Regulatory change and competition in the South African electricity supply industry

The electricity industry is a concentrated, regulated and largely publicly owned sector which is dominated by Eskom, a vertically integrated public utility. Recently, new structures and regulation have been proposed to separate the different levels of operation, from generation through to distribution, and to open up the potential for competition. This study undertakes a preliminary analysis of competition and regulation issues in electricity for South Africa. First, the structure of the electricity supply industry (ESI) is analysed, with a brief review of the differing characteristics of operations at each level and the implications for ownership and control within the sector. The performance of Eskom is then assessed against both financial and non-financial criteria. Next, the electrification progress and the regulatory framework are evaluated before differing options for the restructuring of the ESI, both in the long and the short term, are appraised.     

Long-run impact of increased wage pressure

An unanticipated permanent increase in wage pressure is analyzed in a dynamic general-equilibrium model combining standard theory of capital accumulation and monopolistic wage setting. The long-run (steady-state) implications are identical percentage reduction in employment, consumption, and capital stock whereas wages and the real interest rate are unchanged. The reduction in employment on impact is larger than the steady-state reduction whereas wages rise and the real interest rate declines on impact.     

I Know What I Know,but I will Probably Fail Anyway: How Learned Helplessness Moderates the Knowledge Calibration–Dietary Choice Quality Relationship

Prior research suggests that knowledge calibration (KC) supports consumers’ maintenance of a healthy diet. However, no previous studies have considered that learned helpless consumers may refrain from using their knowledge, even though they may be fully aware that they possess it. This research gap is considered in three studies. Study 1 investigates the moderating effect of learned helplessness (LH) by means of a cross‐sectional survey. Studies 2 and 3 are online choice studies. Besides from replicating Study 1, Studies 2 and 3 eliminate potential social desirability bias by objectively measuring respondents’ dietary choice quality. In addition, Study 3 takes into account the possibility that respondents’ responses may be biased by food preferences, medical conditions, and/or food allergies. Moreover, Studies 2 and 3 both investigate the consequences of the findings on consumers who live under a dieting regime. These studies demonstrate that consumers suffering from LH do not stand to gain from calibrating their dietary knowledge to the same degree as other consumers. It is also shown that dieting behavior has a tendency to weaken this negative moderating effect of LH on the relationship between KC and dietary choice quality. Finally, the implications of the findings for marketers and public policymakers are discussed.     

Minimum Rate of Return Guarantees: The Danish Case

We analyze minimum rate of return guarantees for life-insurance (investment) contracts and pension plans with a smooth surplus distribution mechanism. We specifically model the smoothing mechanism used by most Danish life-insurance companies and pension funds. The annual distribution of bonus will be based on this smoothing mechanism after taking the minimum rate of return guarantee into account. In addition, based on the contribution method the customer will receive a final (non-negative) undistributed surplus when the contract matures. We consider two different methods that the company can use to collect payment for issuing these minimum rate of return guarantee contracts: the direct method where the company gets a fixed (percentage) fee of the customer's savings each year, e.g. 0.5% in Denmark, and the indirect method where the company gets a share of the distributed surplus. In both cases we analyze how to set the terms of the contract in order to have a fair contract between an individual customer and the company. Having analyzed the one-customer case, we turn to analyzing the case with two customers. We consider the consequences of pooling the undistributed surplus over two inhomogeneous customers. This implies setting up different mechanisms for distributing final bonus (undistributed surplus) between the customers.     

Über Lehensversicherungsordnungen

Abstract

Eine Lebellsversicherullgsordllullg für die Mitglieder einer Vereinigung wird auf diese Weise konstruiert:     

Impact of operational performance on air carrier cost structure: Evidence from US airlines

The impact of operational performance on airline cost structure is empirically investigated using an aggregate, statistical cost estimation approach. Two distinct sets of operational performance metrics are developed and incorporated into the airline cost models as arguments. Results from estimating a variety of airline cost models reveal that both delay and schedule buffer are important cost drivers. We also find that flight activity outside schedule windows increases cost, whereas flight inactivity within schedule windows does not. Using the estimated cost models, we predict the cost savings to airlines of “perfect” operational performance, obtaining an estimate in the range of $7.1–13.5 billion for 2007.     

Das CO2-Gebäudesanierungsprogramm der KfW: Klimaschutz, Konjunktur- und Budgeteffekt

Die energetische Sanierung von Wohngeb?uden verspricht ein hohes Potenzial für den Klimaschutz. Zu den wesentlichen Initiativen der Bundesregierung z?hlt das CO₂-Geb?udesanierungs programm der KfW, mit dem die energetische Sanierung von Geb?uden finanziell gef?rdert werden soll. Für eine Bewertung des Programms sind über die Aspekte einzelwirtschaftlicher Rentabilit?t von Energieeinsparung und CO₂-Reduktion hinaus gesamtwirtschaftliche Fragen von Bedeutung: In welchem Ausma? werden externe Umwelteffekte internalisiert? Zeigt das Programm konjunkturelle Wirkungen? Wie hoch ist der kurzfristige Budgeteffekt in den staatlichen Haushalten?     

Prediction of Graduate Performance in Economics

Professor Hansen's paper describes an effort to predict the success of graduate students in economics at The University of Wisconsin. Undergraduate grade point average, GRE scores, and the quality of the undergraduate schools were used as independent variables in a linear multiple regression model. Graduate grade point average was the dependent variable. The value of the independent variables as predictors is analyzed both jointly and in isolation. Among the important conclusions reached by Hansen is that heavy reliance upon a single predictor such as the undergraduate grade point average is unwise, that the GRE quantitative score takes on greater significance as the graduate student advances into the second year of his program, and that school quality must be taken into account.     

游戏变革者

在撰写汉森电子汽车报告的时候，我经常与世界各地的专家讨论某些能在很长一段时期影响汽车电子产品的趋势和技术。我花费了很长的时间去思考未来——新技术是否有一天能够成为游戏的变革者，或者是否一个经过论证后确立的行业标准能够真正降低成本。而实际上，汉森报告每年一次的重点论证和评价的新技术，最终都被广泛应用在汽车上。