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Wolak, Frank A.

Overview
Works: 77 works in 193 publications in 1 language and 955 library holdings
Genres: Case studies 
Roles: Author, Thesis advisor
Classifications: HB1, 333.7932
Publication Timeline
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Publications about Frank A Wolak
Publications by Frank A Wolak
Most widely held works by Frank A Wolak
Differences in the uses and effects of antidumping law across import sources by Robert W Staiger( Book )
13 editions published in 1994 in English and held by 93 libraries worldwide
Abstract: This paper studies the differences in the uses and effects of U.S. antidumping law on imports and domestic output across the major regions exporting to the United States. We attempt to characterize the implications of the use of antidumping law for U.S. imports and domestic output, and to distinguish between 'outcome filers'(firms for which the prospect of an antidumping duty is important), 'process filers'(firms that desire to secure the trade-restricting effects of the investigation process itself) Previously we allowed for the coexistence of outcome- and process-filing industries and found evidence consistent with the process filers' presence in some industries However, we restricted filing strategy to be the same for all imports in that industry regardless of their country of origin. Here we abstract from cross- industry heterogeneity in antidumping filing strategies and explore the heterogeneity of filing strategies against different import-source countries, allowing for domestic firms that may pursue independent filing strategies. We argue that the most likely target countries for process filers are those whose export production is primarily destined for the U.S. and accounts for a relatively large and stable U.S. market share. These characteristics point to Canada and Mexico as countries against which process filing by U.S. firms is likely. We find evidence in the filing behavior and in the nature of the trade impacts suggesting that Mexico and Canada are indeed the most likely targets of antidumping petitions filed by process filers in the United States
Measuring industry specific protection : antidumping in the United States by Robert W Staiger( Book )
12 editions published in 1994 in English and held by 85 libraries worldwide
Abstract: This paper provides estimates of the trade impacts of U.S. antidumping law and the determinants of suit filing activity from 1980-1985. We study three possible channels through which the threat or mere possibility of antidumping duties can restrict trade which we believe, when combined with the direct effects of duties, capture most of the trade effects of antidumping law. We refer to these three non- duty effects as the investigation effect, the suspension effect, and the withdrawal effect. Investigation effects occur when an antidumping investigation takes place; suspension effects occur under so-called 'suspension agreements'; and withdrawal effects occur after a petition is simply withdrawn without a final determination. We find substantial trade restrictions associated with the first two effects, but not with the third. Finally, we find evidence suggesting that some firms initiate antidumping procedures for the trade restricting investigation effects alone
Diagnosing market power in California's restructured wholesale electricity market by Severin Borenstein( Book )
13 editions published in 2000 in English and held by 80 libraries worldwide
Abstract: Effective competition in wholesale electricity markets is a necessary feature of a successful electricity supply industry restructuring. We examine the degree of competition in the California wholesale electricity market during the period June 1998 to September 1999 by comparing the market prices with estimates of the prices that would have resulted if owners of instate fossil fuel generating facilities behaved as price takers. We find that there were significant departures from competitive pricing and that these departures are most pronounced during the highest demand periods, which tend to occur during the months of July through September. Through most of the winter and spring of 1999 there was little evidence of the exercise of market power. Overall, the exercise of market power raised the cost of power purchases by about 16% above the competitive level. Following the presentation of our methodology for computing the counterfactual price-taking market price, we describe why our calculation represents a lower bound on the extent of market power and why the observed market prices cannot by attributed to competitive peak-lead pricing
An empirical analysis of the impact of hedge contracts on bidding behavior in a competitive electricity market by Frank A Wolak( Book )
10 editions published in 2001 in English and held by 74 libraries worldwide
