiting the economic or political power of large firms, correcting the maldistribution of wealth, control of high profits, increasing wages, or protection of small business. High output and low consumer prices are typically unmentioned.

In the 1960s the great policy historian Richard Hofstadter lamented the passing of the antitrust “movement” as one of the “faded passions of ...


Prophylactic Merger Policy, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Prophylactic Merger Policy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

An important purpose of the antitrust merger law is to arrest certain anticompetitive practices or outcomes in their “incipiency.” Many Clayton Act decisions involving both mergers and other practices had recognized the idea as early as the 1920s. In Brown Shoe the Supreme Court doubled down on the idea, attributing to Congress a concern about a “rising tide of economic concentration” that must be halted “at its outset and before it gathered momentum.” The Supreme Court did not explain why an incipiency test was needed to address this particular problem. Once structural thresholds for identifying problematic mergers are identified there ...


Equilibrium Sorting And Moral Hazard In Residential Energy Contracts, Jieun Chang 2018 Southwestern Oklahoma State University

Equilibrium Sorting And Moral Hazard In Residential Energy Contracts, Jieun Chang

Faculty Articles & Research

Summary

•This paper studies tenant behavior in rental housing when the landlord pays for heating.

•For a fixed cost of heating, households that choose tenant-pay contracts prefer higher thermostat settings than households that choose landlord-pay contracts.

•Eliminating moral hazard by forcing all renters to pay their own bill reduces energy consumption by 25% due to renters turning down the heat (22%) and choosing smaller units (3%).

•Moral hazard in residential energy contracts cost $839 million per year in welfare losses.


Transactive Energy Design For Integrated Transmission And Distribution Systems, Hieu Trung Nguyen, Swathi Battula, Rohit Reddy Takkala, Zhaoyu Wang, Leigh Tesfatsion 2018 Iowa State University

Transactive Energy Design For Integrated Transmission And Distribution Systems, Hieu Trung Nguyen, Swathi Battula, Rohit Reddy Takkala, Zhaoyu Wang, Leigh Tesfatsion

Economics Working Papers

The increasing deployment of distributed energy resources (DERs) is disrupting every aspect of power system operations, from retail distribution to wholesale production and transmission. This paper reports on the development of an agentbased test system enabling the study of new transactive energy system (TES) designs to ensure the reliable efficient operation of integrated transmission and distribution (ITD) systems with growing DER penetration. This ITD test system is used to explore the ability of a non-profit Distribution System Operator (DSO), participating within an ITD system, to use an innovative TES design to manage the power usage of DER devices in accordance ...


Firm Internal Network, Environmental Regulation, And Plant Death, Jingbo Cui, Giancarlo Moschini 2018 Wuhan University

Firm Internal Network, Environmental Regulation, And Plant Death, Jingbo Cui, Giancarlo Moschini

CARD Working Papers

This paper examines the role of a firm’s internal network in determining plant shutdown decisions in response to environmental regulations. Using unique plant-level data for U.S. manufacturing industries from 1990 to 2008, we find evidence that, in response to increasingly stringent environmental regulations at the county level, multi-plant firms do exercise their greater flexibility in adjusting production, relative to single-plant firms. Specifically, in regulated counties, the likelihood of a plant shutting down is higher for multi-plant firms. Moreover, we measure the firm internal network effect at the local, neighborhood, and the wider-area levels, as defined by the number ...


Intellectual Property And The Economics Of Product Differentiation, Christopher S. Yoo 2018 University of Pennsylvania Law School

Intellectual Property And The Economics Of Product Differentiation, Christopher S. Yoo

Faculty Scholarship at Penn Law

The literature applying the economics of product differentiation to intellectual property has been called the most important development in the economic analysis of IP in years. Relaxing the assumption that products are homogeneous yields new insights by explaining persistent features of IP markets that the traditional approaches cannot, challenging the extent to which IP allows rightsholders to earn monopoly profits, allowing for sources of welfare outside of price-quantity space, which in turn opens up new dimensions along which intellectual property can compete. It also allows for equilibria with different welfare characteristics, making the tendency towards systematic underproduction more contingent and ...


Toward A Theory Of Entry In Moral Markets: The Role Of Social Movements And Organizational Identity, Brandon Lee, Panikos Georgallis 2018 Melbourne Business School

Toward A Theory Of Entry In Moral Markets: The Role Of Social Movements And Organizational Identity, Brandon Lee, Panikos Georgallis

Brandon Lee

A growing body of research on moral markets—sectors whose raison d’être is to offer market solutions to social and environmental issues—has offered critical insights into the emergence and growth of these sectors. Less is known, however, about why some firms enter moral markets while others do not. Drawing from research on market entry, organizational identity, and social movements, we develop a theory that highlights the potential of organizational identity to explain variation in entry into moral markets. We then expand our framework by theorizing about contingencies that alter the shape of the relationship between organizational identity and ...


Regulation And The Marginalist Revolution, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Regulation And The Marginalist Revolution, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. Marginalism, whose development defines the boundary between classical political economy and neoclassical economics, completely overturned economists’ theory of value. It developed in the late nineteenth century in England, the Continent and the United States. For the classical political economists, value was a function of past averages. One good example is the wage-fund theory, which saw the optimal rate of wages as a function of the firm’s ability to save from previous profits. Another is the theory of corporate finance, which assessed a ...


The Behavioral And Neuroeconomics Of Food And Brand Decisions: Executive Summary, Amanda Bruce, John Crespi, Jayson Lusk 2018 University of Kansas Medical Center

The Behavioral And Neuroeconomics Of Food And Brand Decisions: Executive Summary, Amanda Bruce, John Crespi, Jayson Lusk

John Crespi

This executive summary provides the rationale for and summary of the articles of this Special Edition of the Journal of Agricultural and Food Industrial Organization.


Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon McFadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim 2018 University of Missouri - Kansas City

Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon Mcfadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim

John Crespi

In 2008, California passed Proposition 2, specifying confinement space for certain farm animals. Proposition 2 went into full effect January 2015 and has significant implications for egg production in California and possibly even interstate commerce. We examined the influence of promotional videos aired during the campaign on consumers’ willingness-to-pay for eggs produced in a more open production system (i.e., cage-free, free range) and corresponding neurofunctional activations during decisions. Forty-six participants (24 females), aged 18–55 years (M=29.65), were enrolled and performed a food decision-making task during fMRI scanning. In each decision, two options of identical one dozen ...


Building A Bridge Between Philanthropy And Profit: The History, Economics, And Politics Of Environmental Impact In A Commerce Society, Yekaterina Goncharova 2018 Fordham University

Building A Bridge Between Philanthropy And Profit: The History, Economics, And Politics Of Environmental Impact In A Commerce Society, Yekaterina Goncharova

Student Theses 2015-Present

This paper examines our consumerist society through past and present data, business practice, supply chain, economics, and its impact on human and environmental well-being. Upon examination, the thesis aims to suggest change through social indicators and policy. It answers numerous questions surrounding both the problems and solutions associated with environmental policy. These include: the question as to what exactly is social and environmental impact investing? What are current changes impacting humanity’s ecological footprint? Why does society need to make changes? Most importantly, it assesses how we can change? Chapter 1 explores the past and what led to an increase ...


Competition Policy For Exclusionary Pricing: Experimental Evidence, Aaron Edlin 2018 Selected Works

Competition Policy For Exclusionary Pricing: Experimental Evidence, Aaron Edlin

Aaron Edlin

We study the effects of above-cost exclusionary pricing and the efficacy of three
policy responses. We run a series of experiments involving a monopoly incumbent
and a potential entrant. Our experiments show that under a laissez-faire regime,
the threat of post-entry price cuts discourages entry, and allows incumbents to
charge monopoly prices. Current U.S. policy (Brooke Group) does not help. In
contrast, a policy suggested by Baumol (1979) lowers post-exit prices, while Edlin’s
(2002) proposal reduces pre-entry prices and encourages entry in the experiments.
While both policies have less competitive outcomes after entry than Laissez-faire
does, they nevertheless ...


Re-Imagining The Labor Movement As A Social Movement, James Patin 2018 Clark University

Re-Imagining The Labor Movement As A Social Movement, James Patin

James Patin

This paper presents a new theoretical contribution which seeks to provide a framework
for the labor movement to be rebuilt by engaging both in traditional labor struggles and in social
movements. I argue that the labor movement must use labor power to fight for social change on
all fronts, using demands which bridge member consciousness to social movement
consciousness, as well as framing and organizing tactics which unite the community around the
union. This paper provides a theoretical analysis of labor movement and social movement theory
and practice. We demonstrate that Marxist Theory has been historically present, but that it ...


Braided Cobwebs: Cautionary Tales For Dynamic Retail Pricing In End-To-End Power Systems, Auswin George Thomas, Leigh Tesfatsion 2018 Siemans Industry, Mpls

Braided Cobwebs: Cautionary Tales For Dynamic Retail Pricing In End-To-End Power Systems, Auswin George Thomas, Leigh Tesfatsion

Economics Working Papers

This study investigates the effects of dynamic-price retail contracting on end-to-end power system operations. Performance is evaluated by means of carefully defined metrics for system stability, market efficiency, and market participant welfare. The study is carried out for an Integrated Retail and Wholesale (IRW) Test Case for which households have smart (price-responsive) air-conditioning (A/C) systems. A simplified version of the IRW Test Case with a directly postulated linear household demand curve is first used to derive, analytically, a set of necessary and sufficient conditions for system stability under dynamic-price retail contracting. A key finding is that dynamicprice retail contracts ...


Research Note: Investor Perceptions Of Comparable-To-Industry Versus Higher-Than-Industry Pay Ratio Disclosures, Khim KELLY, Jean Lin SEOW 2018 Singapore Management University

Research Note: Investor Perceptions Of Comparable-To-Industry Versus Higher-Than-Industry Pay Ratio Disclosures, Khim Kelly, Jean Lin Seow

Research Collection School Of Accountancy

The usefulness of the CEO-to-employee pay ratio disclosure to investors is subject to significant debate. Our experiment examines participant responses to higher-than-industry and comparable-to-industry pay ratio disclosures in a company. A prior experiment by Kelly and Seow (2016) (hereafter KS) found that incrementally disclosing a higher-than-industry pay ratio on top of higher-than-industry CEO pay had indirect negative effects on the company’s perceived investment potential, via negative perceptions about the fairness of the CEO pay and workplace climate. We find that the negative indirect effects of pay ratio disclosures on perceived investment potential in KS are replicable in our study ...


Resource Scarcity, Effort, And Performance In Physically Demanding Jobs: An Evolutionary Explanation, Marko PITESA, Stefan THAU 2018 Singapore Management University

Resource Scarcity, Effort, And Performance In Physically Demanding Jobs: An Evolutionary Explanation, Marko Pitesa, Stefan Thau

Research Collection Lee Kong Chian School Of Business

Based on evolutionary theory, we predicted that cues of resource scarcity in the environment (e.g., news of droughts or food shortages) lead people to reduce their effort and performance in physically demanding work. We tested this prediction in a 2-wave field survey among employees and replicated it experimentally in the lab. In Study 1, employees who perceived resources in the environment to be scarce reported exerting less effort when their jobs involved much (but not little) physical work. In Study 2, participants who read that resources in the environment were scarce performed worse on a task demanding more (carrying ...


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