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Policy and Theoretical Implications of the Zero-subsidy Bids in the German Offshore Wind Tenders
The German offshore wind tender, launched in April 2017, resulted in three out of the four winning projects being delivered with zero subsidies, relying only on the wholesale price. This result has been regarded as a turning point for the industry. This paper analyses the 2017/18 German offshore wind tenders and the bidding strategies of the winning developers. We then propose a re-design of the tenders with the aim of achieving optimality/zero-subsidies and efficiency - two key properties in mechanism design. The paper contributes to the discussion on how to design offshore wind tenders with both a policy and theoretical perspective. This is of particular relevance given the rapid expansion of this type of investment in Europe and the use of auctions to select developers.
Journal Article
De minimis aid under EU law
This book deals with 'de minimis' aid and demonstrates that it is both a 'sui generis' legal concept in the context of State aid and subject to a complex regime. 0On the one hand, it is a 'sui generis' concept in that (i) it seeks to strike a balance between simplifying the grant process and not distorting competition in the internal market, while being a tool that Member States are able to apply easily and (ii) it is subject to ex ante control by Member States. On the other hand, it is complex in that (i) it requires determining the sectors of economic activity it applies to; (ii) a few notions specific to the regime are not easy to understand, such as the notion of \"single undertaking\"; and (iii) it requires combining four de minimis regimes (one general and three special), which in turn requires reconciling those regimes with each other and with other aid, not least because of the cumulation rules. Lastly, these particularities were also reflected in the recovery regime for unlawful 'de minimis' aid.0.
BOOK
Agricultural productivity and producer behavior
\"Agriculture plays a key role in economic growth and development. As recently as 1800, more than half the population in most European countries worked on farms and in fields, though this shifted with the industrial revolution. Agricultural efficiencies were not immediately apparent until the middle of the 20th century when yields began to increase and they have continued to grow at a steady pace since. At the same time, inflation-adjusted agricultural commodity prices have been trending downward as increases in supply outpaced increases in demand. Food is an essential good, and while its price is currently low due to its abundance, it is responsible for a large consumer surplus given the highly inelastic demand. Understanding the factors that contribute to the upward trend in yields is of first-order importance for food security and human welfare. This book contains eight chapters that examine the factors behind the remarkably steady increase in yields around the globe, in order to better understand whether this trend can continue into the future and whether it will impose significant environmental externalities. The volume provides fresh and original analyses using methodological innovations to analyze recently available micro-level data sets\"-- Provided by publisher.
Book
The 1.5 billion people question : food, vouchers, or cash transfers?
This book addresses the thorny and fascinating question of how food and voucher programs, despite theory and evidence generally favoring cash, remain relevant, have evolved, and, in most circumstances, have improved over time. In doing so, we take an evolutionary and pragmatic view; we are interested in understanding why food-based programs exist and how countries can benefit from transformations such as that of Chhattisgarh, not in determining whether those programs should exist.
Book
An Analysis of Price vs. Revenue Protection: Government Subsidies in the Agriculture Industry
The agriculture industry plays a critical role in the U.S. economy, and various industry sectors depend on the output of farms. To protect and raise farmers’ income, the U.S. government offers two subsidy programs to farmers: the Price Loss Coverage (PLC) program, which pays farmers a subsidy when the market price falls below a reference price, and the Agriculture Risk Coverage (ARC) program, which is triggered when farmers’ revenue is below a threshold. Given the unique features of PLC and ARC, we develop models to analyze their impacts on consumers, farmers, and the government. Our analysis generates several insights. First, while PLC always motivates farmers to plant more acres compared to the no-subsidy case, farmers may plant fewer acres under ARC, leading to a lower crop supply. Second, despite the prevailing intuition that ARC generally dominates PLC, we show that both farmers and consumers may be better off under PLC for a large range of parameter values, even when the reference price represents the historical average market price. Third, the subsidy that increases consumer surplus results in higher government expenditure. Finally, we calibrate our model with U.S. Department of Agriculture (USDA) data and provide insights about the effects of crop and market characteristics on the relative performance of PLC and ARC. We provide guidelines to farmers for enrolling crops in the subsidy programs, and show that our guidelines are supported by farmers’ enrollment statistics. We also show that if the economic and political frictions caused by running the subsidy programs is significant, the subsidy that benefits both consumers and farmers may actually result in lower social welfare.
The online appendix is available at
https://doi.org/10.1287/mnsc.2017.2927
.
This paper was accepted by Serguei Netessine, operations management.
Journal Article