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Referierte Aufsätze Web of Science
The cross-border effects of a capacity market and a strategic reserve in interconnected electricity markets are modeled using an agent-based modeling methodology. Both capacity mechanisms improve the security of supply and reduce consumer costs. Our results indicate that interconnections do not affect the effectiveness of a capacity market, while a strategic reserve is affected negatively. The neighboring ...
In:
Utilities Policy
46 (2017), S. 33-47
| Pradyumna C. Bhagwat, Jörn Richstein, Emile J. L. Chappin, Kaveri K. Iychettira, Laurens J. de Vries
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Referierte Aufsätze Web of Science
The main objective of this paper is to compare the consequences of treating the attitudinal and perceptual indicators of hybrid discrete choice (HDC) models as continuous or ordinal outcomes. Based on tradition and computational reasons, such indicators are still predominantly treated as continuous outcomes in practice. This usually neglects their nature (as respondents are normally asked to state ...
In:
Journal of Choice Modelling
25 (2017), S. 28-39
| Francisco J. Bahamonde-Birke, Juan de Dios Ortúzar
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Referierte Aufsätze Web of Science
We analyze the effectiveness of a forward capacity market (FCM) with long-term contracts in an electricity market in the presence of a growing share of renewable energy. An agent-based model is used for this analysis. Capacity markets can compensate for the deteriorating incentive to invest in controllable power plants when the share of variable renewable energy sources grows, but may create volatile ...
In:
Energy Policy
111 (2017), S. 255-267
| Pradyumna C. Bhagwat, Anna Marcheselli, Jörn Richstein, Emile J. L. Chappin, Laurens J. de Vries
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Referierte Aufsätze Web of Science
This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic long-run levels of both capital taxes and public debt. Prior predictive analysis shows ...
In:
Journal of Economic Dynamics & Control
85 (2017), S. 1-20
| Malte Rieth
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Referierte Aufsätze Web of Science
We present an approach to simulate climate and energy policy for the EU, using a flexible and modular agent-based modelling approach and a toolbox, called the Energy Modelling Laboratory (EMLab). The paper shortly reviews core challenges and approaches for modelling climate and energy policy in light of the energy transition. Afterwards, we present an agent-based model of investment in power generation ...
In:
Environmental Modelling & Software
96 (2017), S. 421-431
| Emile J. L. Chappin, Laurens J. de Vries, Jörn Richstein, Pradyumna Bhagwat, Kaveri Iychettira, Salman Khan
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Referierte Aufsätze Web of Science
When designing stated-choice experiments modellers may consider offering respondents an “indifference” alternative to avoid stochastic choices when utility differences between alternatives are perceived as too small. By doing this, the modeller avoids adding white noise to the data and may gain additional information. This paper proposes a framework to model discrete choices in the presence of indifference ...
In:
Journal of Choice Modelling
22 (2017), S. 13-23
| Francisco J. Bahamonde Birke, Isidora Navarro, Juan de Dios Ortúzar
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Referierte Aufsätze Web of Science
This paper utilises the discontinuities induced by earnings caps for social security contributions (SSC) in Germany to analyse the effect of SSC on gross labour earnings. Economic incidence is identified by exploiting an increase of a regional earnings cap of health and long-term care insurance as a natural experiment. Based on administrative data, difference-in-differences models are estimated. I ...
In:
Labour Economics
49 (2017), S. 55-72
| Michael Neumann
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Referierte Aufsätze Web of Science
The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generation portfolio. Implementation of a capacity market can improve supply adequacy and reduce consumer costs. ...
In:
Utilities Policy
63 (2017), 9, S. 76-91
| Pradyumna C. Bhagwat, Kaveri K. Iychettira, Jörn Richstein, Emile J. L. Chappin, Laurens J. de Vries
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Referierte Aufsätze Web of Science
We revisit Ball and Romer’s (1990) canonical model of price setting with menu costs that exhibits multiple equilibria. We show that changes to firms’ markups move nominal and real rigidities in opposite directions. Using game-theoretic tools to derive a unique equilibrium, we find that accounting for agents’ endogenous adjustment of price expectations further weakens the link between real and nominal ...
In:
Economics Letters
156 (2017), S. 129-132
| Philipp König, Alexander Meyer-Gohde
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Referierte Aufsätze Web of Science
Do increased instruction hours improve the performance of all students? Using PISA scores of students in ninth grade, we analyse the effect of a German education reform that increased weekly instruction hours by two hours (6.5 percent) over almost five years. In the additional time, students are taught new learning content. On average, the reform improves student performance. However, treatment effects ...
In:
Labour Economics
47 (2017), S. 15-34
| Mathias Huebener, Susanne Kuger, Jan Marcus