A major concern in the design of wholesale electricity markets is the potential for the exercise of market power by generating unit owners. To better understand the determinants of generating unit owner market power and how it is exercised, this paper derives a model of bidding behavior in a competitive electricity market which incorporates various sources of uncertainty and the impact of the electricity generator's position in the financial hedge contract market on its expected profit-maximizing bidding behavior. The model is first used to characterize the profit- maximizing market price that a generator would like set by its bidding strategy for several hedge contract and spot sales combinations. This model applied to bid and contract data obtained from the first three months of operation of the National Electricity Market (NEM1) in Australia to answer several questions about the bidding behavior of a major participant in this market. This analysis illustrates the sensitivity of expected profit-maximizing bidding strategies to the amount of financial hedge contracts held by the generating unit owner. It also provides strong evidence for the effectiveness of financial hedge contracts as a means to mitigate market power during initial stages of operation of a wholesale electricity market
Identification and estimation of cost functions using observed bid data : an application to electricity markets by Frank A Wolak( Book )
11 editions published in 2001 in English and held by 73 libraries worldwide
Abstract: This paper presents several techniques for recovering cost function estimates for electricity generation from a model of optimal bidding behavior in a competitive electricity market. Two techniques are developed based on different models of the price-setting process in a competitive electricity market. The first assumes that the firm is able to choose the price that maximizes its realized profits given the bids of its competitors and the realization of market demand. This procedure is straightforward to apply, but does not impose all of the market rules on the assumed price-setting process. The second procedure uses the assumption that the firm bids to maximize its expected profits. This procedure is considerably more complex, but can yield more insights about the nature of the firm's variable costs, because it allows the researcher to recover generation unit-level variable cost functions. These techniques are applied to bid, market outcomes and financial hedge contract data obtained from the first three months of operation of the National Electricity Market (NEM1) in Australia. The empirical analysis illustrates the usefulness of these techniques in measuring actual market power and the ability to exercise market power possessed by generation unit owners in competitive electricity markets
The impact of market rules and market structure on the price determination process in the England and Wales electricity market by Frank A Wolak( Book )
13 editions published between 1997 and 2001 in English and held by 73 libraries worldwide
Abstract: This paper argues that the market rules governing the operation of the England and Wales electricity market in combination with the structure of this market presents the two major generators National Power and PowerGen with opportunities to earn revenues substantially in excess of their costs of production for short periods of time. Generators competing to serve this market have two strategic weapons at their disposal: (1) the price bid for each generation set and (2) the capacity of each generation set made available to supply the market each half-hour period during the day. We argue that because of the rules governing the price determination process in this market, by the strategic use of capacity availability declarations, when conditions exogenous to the behavior of the two major generators favor it, these two generators are able to obtain prices for their output substantially in excess of their marginal costs of generation. The paper establishes these points in the following manner. First, we provide a description of the market structure and rules governing the operation of the England and Wales electricity market, emphasizing those aspects that are important to the success of the strategy we believe the two generators use to exercise market power. We then summarize the time series properties of the price of electricity emerging from this market structure and price-setting process. By analyzing four fiscal years of actual market prices, quantities and generator bids into the market, we provide various pieces of evidence in favor of the strategic use of the market rules by the two major participants. The paper closes with a discussion of the lessons that the England and Wales experience can provide for the design of competitive power markets in the US, particularly California, and other countries
Estimating the customer-level demand for electricity under real-time market prices by Robert H Patrick( Book )
11 editions published in 2001 in English and held by 72 libraries worldwide
Abstract: This paper presents estimates of the customer-level demand for electricity by industrial and commercial customers purchasing electricity according to the half-hourly energy prices from the England and Wales (E&W) electricity market. These customers also face the possibility of a demand charge on their electricity consumption during the three half-hour periods that are coincident with E&W system peaks. Although energy charges are largely known by 4 PM the day prior to consumption, a fraction of the energy charge and the identity of the half-hour periods when demand charges occur are only known with certainty ex post of consumption. Four years of data from a Regional Electricity Company (REC) in the United Kingdom is used to quantify the half-hourly customer-level demands under this real-time pricing program. The econometric model developed and estimated here quantifies the extent of intertemporal substitution in electricity consumption across pricing periods within the day due to changes in all components of day-ahead E&W electricity prices, the level of the demand charge and the probability that a demand charge will be imposed. The results of this modeling framework can be used by distribution companies supplying consumers purchasing electricity according to real-time market prices to construct demand-side bids into a competitive electricity market. The paper closes with several examples of how this might be done
