Adapting micro-economy of energy corporations to macroeconomy policies aiming at a sustainable economy

Esta Tesis surgió ante la intensidad y verosimilitud de varias señales o “warnings” asociadas a políticas dirigidas a reducir el peso del petróleo en el sector energético, tanto por razones económicas, como geopolíticas, como ambientales. Como tal Tesis se consolidó al ir incorporando elementos novedosos pero esenciales en el mundo petrolífero, particularmente las “tecnologías habilitantes”, tanto de incidencia directa, como el “fracking” como indirecta, del cual es un gran ejemplo el Vehículo Eléctrico (puro). La Tesis se definió y estructuró para elaborar una serie de indagaciones y disquisiciones, que comportaran un conjunto de conclusiones que fueran útiles para las corporaciones energéticas. También para la comprensión de la propia evolución del sector y de sus prestaciones técnicas y económicas, de cara a dar el servicio que los usuarios finales piden. Dentro de las tareas analíticas y reflexivas de la Tesis, se acuñaron ciertos términos conceptuales para explicar más certeramente la realidad del sector, y tal es el caso del “Investment burden”, que pondera la inversión específica (€/W) requerida por una instalación, con la duración del período de construcción y los riesgos tanto tangibles como regulatorios. Junto a ello la Tesis propone una herramienta de estudio y prognosis, denominada “Market integrated energy efficiency”, especialmente aplicable a dicotomías. Tal es el caso del coche térmico, versus coche eléctrico. El objetivo es optimizar una determinada actividad energética, o la productividad total del sector. Esta Tesis propone varias innovaciones, que se pueden agrupar en dos niveles: el primero dentro del campo de la Energía, y el segundo dentro del campo de las corporaciones, y de manera especial de las corporaciones del sector hidrocarburos. A nivel corporativo, la adaptación a la nueva realidad será función directa de la capacidad de cada corporación para desarrollar y/o comprar las tecnologías que permitan mantener o aumentar cuota de mercado. Las conclusiones de la Tesis apuntan a tres opciones principalmente para un replanteamiento corporativo: - Diversificación energética - Desplazamiento geográfico - Beneficiándose de posibles nuevos nichos tecnológicos, como son: • En upstream: Recuperación estimulada de petróleo mediante uso de energías renovables • En downstream: Aditivos orientados a reducir emisiones • En gestión del cambio: Almacenamiento energético con fines operativos Algunas políticas energéticas siguen la tendencia de crecimiento cero de algunos países de la OCDE. No obstante, la realidad mundial es muy diferente a la de esos países. Por ejemplo, según diversas estimaciones (basadas en bancos de datos solventes, referenciados en la Tesis) el número de vehículos aumentará desde aproximadamente mil millones en la actualidad hasta el doble en 2035; mientras que la producción de petróleo sólo aumentará de 95 a 145 millones de barriles al día. Un aumento del 50% frente a un aumento del 100%. Esto generará un curioso desajuste, que se empezará a sentir en unos pocos años. Las empresas y corporaciones del sector hidrocarburos pueden perder el monopolio que atesoran actualmente en el sector transporte frente a todas las demás fuentes energéticas. Esa pérdida puede quedar compensada por una mejor gestión de todas sus capacidades y una participación más integrada en el mundo de la energía, buscando sinergias donde hasta ahora no había sino distanciamiento. Los productos petrolíferos pueden alimentar cualquier tipo de maquina térmica, como las turbinas Brayton, o alimentar reformadores para la producción masiva de H2 para su posterior uso en pilas combustible. El almacenamiento de productos derivados del petróleo no es ningún reto ni plantea problema alguno; y sin embargo este almacenamiento es la llave para resolver muchos problemas. Es posible que el comercio de petróleo se haga menos volátil debido a los efectos asociados al almacenamiento; pero lo que es seguro es que la eficiencia energética de los usos de ese petróleo será más