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Erschienen in:
Economic Analysis of Energy Markets: An Introduction Kapitel lesen Erstes Kapitel lesen

2021 | OriginalPaper | Buchkapitel

4. Microeconomic Perspective on Regulating Energy Markets

verfasst von : Machiel Mulder

Erschienen in: Regulation of Energy Markets

Verlag: Springer International Publishing

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Abstract

The analytical framework for the economic analysis of regulating energy markets is derived from microeconomics. Section 4.2 discusses the basic microeconomic concepts and the theoretical benchmark of perfectly functioning markets. It shows that in such markets optimal welfare is achieved, which means that the allocation of goods is done in the best possible way. This chapter also explains the conditions for having perfectly functioning markets and that, in practice, almost never all conditions are satisfied. Although energy markets have become fairly mature in most regions, many of them suffer from market failures. Besides discussing the various types of market failures, attention is paid to the possibility of regulatory failures. Section 4.3 discusses how costs of and benefits of regulatory measures can be assessed.

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Vorheriges Kapitel Energy Markets and Energy Policies
Nächstes Kapitel Information Asymmetry in Retail Energy Markets
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Fußnoten
1
This chapter only describes the basic microeconomic concepts. For further reading, see e.g. Varian (2003).
 
2
This economic principle is called the impossibility of interpersonal comparison of utility.
 
3
The marginal costs do not need to be equal to the short-term operational costs. This is only the case when the investments in the fixed assets already have been made. Then, the investment costs can be viewed as sunk, as they do not change anymore when a firm supplies a commodity. When a firm considers to supply a commodity for a long period of time, it may also consider to invest in fixed assets. In that case, investment costs belong also to the marginal costs affecting the minimum required price.
 
4
The exception to this rule is when we discuss merit orders.
 
5
This is so-called Bertrand competition, where firms compete on prices without any quantity restrictions. As a result of this competition, prices will become equal to marginal costs.
 
6
In scenario analysis, it is common to have an even number of scenarios in order to prevent that users (e.g. policy makers) view one of the scenarios as the most likely. When scenarios are well defined, every scenario is even likely and conceivable, which makes them real alternative views on the future.
 
Literatur
Bhattacharyya, S. C. (2019). Energy economics; Concepts, issues, markets and governance (2nd ed.). Berlin: Springer.
Decker, C. (2015). Modern economic regulation; An introduction to theory and practice. Cambridge University Press.
Hulshof, D., & Mulder, M. (2020). Willingness to pay for CO2 emission reductions in passenger car transport. Environmental and Resource Economics, 75(4), 899–929.CrossRef
Mulder, M., Shestalova, V., & Zwart, G. (2007). Vertical separation of the Dutch energy distribution industry: An economic assessment of the political debate. Intereconomics, 42(6), 292–310.
Nas, T. F. (2013). Cost-benefit analysis: Theory and application. Lexington Books.
Varian, H. R. (2003). Intermediate microeconomics; A modern approach (6th ed.). New York/London: W.W. Norton & Company.
Veljanovski, C. (2012). Economic approaches to regulation. In R. Baldwin, M. Cave, & M. Lodge (Eds.), The Oxford handbook of regulation. Oxford University Press.
Zweifel, P., Praktiknjo, A., & Erdmann, G. (2017). Energy economics; Theory and applications. Springer Texts in Business and Economics.
Metadaten
Titel
Microeconomic Perspective on Regulating Energy Markets
verfasst von
Machiel Mulder
Copyright-Jahr
2021
Buch
Regulation of Energy Markets

Print ISBN: 978-3-030-58318-7

Electronic ISBN: 978-3-030-58319-4

Copyright-Jahr: 2021

DOI
https://doi.org/10.1007/978-3-030-58319-4_4