The effect of domestic antidumping law in the presence of foreign monopoly by Robert W Staiger( Book )
8 editions published between 1989 and 1990 in English and held by 54 libraries worldwide
Abstract: We consider the effects of antidumping law when utilized by competitive domestic petitioners against a foreign monopolist. The foreign monopolist must set capacity before the realization of random foreign demand, but can reduce the cost of holding excess capacity in periods of slack foreign demand by dumping on the domestic market. With the introduction of antidumping law in the domestic market, domestic firms are shown to file suits in periods of sufficiently slack foreign demand, reducing the volume of imports directly in such periods. Moreover, this occasional filing activity raises the cost to the foreign monopolist of holding excess capacity and, in so doing, results in a scaling back of foreign capacity. Thus, the volume of imports is generally reduced by the introduction of domestic antidumping law, even in periods where no suit is filed. Finally. we consider self-enforcing agreements between the domestic industry and the foreign monopolist that take the form of a promise by the domestic industry not to file in exchange for a promise by the foreign monopolist to export no more than a pre-specified amount: We show that these agreements narrow the range of demand states over which suits are filed to only the softest states of demand, and lead to greater foreign capacity, hence partially mitigating both the direct and indirect impact of antidumping law on trade volume
Managing unilateral market power in electricity by Frank A Wolak( file )
7 editions published in 2005 in English and held by 54 libraries worldwide
"This paper first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process. This paper provides examples of both the successes and failures of market monitoring from several international markets. More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market."--World Bank web site
Strategic use of antidumping law to enforce tacit international collusion by Robert W Staiger( Book )
9 editions published in 1989 in English and held by 53 libraries worldwide
Abstract: We consider the impact of domestic antidumping law in a two-country
Lessons from international experience with electricity market monitoring by Frank A Wolak( file )
7 editions published in 2005 in English and held by 53 libraries worldwide
"The author first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process. The author provides examples of both the successes and failures of market monitoring from several international markets. More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market."--World Bank web site
Lessons from international experience with electricity market monitoring by Frank A Wolak( file )
2 editions published in 2005 in Undetermined and English and held by 32 libraries worldwide
"The author first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process. The author provides examples of both the successes and failures of market monitoring from several international markets. More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market. "--World Bank web site
Managing unilateral market power in electricity by Frank A Wolak( file )
2 editions published in 2005 in Undetermined and English and held by 32 libraries worldwide
"This paper first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process. This paper provides examples of both the successes and failures of market monitoring from several international markets. More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market. "--World Bank web site
Using information to improve the effectiveness of nonlinear pricing : evidence from a field experiment : final report by Matthew E Kahn( Book )
2 editions published in 2013 in English and held by 25 libraries worldwide
A field experiment to assess the impact of information provision on household electricity consumption by Matthew E Kahn( file )
1 edition published in 2013 in English and held by 11 libraries worldwide
The econometric implications of incentive-compatible regulation by Jonathan S Feinstein( Book )
2 editions published in 1990 in English and held by 7 libraries worldwide
Customer load response to spot prices in England : implications for retail service design by R.H Patrick( Book )
1 edition published in 1997 in English and held by 5 libraries worldwide
Collusive pricing with capacity constraints in the presence of demand uncertainty by Robert W Staiger( Book )
3 editions published in 1990 in English and held by 4 libraries worldwide
Bootstrapping HIV/AIDS projection models : back calculation with linear inequality-constrained regression by Joel W Hay( Book )
2 editions published in 1990 in English and held by 4 libraries worldwide
Upstream vs. downstream C02 trading : a comparison for the electricity context by B. F Hobbs( Book )
1 edition published in 2010 in English and held by 3 libraries worldwide
 
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Alternative Names
Wolak, F. A.
Wolak, Frank
Languages
English (128)
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