elevada. La Tesis partía de ciertas amenazas sobre el futuro del petróleo, pero tras el análisis realizado se puede vislumbrar un futuro prometedor en la fusión de políticas medioambientales coercitivas y las nuevas tecnologías emergentes del actual portafolio de oportunidades técnicas. ABSTRACT This Thesis rises from the force and the credibility of a number of warning signs linked to policies aimed at reducing the role of petroleum in the energy industry due to economical, geopolitical and environmental drives. As such Thesis, it grew up based on aggregating new but essentials elements into the petroleum sector. This is the case of “enabling technologies” that have a direct impact on the petroleum industry (such as fracking), or an indirect but deep impact (such as the full electrical vehicle). The Thesis was defined and structured in such a way that could convey useful conclusions for energy corporations through a series of inquiries and treatises. In addition to this, the Thesis also aims at understating la evolution of the energy industry and its capabilities both technical and economical, towards delivering the services required by end users. Within the analytical task performed in the Thesis, new terms were coined. They depict concepts that aid at explaining the facts of the energy industry. This is the case for “Investment burden”, it weights the specific capital investment (€/W) required to build a facility with the time that takes to build it, as well as other tangible risks as those posed by regulation. In addition to this, the Thesis puts forward an application designed for reviewing and predicting: the so called “Market integrated energy efficiency”, especially well-suited for dichotomies, very appealing for the case of the thermal car versus the electric car. The aim is to optimize energy related activity; or even the overall productivity of the system. The innovations proposed in this Thesis can be classified in two tiers. Tier one, within the energy sector; and tier two, related to Energy Corporation in general, but with oil and gas corporations at heart. From a corporate level, the adaptation to new energy era will be linked with the corporation capability to develop or acquire those technologies that will yield to retaining or enhancing market share. The Thesis highlights three options for corporate evolution: - diversification within Energy - geographic displacement - profiting new technologies relevant to important niches of work for the future, as: o Upstream: enhanced oil recovery using renewable energy sources (for upstream companies in the petroleum business) o Downstream: additives for reducing combustion emissions o Management of Change: operational energy storage Some energy policies tend to follow the zero-growth of some OECD countries, but the real thing could be very different. For instance, and according to estimates the number of vehicles in use will grow from 1 billion to more than double this figure 2035; but oil production will only grow from 95 million barrel/day to 145 (a 50% rise of versus an intensification of over a 100%). Hydrocarbon Corporation can lose the monopoly they currently hold over the supply of energy to transportation. This lose can be mitigated through an enhanced used of their capabilities and a higher degree of integration in the world of energy, exploring for synergies in those places were gaps were present. Petroleum products can be used to feed any type of thermal machine, as Brayton turbines, or steam reformers to produce H2 to be exploited in fuel cells. Storing petroleum products does not present any problem, but very many problems can be solved with them. Petroleum trading will likely be less volatile because of the smoothing effects of distributed storage, and indeed the efficiency in petroleum consumption will be much higher. The Thesis kicked off with a menace on the future of petroleum. However, at the end of the analysis, a bright future can be foreseen in the merging between highly demanding environmental policies and the relevant technologies of the currently emerging technical portfolio.

