Utility and Welfare Optimization Theory and Practice in Electricity
Utility and Welfare Optimization in Electricity Market s lays out clear optimization strategies for understanding the economic foundations of regulatory supply measures, further cementing electricity's role as an asset class with fixed and variable costs.
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Utility and Welfare Optimization Theory and Practice in Electricity
Chris Har ris
UTILITY AND WELFARE OPTIMIZATION
Copyright © Chris Harris, 2015. Softcover reprint of the hardcover 1st edition 2015 978-1-137-38480-5 All rights reserved. First published in 2015 by PALGRAVE MACMILLAN® in the United States—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-57999-0 ISBN 978-1-137-37100-3 (eBook) DOI 10.1007/978-1-137-37100-3 Library of Congress Cataloging-in-Publication Data Harris, Chris, 1961– Utility and welfare optimization : theory and practice in electricity / Chris Harris. pages cm Includes bibliographical references and index. 1. Electric utilities—Econometric models. 2. Electric utilities—Costs. 3. Electric utilities—Rates. 4. Utility theory. I. Title. HD9685.A2H2843 2015 333.79392015195—dc23
2015013403
A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: October 2015 10 9 8 7 6 5 4 3 2 1
To Holly
Contents
List of Figures
ix
List of Tables
xiii
Acknowledgments
xv
1
Introduction
1
2
The Political Economic Framework 2.1 Core Axes for the Political Economy of Electricity 2.2 The Utilitarian, Contractarian, and Libertarian Approaches 2.3 Relevance of the Left/Right Political Axis 2.4 The Raising of Taxation and Disbursement and Distribution of Benefits 2.5 Individual Choice 2.6 Approaches to Income Poverty, Other Poverties, and Inequality
5 7
3
Economic and Market Framework 3.1 The Economy 3.2 Externalities 3.3 Public Goods 3.4 Markets 3.5 Market Dynamics 3.6 Risk and Uncertainty
4
Core Welfare Modeling Factors 4.1 Utility 4.2 Valuing Life and Well-Being 4.3 Demand 4.4 Shocks 4.5 Substitutes, Complements, and Elasticity 4.6 Trade and Exchange 4.7 Surplus
11 28 29 31 35 39 39 43 51 52 55 62 67 67 107 109 116 118 119 121
viii
Contents
4.8 Inequality 4.9 Welfare 5
126 130
Current Topics in Electricity 5.1 Physical Characterization of Electricity 5.2 Measurement of Probability in Electricity 5.3 The Primary Importance of Data in the Electricity System 5.4 Footprints of Consumed Electricity 5.5 Health, Morbidity, Mortality, Amenity, and Fuel Poverty 5.6 Methods of Redistribution of Wealth in Electricity 5.7 The Future of Universal Service 5.8 Consumer Behavior 5.9 Tariffs, Socialization, Cross Subsidy, Consumer Protection, and Cost Reflectivity 5.10 Contracts, Rules, and Rights in Energy 5.11 Taxes and Incentives in Infrastructure Build
141 141 150
6
Conclusion 6.
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