Michael Grubb

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This paper studies the role of information asymmetries in second price, common value auctions. Motivated by information structures that arise commonly in applications such as online advertising, we seek to understand what types of information asymmetries lead to substantial reductions in revenue for the auctioneer. One application of our results concerns(More)
The European Directive on the EU ETS allows governments to auction up to 10% of the allowances issued in Phase II 2008‐2012, without constraints specified thereafter. This paper reviews and extends the long‐standing debate about auctioning, in which economists have generally supported and industries opposed greater use of auctioning. The(More)
* Potsdam Institute for Climate Impact Research, P.O. Box 60 12 03, Germany, E-mail: edenhofer@ pik-potsdam.de. ** DIW (German Institute for Economic Research) and Humboldt University Berlin, Germany, Email: ckemfert@diw.de. *** Imperial College and Faculty of Economics, Cambridge University, United Kingdom, E-Mail: michael.grubb@imperial.ac.uk. † Tyndall(More)
270 NATURE | VOL 390 | 20 NOVEMBER 1997 BAU after 2010 in this scenario could only be achieved if decisions were made now with regard to future energy production, so this case certainly does not correspond to a ‘no action’ scenario.) Results for the ‘High’ case are shown in the bottom panels of Fig. 2 (concentration profiles based on non-Annex I departure(More)
Firms commonly offer three-part tariffs, or menus of three-part tariffs, in a variety of contexts. A three-part tariff consists of a fixed fee, an included allowance of units for which the marginal price is zero, and a positive marginal price for additional usage beyond the allowance. A prime example is the US cellular phone services market in which firms(More)
Following FCC pressure to end bill shock, cellular carriers now alert customers when they exceed usage allowances. We estimate a model of plan choice, usage, and learning using a 2002–2004 panel of cellular bills. Accounting for firm price adjustment, we predict that implementing alerts in 2002–2004 would have lowered average annual consumer welfare by $33.(More)
* Tyndall Centre and Faculty of Economics, University of Cambridge, Sidgwick Avenue, Cambridge CB3 9DE, U.K., E-Mail: J.Kohler@econ.cam.ac.uk. ** Imperial College and Faculty of Economics, University of Cambridge, Cambridge, E-Mail: michael.grubb@imperial.ac.uk. *** Department of Public Administration, Center for Policy Research, The Maxwell School,(More)
The European Emissions Trading Scheme (EU ETS) has an efficient and effective market design that risks being undermined by three interrelated problems: the approach to allocation; the absence of a credible commitment to post-2012 continuation; and concerns about its impact on the international competitiveness of key sectors. This special issue of Climate(More)
We explore the relationship between low carbon objectives and the strategic security of electricity in the context of the UK Electricity System. We consider diversity of fuel source mix to represent one dimension of security – robustness against interruptions of any one source – and apply two different diversity indices to the range of electricity system(More)