Factores de riesgo que inciden negativamente en los cumplimientos de tiempo y coste programados en la ejecución de proyectos de edificios de uso hotelero en España

Las desviaciones de tiempo y coste constituyen un fenómeno muy frecuente en la industria de la construcción. Existe un gran número de proyectos que no se terminan en el plazo y el tiempo estipulados, y esto parece que se ha convertido más en la norma que en la excepción. Los proyectos de construcción son heterogéneos por naturaleza y pueden llegar a ser muy complejos, involucrando numerosos procesos y expuestos a infinidad de variables y factores que pueden afectar el cumplimiento de los objetivos de tiempo y coste. Las desviaciones de tiempo y coste no favorecen ni al promotor ni al resto de equipos participantes del proyecto, dando lugar además la mayoría de las veces a situaciones de conflictos y relaciones adversas entre participantes del proyecto. Es por todo ello que surge la necesidad de atender a una estrategia de gestión de riesgos eficaz, como herramienta esencial de la gestión de proyectos para contribuir al éxito de los mismos. Es preciso considerar también que los proyectos de construcción pueden presentar distintas características específicas según el tipo de proyecto de que se traten. El presente trabajo de investigación estudia concretamente los proyectos de edificios de uso hotelero, los cuales pueden presentar estructuras organizativas muy diversas, incluyendo numerosos agentes participantes y procesos que a su vez se desarrollan en un entorno que ya es muy dinámico por su propia naturaleza. En el sector hotelero el cumplimiento de los objetivos de tiempo y coste del proyecto son especialmente importantes ya que cualquier retraso en la fecha de apertura estimada del hotel se traducirá en pérdidas importantes de negocio y cuota de mercado y podrá llevar asociadas también repercusiones importantes en otros aspectos relacionados con la operativa hotelera. Si se conocen las causas que originan tales desviaciones de tiempo y coste, se podrán establecer las correspondientes medidas de actuación para anticiparnos a ellas y que no se produzcan, siendo ésta la base del propósito de esta tesis. Así, la identificación de riesgos supone el primer paso para una gestión de riesgos eficaz, fundamental para contribuir al éxito de un proyecto. El contexto de la investigación delimita como lugar geográfico de estudio España, donde el sector turístico constituye un motor importante de la economía y en el que la eficiencia y competitividad debe estar reflejada también en el proceso del proyecto edificatorio, minimizándose los retrasos y sobrecostes. El presente estudio investiga por tanto los factores de riesgo más críticos que dan lugar a desviaciones de tiempo y coste en proyectos de edificios de uso hotelero en España. A partir del análisis de la literatura existente se genera una propuesta de identificación de factores de riesgo, que se analiza mediante un análisis cualitativo basado en la opinión de expertos y estudio de casos específicos. De los resultados de este análisis se determinan los niveles críticos para cada factor de riesgo, se comparan además las percepciones de niveles de riesgo según distintos tipos de grupos profesionales, y se establece un procedimiento en cuanto a prioridad de acción de respuesta. Así, se desarrolla una propuesta final de identificación y matriz de factores de riesgo con el objetivo de que pueda servir de base a propietarios, empresas gestoras y otros participantes de proyectos hoteleros para diseñar un plan de gestión de riesgos eficaz, contribuyendo de este modo al éxito del proyecto en cuanto a cumplimiento de objetivos de tiempo y coste programados. ABSTRACT Cost and schedule overruns constitute a very frequent phenomenon in the construction industry. A large number of construction projects do not finish on the estimated time and cost, and this scenario seems to be becoming the norm rather than the exception. Construction projects are heterogeneous by nature and they can become very complex as they involve a large number of processes which are subject to many variables and factors that may give rise to time and cost overruns. Time and cost overruns cause dissatisfaction not only to owners but all stakeholders involved in the project, leading most of the times to undesirable situations of conflicts and adversarial relationships between project participants. Hence, it becomes necessary to adopt an effective risk management strategy as an essential part of project management in order to achieve project success. Construction projects may have different characteristics depending on the type of project. This research specifically focuses on hotel construction projects. Hotel projects usually involve complex organizational structures, including many project participants and processes which develop in an environment that is already dynamic by nature. In this type of projects, the achievement of time and cost objectives is particularly important, as any delay of the hotel opening date will result in significant loss of business and market share and may also involve key important implications related to hotel operations. If the risk factors that lead to time and cost overrun are known in advance, preventive actions could be established in order to avoid them, so that time and cost overruns are minimized. This constitutes the aim of this research, being risk identification the first step of any effective risk management strategy for project success. The context of this research is focused on a particular geographical area, being this Spain. Tourism in Spain is a major contributor to the Spanish economy, and efficiency and competiveness should also be reflected in the building processes of the hotel industry, where delays and cost overruns should be kept to the minimum. The aim of this study is to explore the most critical risk factors leading to time and cost overruns in hotel construction projects in Spain. From the analysis of the literature review, a proposal of a risk identification framework is developed, which will be further analyzed by a qualitative assessment based on expert opinions and the study of specific case studies. From the results of this assessment, the levels of risk criticality are determined for the identified factors, a comparison of the perceptions of risk levels among different groups of respondents is also carried out, and a procedure for prioritization of factors in terms of needs of response is established. A final proposal of a risk register matrix framework is then developed in order to assist hotel owners, project management companies or other hotel project stakeholders, and provide them with a base to design their own specific risk management plans, contributing in this way to project success with regards to the achievement of cost and time objectives.

