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Net Effects of Government Interventionin Energy Markets

Paul F. Dickens III, David L. McNicol, Frederic H. Murphy, and Julie H. Zalkind

Year: 1983
Volume: Volume 4
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-10
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Abstract:
There have been several comprehensive studies of energy policy in the last few years, for example, Shurr (1979), Federal Energy Administration (1976), ERDA (1976), and the Ford Foundation (Landsberg, 1978). Unlike these studies of energy policies, this effort is not prescriptive. Rather, it measures the effects of a large set of policies on energy markets to provide an understanding of how government programs reinforce or offset one another.



An Integrated Analysis of U.S. Oil Security Policies

Frederic H. Murphy, Michael A. Toman, and Howard J. Weiss

Year: 1986
Volume: Volume 7
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No3-5
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Abstract:
Despite waning governmental interest, the current world oil market provides a valuable opportunity for reflecting on how U.S. policies can be structured to best guard against future disruptions in oil supplies. A vast literature on this subject has developed over the past few years. Yet, important points of disagreement remain.



Allocating the Added Value of Energy Policies

Frederic H. Murphy and Edward C. Rosenthal

Year: 2006
Volume: Volume 27
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No2-8
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Abstract:
Developing an energy policy from a collection of programs is made more complicated because there is no single value that can be used as a best estimate of the contribution of a single policy, despite the ability to estimate the impact of the complete suite. In this paper we illustrate the problem and use cooperative game theory to show one way to estimate individual effects of a policy goal in the context of collective estimates. Using an economic equilibrium model, we illustrate the behavior of four policies, namely, a gasoline tax, CAFE standards, a carbon tax, and drilling the Arctic National Wildlife Reserve, through their Shapley value contributions in measuring the impact of each in the context of a suite of policies. We apply the Shapley value to measure the average marginal reduction in imports for each policy, and present a number of scenarios that illustrate how the Shapley value behaves as a measure of policy contribution.





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