In March 2000, OPEC decided to stabilise oil prices within a range of 22-28 US-Dollar/barrel of crude oil. Such an oil-price-level is far beyond the short and long run marginal costs of oil production, beyond even that in regions with particularly high costs. Nevertheless, OPEC may achieve its goal if world demand for oil increases substantially in the future and oil resources outside the OPEC are ...
Der Primärenergieverbrauch in Deutschland war im Jahre 2003 mit rund 489 Mill. t SKE (Steinkohleeinheiten) – dies entspricht 14 334 Petajoule – etwa so hoch wie im Jahr zuvor. Dies war das Resultat gegenläufiger Einflüsse: Während die schwache Konjunktur dämpfend auf den Verbrauch wirkte, führte insbesondere die kalte Witterung im ersten Quartal zu einer erhöhten Energienachfrage. Temperaturbereinigt ...
This paper examines the implications of restricting the tradability of carbon rights in the presence of induced technical change. Unlike earlier approaches aiming at exploring the tradability-technology linkage we focus on climate-relevant 'carbon-saving' technical change. This is achieved by incorporating endogenous investment in carbon productivity into the RICE-99 integrated assessment model of ...
This paper provides a productivity analysis of German electricity distribution companies. It addresses both traditional issues in electricity sector benchmarking, such as the role of scale effects and optimal utility size, as well as new evidence specific to the situation in Germany. Regarding the latter, we consider the potential effects of the three structural variables defined in the association ...
We present a model of takeover where the target optimally sets its reserve price. Under relatively standard symmetry restrictions, we obtain a unique equilibrium. The probability of takeover is only a function of the number of .rms and of the insiders. share of total industry gains due to the increase in concentration. Our main application is to the linear Cournot and Bertrand models. A takeover is ...
