Long Term Dynamics in CO2 Allowance Prices and Carbon Capture Investments

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also calibrate those from the Spanish wholesale electricity market. This information is then used to assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant. We use a two-dimensional binomial lattice where costs and profits are valued and the optimal investment time is determined. In other words, we study the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the impact of several variables on the critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, from a financial point of view, immediate installation does not seem justified. This need not be the case, though, if carbon market parameters change dramatically and/or a specific policy to promote these units is adopted.

Prices and the Real Exchange Rate in Hong Kong: 1985-2006

This paper has been presented at the XIII Encuentros de Economía Aplicada, Sevilla, Spain, 2010.

Understanding Tariff Deficit and its Challenges

Regulators and market participants have become increasingly concerned about the Spanish electricity tariff deficit due to its size and the difficulties to control its growth. The deficit can be traced to inefficiencies in market organization and solutions should be designed to mitigate those inefficiencies. Tariff deficits have allowed for the transfer of part of the present costs of electricity services to future consumers, but this situation has reached a limit and a deep revision of regulation in this market cannot be postponed. In general, solutions that interfere with market prices and signals are not appropriate.

Evaluation of two alternative carbon capture and storage technologies

4 p.

Divergences in the Long Run Trends in the Price of Energy and of Energy Services

32 p.

Economic Efficiency, Environmental Effectiveness and Political Feasibility of Energy Efficiency Rebates: The Case of the Spanish Energy Efficiency 'Renove' Plan

29 p.

Time and tide wait for no man: pioneers and laggards in the deployment of CCS

19 p.

Policy Coordination in an Oligopolistic Housing Market

This paper analyzes the consequences of the interaction between two different levels of government (regulators) in the development of housing policy when their decisions determine the level of competition in the housing market. The analysis discusses the implications derived from a lack of coordination between a local regulator who controls the supply of land for housing development and a central regulator who decides on housing subsidies. The results suggest that lack of coordination has significant effects on prices and supply of houses, housing developers’ profits, and buyers’ surplus.

Computing abuse related damages in the case of new entry: An illustration for the Directory Enquiry Services market

A number of European countries, among which the UK and Spain, have opened up their Directory Enquiry Services (DQs, or 118AB) market to competition. We analyse the Spanish case, where both local and foreign firms challenged the incumbent as of April 2003. We argue that the incumbent had the ability to abuse its dominant position, and that it was a perfectly rational strategy. In short,the incumbent raised its rivals' costs directly by providing an inferior quality version of the (essential) input, namely the incumbent's subscribers' database. We illustrate how it is possible to quantify the effect of abuse in situation were the entrant has no previous history in the market. To do this, we use the UK experience to construct the relevant counterfactual, that is the "but for abuse" scenario. After controlling for relative prices and advertising intensity, we find that one of the foreign entrants achieved a Spanish market share of only half of what it would have been in the absence of abuse.

Importancia de la marca paraguas y el made in en la competitividad internacional del granito

[ES] España, al igual que Italia, líder tradicional del sector de granito, ha visto como China, India o Brasil, han escalado posiciones en el ranking de producción y exportación mundial de granito. En un contexto globalizado, es necesario posicionarse frente a estos competidores en los mercados internacionales, y dado que estamos ante un producto genérico que cumple unas condiciones adecuadas de precio y calidad, una forma de identificarlo y diferenciarlo es aportándole valor mediante la creación de una marca. En el trabajo se analiza la utilidad de una estrategia basada en el made in para el caso de Galicia, núcleo fundamental de la industria en España, alternativa que resulta interesante para las empresas consultadas pero cuya puesta en práctica exige la colaboración entre éstas y las instituciones.

Transformaciones agropecuarias en Guipúzcoa durante los siglos XVI y XVII

Actas de la XII Reunión Científica de la Fundación Española de Historia Moderna, celebrada en la Universidad de León en 19-21 de junio de 2012.

Long Run Trends in Energy-Related External Costs

30 p.

The use of “Bonus-Malus” schemes for promoting energy-efficient household appliances: a case study for Spain

32 p.

Espainako ekonomiarako eskari sistema baten estimazioa: fruten kasua

Lan honen helburua, Espainiako ekonomiarako fruten eskari sistema estimatzea da. Horretarako, ustez fruten kontsumoan eragina duten aldagaien aukeraketa egin da, zehazki familien ezaugarriei lotutakoak (adina, ikasketa maila, familiaren indibiduo kopurua adin ezberdineko, bizilekua eta nazionalitatea) eta merkatuari lotutakoak (fruten prezioa eta gastua). Bestelako emaitzen artean, faktore ekonomikoak fruten kontsumoan eragin nabarmena dute, familien bizilekua eta kide kopuruarekin batera. Gainera, fruta mota bakoitzarentzat kontsumo ohitura ezberdinak daude, batzuk elkarrekin kontsumitzen dira eta beste batzuk ordezten joaten baitira. EUSKERA

Quota and Licensing Systems in the VIII Division European Anchovy

Paper presented at 12th Annual Conference of EAERE 2003 Bilbao (Spain)