OS IMPACTOS E CONSEQUÊNCIAS DA ROTATIVIDADE DE PESSOAL SOBRE A MEMÓRIA ORGANIZACIONAL: UM ESTUDO NO COMÉRCIO VAREJISTA

Este estudo visa pesquisar e compreender o impacto da memória organizacional em organizações que possuem um alto índice de rotatividade de pessoal. Com o advento de uma economia baseada em conhecimento, surge um novo trabalhador, chamado por Peter Drucker (1993) e "trabalhador do conhecimento". Nesta nova economia, as organizações enfrentam ambientes de incertezas e de intensa competição, onde o novo ativo intangível das organizações, o conhecimento, se torna a chave para a obtenção da vantagem competitiva, que permite que as empresas ganhem novos mercados e aumentem sua lucratividade. Porém, nestes ambientes competitivos, está se tornando freqüente a saída dos empregados das organizações, seja porque estão em busca de melhores colocações, ou porque as organizações passam por processos de reestruturação, que podem impactar em redução de pessoal, ou ainda, porque estão com seus conhecimentos obsoletos. Diante deste cenário, através de pesquisa exploratória junto às organizações do comércio varejista, foram investigadas as formas pelas quais as empresas armazenam o conhecimento das pessoas, de modo que quando estas deixem a organização seus conhecimentos permaneçam, bem como identificado os principais impactos sobre a qualidade e produtividade em seus processos. Além disso, também são ressaltadas algumas ações em que as empresas possam contribuir para aumentar a satisfação das pessoas em pertencerem a organização, visando contribuir para a maior retenção de profissionais, e conseqüentemente do conhecimento tácito, que é o mais valioso nas organizações.(AU)

OS IMPACTOS E CONSEQUÊNCIAS DA ROTATIVIDADE DE PESSOAL SOBRE A MEMÓRIA ORGANIZACIONAL: UM ESTUDO NO COMÉRCIO VAREJISTA

Este estudo visa pesquisar e compreender o impacto da memória organizacional em organizações que possuem um alto índice de rotatividade de pessoal. Com o advento de uma economia baseada em conhecimento, surge um novo trabalhador, chamado por Peter Drucker (1993) e "trabalhador do conhecimento". Nesta nova economia, as organizações enfrentam ambientes de incertezas e de intensa competição, onde o novo ativo intangível das organizações, o conhecimento, se torna a chave para a obtenção da vantagem competitiva, que permite que as empresas ganhem novos mercados e aumentem sua lucratividade. Porém, nestes ambientes competitivos, está se tornando freqüente a saída dos empregados das organizações, seja porque estão em busca de melhores colocações, ou porque as organizações passam por processos de reestruturação, que podem impactar em redução de pessoal, ou ainda, porque estão com seus conhecimentos obsoletos. Diante deste cenário, através de pesquisa exploratória junto às organizações do comércio varejista, foram investigadas as formas pelas quais as empresas armazenam o conhecimento das pessoas, de modo que quando estas deixem a organização seus conhecimentos permaneçam, bem como identificado os principais impactos sobre a qualidade e produtividade em seus processos. Além disso, também são ressaltadas algumas ações em que as empresas possam contribuir para aumentar a satisfação das pessoas em pertencerem a organização, visando contribuir para a maior retenção de profissionais, e conseqüentemente do conhecimento tácito, que é o mais valioso nas organizações.(AU)

Análise crítica e métodos para avaliação da competição portuária entre terminais de contêineres.

Uma compreensão aprofundada da dinâmica de competição portuária é particularmente importante dado o contexto atual do setor, que orienta à outorga de novos portos e terminais no Brasil, à luz da Nova Lei dos Portos, Lei Nº 12.815 de 2013. A avaliação dos reais impactos decorrentes do aumento de capacidade portuária em cada região será atividade fundamental para que, por um lado, o poder público oriente a alocação efetiva de recursos, sem prejudicar a operação dos complexos existentes; e para que a iniciativa privada, por sua vez, possa compreender os impactos dos possíveis novos empreendimentos sobre as suas operações e delinear estratégias comerciais compatíveis com o novo cenário competitivo. A partir de extensa revisão bibliográfica e da aplicação de técnicas a casos específicos, o presente trabalho detalha a dinâmica competitiva entre terminais de contêineres e avalia criticamente seis métodos utilizados para identificar a existência de competição: correlação de market share, comparação de taxas de ocupação, sobreposição de escalas marítimas, comparação de custos logísticos terrestres, representatividade da região de influência contestável e existência de poder de mercado sobre a região de influência. Dos seis métodos analisados, dois apresentam conclusões fulminantes para a questão, embora sua aplicação demande grande volume de informações; um é assertivo em condições normais de distribuição geográfica de cargas; dois apresentam condições necessárias, porém não suficientes para a identificação de competição; e um deve ser aplicado com ressalvas, uma vez que pode levar a conclusões equivocadas.

