Three little questions about behavioral energy economics and transactive energy

Recently I spoke at the Surge Summit event of the Illinois Science & Engineering Innovation Foundation (ISEIF). ISEIF’s mission is customer education, awareness, and engagement as Illinois implements policies enabling a digital distribution grid and transactive energy. I am honored to serve as a peer reviewer on ISEIF’s Peer Review Committee. As a lead-up to … More Three little questions about behavioral energy economics and transactive energy

Are ‘outsiders’ more likely to be accused of price gouging?

Michael Giberson Are price gouging laws applied fairly? This past week Tropical Storm/Hurricane Isaac lead to disaster declarations and the invocation of price gouging laws in several gulf states. Here are a few selected quotes from all four price-gouging related press releases issued last week by Mississippi Attorney General Jim Hood: August 28: “Attorney General … More Are ‘outsiders’ more likely to be accused of price gouging?

Federal government is trying to fix your car-buying mistakes

Michael Giberson One of the federal government’s first oil conservation ideas, initiated during the Ford presidency, was Corporate Average Fuel Economy (CAFE) regulation. Mostly the goal was to reduce U.S. consumption of oil as a way to reduce oil imports, though ancillary environmental benefits were also anticipated. Regulatory analysis of CAFE regulations over the near … More Federal government is trying to fix your car-buying mistakes

Horwitz: Do free markets require “rational” actors?

Lynne Kiesling Steve Horwitz has a great Freeman column today, inspired by reading Dan Ariely’s Predictably Irrational. Steve starts by pointing out that the definition of “rational” is not uniform, which matters a great deal because of the theoretical, empirical, and policy implications one draws from the definition used: People act “irrationally,” in the sense … More Horwitz: Do free markets require “rational” actors?

Price gouging, ethics, markets, and the corrupting influence of Econ 101

Michael Giberson Last I checked, James Kwak had 147 comments on his blog post on price gouging and the corrupting influence of Econ 101. Other bloggers have jumped into the fray: Adam Ozimek at Modeled Behavior, the Undergraduate at Observations of a Naive Undergraduate, and David Beckworth at Macro and Other Market Musings.  Quite a … More Price gouging, ethics, markets, and the corrupting influence of Econ 101

The number of correct responses from PhD’s in economics, consequently, was somewhat less than the expected number if the respondents had been chickens pecking randomly

Michael Giberson The title above is a quote from Harold Margolis’s paper, “Are Economists Human?” HT Marginal Revolution. (I wonder if Tyler Cowen laughed when he read it?)