Russ Roberts on Hayek in the Wall Street Journal

Lynne Kiesling Wow, Russ Roberts has a wonderful column in today’s Wall Street Journal about Hayek and the recent interest in his work (the link is subscriber-only, but if you Google for the article you should be able to get the whole thing to pull up from Opinion Journal). It’s an outstanding summary of why … More Russ Roberts on Hayek in the Wall Street Journal

What the Maryland Psc’s Rejection of Bg&e’s Smart Grid Proposal Reveals About Regulation

Lynne Kiesling Last week the Maryland Public Service Commission rejected Baltimore Gas & Electric’s proposed project to install over 2 million digital electric or gas meters, change the retail electricity rate structure to incorporate time-of-use pricing and peak-time rebates, and recover the meter capital costs through a surcharge on residential retail bills. BG&E’s ambitious and … More What the Maryland Psc’s Rejection of Bg&e’s Smart Grid Proposal Reveals About Regulation

David Warsh on Complexity and Economics

Lynne Kiesling David Warsh’s Economic Principals column this week is about complexity, and the study of complexity in economics. It is as informative and insightful as Warsh’s columns usually are, despite its selective coverage. He highlights some ideas that I think are important for the future direction of economics — the isolation of the twin … More David Warsh on Complexity and Economics

More Rule/market Design Recommendations for International Football-soccer

Lynne Kiesling Like Mike the other day, I have been thinking about possibly Pareto-improving rule changes in international soccer; like Richard Epstein I have always thought about sports rules (and league organization and market structure) as interesting market design issues. Take, for example, the unintended changes in ice hockey and American football after the introduction … More More Rule/market Design Recommendations for International Football-soccer

Electric Vehicle Recharging: Is the Energy Too Cheap to Meter?

Michael Giberson Competitive retail power company NRG plans to offer an “all you can eat” electric vehicle recharging plan in Houston early next year, expanding the offer to the Dallas area a little later.  Likely too few electric vehicles will show up in Houston in the next year or so to make much of a … More Electric Vehicle Recharging: Is the Energy Too Cheap to Meter?

Soccer Rules As a Market Design Problem

Michael Giberson Hadn’t actually thought of the rules of professional sports leagues as a market design issue before, but Richard Epstein’s column in Forbes proposing rule changes for soccer suggests the idea.  Epstein suggests a couple of changes, drawing on basketball and hockey for inspiration: First, he says goals scored in the run of play … More Soccer Rules As a Market Design Problem

Rejoice: Another World Cup, Another Ball Controversy

Michael Giberson The World Cup is well underway, and with it another controversy over the new ball designed by Adidas for the tournament.  The Wikipedia page on the ball documents some of the complaints, as usual most of them from goalkeepers: As with the Adidas Fevernova and Adidas Teamgeist at the two previous tournaments, the ball has … More Rejoice: Another World Cup, Another Ball Controversy

How Integrated Are European Electricity Markets?

Michael Giberson Georg Zachmann, writing at the EU Energy Policy Blog, asks, “How integrated are European electricity markets?”  At least in the case of the German market, the answer seems to be not so much. (For comparison, here is a paper by John Bower that seeks to assess power market integration in Europe as of … More How Integrated Are European Electricity Markets?

When Should a Solar Power Installer Be Treated Like a Regulated Public Utility?

Michael Giberson In Arizona, solar power installation company SolarCity has been told it must be regulated as a public utility if it employs a financing arrangement it has developed, a “solar services agreement,” to sell its services to non-profit entities. Usually SolarCity builds solar power systems and provides financing and ongoing monitoring services, but doesn’t … More When Should a Solar Power Installer Be Treated Like a Regulated Public Utility?

New Work on Tacit Knowledge

Lynne Kiesling An article in New Scientist is an excerpt from a new work on tacit knowledge. Harry Collins of Cardiff University is following Michael Polanyi’s treatment of tacit knowledge, but arguing that of the three categories of tacit knowledge he identifies (somatic, relational, collective). Collins argues that Polanyi characterized tacit knowledge as mysterious: To … More New Work on Tacit Knowledge