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American Economic Review: Vol. 103 No. 3 (May 2013)

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Transportation Fuels Policy since the OPEC Embargo: Paved with Good Intentions

Article Citation

Knittel, Christopher R. 2013. "Transportation Fuels Policy since the OPEC Embargo: Paved with Good Intentions." American Economic Review, 103(3): 344-49.

DOI: 10.1257/aer.103.3.344

Abstract

A long line of research investigates whether the retail prices of electricity and natural gas send proper signals about scarcity in order to induce efficient consumption. Historically, regulated utilities have not designed tariffs that set marginal prices equal to marginal costs. Currently, some jurisdictions are opening the retail sectors to competition via "retail choice." These new regimes replace imperfect regulation with imperfect competition as the process by which retail tariffs are formed. We discuss the challenges in evaluating the efficiency of tariffs and present evidence of how pricing has changed in markets with retail choice.

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Authors

Knittel, Christopher R. (MIT)

JEL Classifications

H23: Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies
L71: Mining, Extraction, and Refining: Hydrocarbon Fuels
L78: Industry Studies: Primary Products and Construction: Government Policy
Q41: Energy: Demand and Supply
Q48: Energy: Government Policy
R41: Transportation: Demand, Supply, and Congestion; Safety and Accidents; Transportation Noise
R48: Transportation Systems: Government Pricing and Policy


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