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Some Economics of Seasonal Gas Storage

  • Chaton, Corinne
  • Creti, Anna
  • Villeneuve, Bertrand

We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering exhaustibility. The relative performances of alternative policies based on price caps and associated measures or tariffs are discussed. We illustrate with structural estimates on US data how this theory can be used to give insights into the intertemporal incidence of policy instruments.

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File URL: https://mpra.ub.uni-muenchen.de/11984/1/MPRA_paper_11984.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11984.

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Date of creation: 21 Jul 2008
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Handle: RePEc:pra:mprapa:11984
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  1. Darrell Hueth & Andrew Schmitz, 1972. "International Trade in Intermediate and Final Goods: Some Welfare Implications of Destabilized Prices," The Quarterly Journal of Economics, Oxford University Press, vol. 86(3), pages 351-365.
  2. Pyatt, Graham, 1978. "Marginal Costs, Prices and Storage," Economic Journal, Royal Economic Society, vol. 88(352), pages 749-62, December.
  3. Modjtahedi, Bagher & Movassagh, Nahid, 2005. "Natural-gas futures: Bias, predictive performance, and the theory of storage," Energy Economics, Elsevier, vol. 27(4), pages 617-637, July.
  4. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
  5. MacAvoy, Paul W. & Pindyck, Robert S., 1973. "Alternative regulatory policies for dealing with the natural gas shortage," Working papers 659-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  6. Brian D. Wright & Jeffrey C. Williams, 1982. "The Roles of Public and Private Storage in Managing Oil Import Disruptions," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 341-353, Autumn.
  7. S. Devadoss, 1992. "Market Interventions, International Price Stabilization, and Welfare Implications," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(2), pages 281-290.
  8. Richard E. Just & Ernst Lutz & Andrew Schmitz & Stephen Tumovsky, 1977. "The Distribution of Welfare Gains from International Price Stabilization under Distortions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 652-661.
  9. Hirschhausen, Christian von, 2008. "Infrastructure, regulation, investment and security of supply: A case study of the restructured US natural gas market," Utilities Policy, Elsevier, vol. 16(1), pages 1-10, March.
  10. Uria, Rocio & Williams, Jeffrey C., 2005. "The "supply-of-storage" for natural gas in California," 2005 Annual meeting, July 24-27, Providence, RI 19288, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  11. Benton F. Massell, 1969. "Price Stabilization and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 83(2), pages 284-298.
  12. Mark Lowry & Joseph Glauber & Mario Miranda & Peter Helmberger, 1987. "Pricing and Storage of Field Crops: A Quarterly Model Applied to Soybeans," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(4), pages 740-749.
  13. David J. Teece, 1990. "Structure and Organization of the Natural Gas Industry: Differences between the United States and the Federal Republic of Germany and Implications for the Carrier Status of Pipelines," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 1-36.
  14. Holbrook Working, 1948. "Theory of the Inverse Carrying Charge in Futures Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 30(1), pages 1-28.
  15. Williams,Jeffrey C. & Wright,Brian D., 1991. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521326162, November.
  16. Peter Helmberger & Rob Weaver, 1977. "Welfare Implications of Commodity Storage under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 639-651.
  17. Amundsen, Eirik Schroder, 1991. "Seasonal fluctuations of demand and optimal inventories of a non-renewable resource such as natural gas," Resources and Energy, Elsevier, vol. 13(3), pages 285-306, September.
  18. Just, Richard & Lutz, Ernst & Schmitz, Andrew & Turnovsky, Stephen, 1978. "The distribution of welfare gains from price stabilization : An international perspective," Journal of International Economics, Elsevier, vol. 8(4), pages 551-563, November.
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