Michael Giberson If you have a long political memory — say going back about two weeks, which now seems like ages ago — you might remember the furor over the “failure” of polls and prediction markets when Hillary Clinton won the New Hampshire Democratic primary. Prediction markets, the boastful new kid on the block, were …
How Do You Know if a Prediction Market is Any Good? Read More »
Michael Giberson Columnist Jay Hancock of the Baltimore Sun takes note of a complaint filed at FERC by the Maryland Public Service Commission that alleges local market power in PJM’s wholesale power market added $87.5 million to energy costs in the state. Hancock provides a link to the complaint at FERC for the curious. Also …
Market Power in Maryland Power, and Other Economics Stories in the News Read More »
Michael Giberson *Well, almost real congestion pricing. It may not be the real thing, but it is a reasonable facsimile and a step in the right direction. It is not quite the real thing, because, as I observed last time, the FAA “will not allow airport authorities to charge prices sufficient to balance demand with …
Yes, This is Real Congestion Pricing for Airports* Read More »
Michael Giberson The New Jersey experience illustrates one other key insight into regulation of a network. In a network industry such as electricity, where the network extends across state lines, it is possible for one state to exert significance externalities on others. The siting of transmission lines or an electricity generator in one state can …
Regulation of Networks when Networks Cross Political Borders Read More »
Michael Giberson In yesterday’s Washington Post, Robert Bryce wrote on Five Myths About Breaking our Oil Habit: Energy independence will reduce or eliminate terrorism. A big push for alternative fuels will break our oil addiction. Energy independence will let America choke off the flow of money to nasty countries. Energy independence will mean reform in …
Lynne Kiesling I am studiously trying to ignore the presidential season, but Alex Massie’s Wodehouse-ian gloss on Hillary Clinton (and, tangentially, Mike Huckabee at the end) really made me laugh, and has enough of a grain of truth in it to be insightful. In my sourer moments I find myself persuaded that Bertie Wooster’s verdict …
Presidential Candidates Through the Lens of Wodehouse Read More »
Michael Giberson A prediction market is a bit like the stock market, except that you are buying shares whose value depends on the success of a political candidate, rather than the profits earned by a corporation. And just as stock prices are a useful barometer of the health of a company, so too the price …
Justin Wolfers Writing on Prediction Markets and the Presidential Campaign for the Wsj Read More »
Michael Giberson At Common Tragedies, Rich Sweeney observed that “Pool and spa safety makes it into the energy bill,” but “renewable portfolio standards and increased oil taxes didn’t.” According to the preamble of the proposed “Energy Independence and Security Act of 2007,” it is intended (among other things) to “move the United States toward greater …
Michael Giberson When I read about this news story about the FDA from the Cleveland Plain Dealer, I immediately thought of (FDA critic) Alex Tabarrok. Googling “FDA Tabarrok fast track” brought me to “Regulatory Overdose” at Forbes: But George Mason University economist Alexander Tabarrok has a different idea: Abolish FDA-required efficacy testing altogether. Such testing …
Paging Dr. Tabarrok: Off the Fast Track at the Fda Read More »
Michael Giberson Last Friday, the State of Alaska received five proposals in response to a Alaska Gasline Inducement Act deadline to build a natural gas pipeline from the North Slope into Canadian and American markets. The applicants are Alaska Gasline Port Authority, AEnergia LLC, TransCanada, Sinopec ZPEB and Alaska Natural Gasline Development Authority. If the …
Alaska Gas Pipeline: Will the Alaska Gasline Inducement Act Get Construction Started? Read More »
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