La cuota de mercado como indicador de competitividad en los destinos turísticos: sentido y limitaciones

La cuota de mercado es el indicador más difundido en el análisis de la competitividad empresarial para todo tipo de bienes y servicios. Sin embargo, su uso en turismo está sometido a una amplia controversia, especialmente cuando el objeto de estudio es la competitividad de los destinos turísticos. Ello es debido a que objetivos de maximización de esta variable en la planificación, pueden conllevar la implementación de políticas de crecimiento comprometedoras de la sostenibilidad económica y ambiental de los citados destinos. Teniendo en cuenta estas consideraciones, en el presente trabajo se discute el uso, validez y limitaciones de la cuota de mercado como indicador de la competitividad de los destinos turísticos.

Economic crisis and tourism competitiveness in Spain: permanent effects or transitory shocks?

This paper considers the influence of business cycles and economic crises on Spain's tourism competitiveness. This competitiveness is measured by its share in world tourism. Analysing the presence of unit roots in the market share series from 1958 to 2010, the permanent effects of economic crises on competitiveness are evaluated. The evidence from standard linear unit root tests indicates that crises on Spanish market shares are highly persistent. When we account for endogenously determined structural breaks, we obtain greater support for stationarity, but breakpoints are identified with major economic crises. Therefore the main conclusion obtained is that the effects of the economic shocks are not neutral on competitiveness, with the negative effects being more persistent in highly intensive crises. These crises reinforce a natural downward trend of the Spanish world tourism market share caused by the natural emergence of new competing destinations and by the maturity of the Spain's principal tourism product.

Emergent Brazil and the Curse of the ‘Hen’s Flight’. CEPS Working Document No. 379, 27 February 2013

The ‘Emergent Brazil’ growth model is reaching its limits. Its main engines have been slowing significantly since the beginning of the global financial and economic crisis. Even its much-praised predictable macroeconomic policy has been eroded by political interference. Inflationary pressures are growing and GDP performance is anaemic. As ominous, Brazil cannot compensate for its domestic deficiencies with an export drive. Commodity exports are suffering with the world economic slow-down and the manufacturing industries’ competitiveness is in sharp decline. Brazil has put all its trade negotiation eggs into the South American and WTO baskets, and now its export market share is threatened by the Doha Round paralysis, the Latin American Alianza del Pacífico, and the US-led initiatives for a Trans-Pacific Partnership and a trade and investment agreement with the EU. Paradoxically, this alarming situation opens a window of opportunity. There is a mounting national consensus on the need to tackle head-on the country’s and its industries’ lack of competitiveness. That means finding a solution to the much-decried ‘Brazil Cost’ and stimulating private-sector investment. It also entails an aggressive trade-negotiating stance in order to secure better access to foreign markets and to foster more competition in the domestic one. The most promising near-term goal would be the conclusion of the EU–Mercosur trade talks. A scenario to overcome the paralysis of these negotiations could trail two parallel paths: bilateral EU–Brazil agreements on ‘anything but trade’ combined with a sequencing of the EU–Mercosur talks where each member of the South American bloc could adopt faster or slower liberalisation commitments and schedules.

The Economics of EU Railway Reform. Bruges European Economic Policy (BEEP) Briefing 8/2004

