funding provided by participating member commissions of the National Association of Regulatory Utility Commissioners (NARUC). The views and opinions of the author do not necessarily state or reflect the views, opinions, or policies of the NRRI, the NARUC, or NARUC member commissions. Executive Summary When a state considers electric restructuring, a commonly expressed concern is that the introd...

Oil price shocks are the major source of economic instability in oil exporting developing countries, including Iran. In this paper a Multi Sector Dynamic Stochastic General Equilibrium model, with emphasis on optimization of oil sector as a producing sector is designed. Furthermore, an optimizing import sector is introduced into the model by considering the price rigidity in imported goods as a...

Employing the fundamental value of real estate determined by the economic fundamentals, a measurement model for real estate bubble size is established based on the panel data analysis. Using this model, real estate bubble sizes in various regions in Japan in the late 1980s and in recent China are examined. Two panel models for Japan provide results, which are consistent with the reality in the ...

Korean households generally prefer to use induction cooktops rather than gas stoves because of their greater convenience and safety features. This paper tries to investigate whether Korean households are willing to pay a premium for replacing their gas stoves, which are currently common in Korea, with induction cooktops, from the perspective of convenience and safety. To this end, a contingent ...

the rule is RPI + K, where K represents both expected productivity gains and a permitted annual increase in the real price of water to allow for quality improvements (think of it as RPI – X + Q, where Q stands for the quality improvement). Since 1989, price caps have also been used in the United States to adjust the prices charged by the long-distance telephone company AT&T. In New Zealand, a p...

The energy use increases rapidly due to growth in population, urbanization, and economic growth. Residential electricity consumption has an important place in the rapidly growing electricity consumption in India. Most of the studies that are carried out for energy planning in India, use macrolevel data for the estimation of price and income elasticities of electricity demand. The present study ...

This paper examines how education policy generates residential sorting and changes residential land price inequality within a city. In 1974, Seoul shifted away from an exam based high school admission system, created high school districts and randomly allocated students to schools within each district. I examine how residential land prices change across school districts using a first difference...