February 2011

Why Do Americans Drive More Than Europeans?

Michael Giberson This result indicates that the quality of urban mobility infrastructure development can hard-wire either energy profligacy or energy efficiency into the system for decades. It also highlights the pernicious impact on long-term demand of low energy prices such as those driven by subsidies, particularly in emerging markets. From Shell’s Signals & Signposts: Shell Energy …

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An Experimental Test of Automated Market Power Mitigation Finds the Procedures Work

Michael Giberson The new International Journal of Industrial Organization is a special issue devoted to experimental analysis. Among the articles is research into automated market power mitigation procedures similar to the rules employed in the New York Independent System Operator. In brief, the authors find that automated conduct- and impact-based screening of offers succeeded in …

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Good News and Bad News from Price-spike Induced Failure of Retail Power Company in Texas

Michael Giberson We know that several Texas generators were unprepared for the possibility of severe cold on February 2, and now comes word that at least one retail electric provider was similarly unprepared for the possibility of price increases. ERCOT real-time power prices jumped to about $3000/MWh for most of the emergency period that morning. …

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Roundup of News and Commentary on the Texas Rolling Blackouts

Michael Giberson A collection of news and commentary on the February 2 rolling blackouts on the ERCOT grid in Texas. KVUE: After blackouts, PUC member seeks authority to fire ERCOT CEO WFAA: Public Utility Commission grills ERCOT top exec on rolling blackouts Associated Press: Railroad Commission questions industry performance WFAA: Quest for cheap fuel led …

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Gmu Economists Conflict on Hayek and the Discovery of Efficient Laws, I Think

Michael Giberson Two recent papers by George Mason University economists* appear to conflict on the question of whether competition in the legal arena should be expected to yield more efficient laws. I say “appear to conflict” because I have only just glanced through both papers and they both appear rich, dense, and worthy of careful …

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Haidt on Political Bias Among Social Psychologists

Michael Giberson Several days ago we discussed Jonathan Haidt’s research on libertarianism (see post). In his New York Times column, John Tierney discusses Haidt’s work on political bias among social psychologists: Some of the world’s pre-eminent experts on bias discovered an unexpected form of it at their annual meeting. … It was identified by Jonathan Haidt, …

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What About Electric Bikes? and Regular Bikes? and Can I Get a Pony?

Michael Giberson President Obama’s budget request will call on Congress to pass legislation offering consumers a rebate of as much as $7,500 for purchasing electric vehicles. The rebate plan is part of a three-part proposal outlined by the Department of Energy Tuesday that will be included in Obama’s budget request, slated to be released Monday. …

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More Cold for Texas and a Test of My Conjecture on Preparedness

Michael Giberson Last week the sharply colder temperatures wreaked havoc on many power generators in Texas, leading to emergency conditions and rolling blackouts on the ERCOT power system. In my preliminary reaction to the developments, I said: No doubt coal and gas-fueled generators across the state are reexamining their readiness for extreme coal weather. I …

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