The EU began railway reform in earnest around the turn of the century. Two ‘railway packages’ have meanwhile been adopted amounting to a series of directives and a third package has been proposed. A range of complementary initiatives has been undertaken or is underway. This BEEP Briefing inspects the main economic aspects of EU rail reform. After highlighting the dramatic loss of market share of rail since the 1960s, the case for reform is argued to rest on three arguments: the need for greater competitiveness of rail, promoting the (market driven) diversion of road haulage to rail as a step towards sustainable mobility in Europe, and an end to the disproportional claims on public budgets of Member States. The core of the paper deals respectively with market failures in rail and in the internal market for rail services; the complex economic issues underlying vertical separation (unbundling) and pricing options; and the methods, potential and problems of introducing competition in rail freight and in passenger services. Market failures in the rail sector are several (natural monopoly, economies of density, safety and asymmetries of information), exacerbated by no less than 7 technical and legal barriers precluding the practical operation of an internal rail market. The EU choice to opt for vertical unbundling (with benefits similar in nature as in other network industries e.g. preventing opaque cross-subsidisation and greater cost revelation) risks the emergence of considerable coordination costs. The adoption of marginal cost pricing is problematic on economic grounds (drawbacks include arbitrary cost allocation rules in the presence of large economies of scope and relatively large common costs; a non-optimal incentive system, holding back the growth of freight services; possibly anti-competitive effects of two-part tariffs). Without further detailed harmonisation, it may also lead to many different systems in Member States, causing even greater distortions. Insofar as freight could develop into a competitive market, a combination of Ramsey pricing (given the incentive for service providers to keep market share) and price ceilings based on stand-alone costs might be superior in terms of competition, market growth and regulatory oversight. The incipient cooperative approach for path coordination and allocation is welcome but likely to be seriously insufficient. The arguments to introduce competition, notably in freight, are valuable and many e.g. optimal cross-border services, quality differentiation as well as general quality improvement, larger scale for cost recovery and a decrease of rent seeking. Nevertheless, it is not correct to argue for the introduction of competition in rail tout court. It depends on the size of the market and on removing a host of barriers; it requires careful PSO definition and costing; also, coordination failures ought to be pre-empted. On the other hand, reform and competition cannot and should not be assessed in a static perspective. Conduct and cost structures will change with reform. Infrastructure and investment in technology are known to generate enormous potential for cost savings, especially when coupled with the EU interoperability programme. All this dynamism may well help to induce entry and further enlarge the (net) welfare gains from EU railway reform. The paper ends with a few pointers for the way forward in EU rail reform.

Europe's exports superstar - it's the organisation! Bruegel Working Paper 2015/05, 15 July 2015

What explains Germany’s superb export performance? Is Germany’s export behaviour very distinct compared to other European countries? The authors explore the organisational responses to competition of 14,000 exporting firms in seven European countries. The paper examines the export business model of the median exporter and of the top one percent exporters in each country, accounting for 20 percent to 55 percent of total exports. What do these firms do to become superstars? The authors find, first, that the export market share of the median exporter in each of the countries to the world more than tripled (in some cases the export market share increases tenfold) for firms that combine decentralised management with offshoring of production to low-wage countries. Exporters which abstain from any organisational adjustment do very badly. Decentralised management provides incentives for workers for product improvements allowing exporters to compete on quality. Offshoring production to low-wage countries reduces costs allowing exporters to compete on price. Second, we find that Germany is the leading quality exporter in Europe followed by Austria and Spain. Among the top 10 percent of exporters there is no single firm with low quality in Germany and Austria, which suggest that decentralised management has provided incentives for quality in these countries. Third, Germany’s exports are less vulnerable to price increases, while exports from France and Italy respond strongly to price changes, and thus costs reductions via offshoring benefits these countries most.

The United States dominates global investment banking: does it matter for Europe? Bruegel Policy Contribution 2016/06, March 2016

In the aftermath of the global financial crisis, the market share of US investment banks is increasing, while that of their European counterparts is declining. We present evidence that US investment banks are on the verge of taking over pole position in European investment banking. Meanwhile, since 2015, Chinese investment banks have overtaken American and European investment banks in the Asia-Pacific market. Credit rating agencies and investment banks are the gatekeepers of the capital markets. The European supervisory institutions can effectively supervise the European operations of these US-managed players. On the political side, we suggest that the European Commission should continue to view its, albeit declining, banking industry as a strategic sector. The Commission, the European Central Bank and the Bank of England should jointly develop a strategic agenda for the EU-US Regulatory Dialogue. Finally, corporates rely on investment banks to issue new securities. We recommend that the big European corporates should cherish the (few) remaining European investment banks, by giving them at least one place in otherwise US- dominated banking syndicates. That could help to avoid complete dependence on US investment banks.

Small car safety: an issue that needs further evaluation.

Mode of access: Internet.

Report to the Congress on energy conservation potential of off-highway recreational motor vehicles.

Mode of access: Internet.

Impact of automotive fuel economy standards on competition in the automotive industry. Volume I - summary report. Final report.

National Highway Traffic Safety Administration, Washington, D.C.

Impact of automotive fuel economy standards on competition in the automotive industry. Volume II - technical report. Final report.

National Highway Traffic Safety Administration, Washington, D.C.