Now tweeting (nearly) daily energy news/blogs/research at @BorensteinS


Blogging at the Energy Institute at Haas blog



Severin Borenstein

Last Update June 25, 2017


--- E.T. Grether Professor of Business Administration and Public Policy in the Economic Analysis and Policy Group of the Haas School of Business at the University of California, Berkeley

--- Research Associate of the Energy Institute at the Haas School of Business (and Director Emeritus of the University of California Energy Institute and the Energy Institute at the Haas)

--- Affiliated Professor, Department of Agricultural & Resource Economics, U.C. Berkeley
--- Affiliated Faculty, Energy & Resources Group, U.C. Berkeley

--- Research Associate of the National Bureau of Economic Research

Click here for bio, CV and photos

Contact Information:

Office Hours:  by appointment (please email me).


Haas School of Business
University of California
Berkeley, CA 94720-1900
phone: 510-642-3689

Energy Institute at Haas
319 Giannini Hall
University of California
Berkeley, CA 94720-5180


Journal Publications:  (Google Scholar Profile)

“The Private Net Benefits of Residential Solar PV: The Role of Electricity Tariffs, Tax Incentives and Rebates”, Energy Institute at Haas Working Paper #259, U.C. Berkeley, July 2015. (Forthcoming in Journal of the Association of Environmental and Resource Economists)

 "The Distributional Effects of U.S. Clean Energy Tax Credits",  NBER Tax Policy and the Economy, 2016, 30(1), 191-234 (joint with Lucas Davis).


“The Power and the Limits of Industrial Organization”, Review of Industrial Organization, May 2016.


“The U.S. Electricity Industry After 20 Years of Restructuring”, Annual Review of Economics, 2015, 7  (joint with James Bushnell)


"A Microeconomic Framework for Evaluating Energy Efficiency Rebound And Some Implications", Energy Journal, January 2015, 36(1), pp. 1-21..


"The Incidence of an Oil Glut: Who Benefits from Cheap Crude Oil in the Midwest?" (with Ryan Kellogg), Energy Journal, January 2014, 35(1), pp. 15-33.


“Effective and Equitable Adoption of Opt-In Residential Dynamic Electricity Pricing,. Review of Industrial Organization ,March 2013, 42(2), pp. 127-160.

“The Private and Public Economics of Renewable Electricity Generation”, Journal of Economic Perspectives, 26(1), Winter 2012.

"Career Concerns, Inaction and Market Inefficiency: Evidence from utility regulation" (with Meghan Busse and Ryan Kellogg), Journal of Industrial Economics, 60(2), June 2012.

"The Redistributional Impact of Non-Linear Electricity Pricing", American Economic Journal: Economic Policy, 4(3), August 2012.

"The Equity and Efficiency of Two-Part Tariffs in U.S. Natural Gas Markets" (with Lucas Davis), Journal of Law and Economics, 55(1), February 2012.

 Why Can’t U.S. Airlines Make Money?”, American Economic Review Papers and Proceedings, 101(5), May 2011.   A long version is available as “On the Persistent Financial Losses of U.S. Airlines: A Preliminary Exploration,” NBER Working Paper #16744, January 2011.

"Inefficiencies and Market Power in Financial Arbitrage: A Study of California's Electricity Markets" (with James Bushnell, Christopher Knittel, and Catherine Wolfram),  Journal of Industrial Economics, 56(2), June 2008.

"Do Investors Forecast Fat Firms? Evidence from the Gold Mining Industry,'' (with Joe Farrell), Rand Journal of Economics, 38(Autumn 2007).

"Wealth Transfers Among Large Customers from Implementing Real-Time Retail Electricity Pricing,"  The Energy Journal, 28(2), 2007.

"Customer Risk from Real-Time Retail Electricity Pricing: Bill Volatility and Hedgability,"  The Energy Journal, 28(2), 2007.

"The Long-Run Efficiency of Real-Time Electricity Pricing," Energy Journal, 26(3) (2005).

"On the Efficiency of Competitive Electricity Markets With Time-Invariant Retail Prices," (with Stephen Holland) Rand Journal of Economics, 36(Autumn 2005).

"The Impact of Bankruptcy on Airline Service Levels" (with Nancy Rose ), American Economic Review Papers and Proceedings, 93(May 2003).

Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market,'' (with James Bushnell and Frank Wolak), American Economic Review, 92(December 2002).

 Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets'' (with Andrea Shepard ), Rand Journal of Economics, 33(Spring 2002).

"The Trouble with Electricity Markets: Understanding California's Restructuring Disaster,'' Journal of Economic Perspectives, 16(Winter 2002)

"Economics and Electronic Commerce" (with Garth Saloner), Journal of Economic Perspectives, 15(Winter 2001).

"The Competitive Effects of Transmission Capacity in a Deregulated Electricity Industry" (with James Bushnell and Steven Stoft), Rand Journal of Economics, 31(Summer 2000). (Also, some brief Supplementary Materials are available)

 "Exercising Market Power in Proprietary Aftermarkets," (with Jeffrey MacKie-Mason and Janet Netz), Journal of Economics and Management Strategy, 9(Summer 2000).

 "Is Cost Cutting Evidence of X-Inefficiency?" (with Joe Farrell), American Economic Review Papers and Proceedings, 90(May 2000).

 "Market Power in Electricity Markets: Beyond Concentration Measures" (with James Bushnell and Christopher R. Knittel), Energy Journal, 20(4, 1999).

 "An Empirical Analysis of Market Power in a Deregulated California Electricity Market" (with James Bushnell), Journal of Industrial Economics, 47(September 1999).

 "Why Do All the Flights Leave at 8 a.m.? Competition and Departure-Time Differentiation in Airline Markets" (with Janet Netz), International Journal of Industrial Organization, 17(July 1999).

 "Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?" (with Colin Cameron and Richard Gilbert), Quarterly Journal of Economics, 112(February 1997).

 "Settling for Coupons: Discount Contracts as Compensation and Punishment in Antitrust Lawsuits," Journal of Law and Economics, 39(October 1996).

 "Market Power in California Electric Markets" (with James Bushnell, Edward Kahn, and Steven Stoft), Utilities Policy, 5(3/4, 1996).

 "Dynamic Pricing in Retail Gasoline Markets" (with Andrea Shepard), Rand Journal of Economics, 27(Autumn 1996).

 "Bankruptcy and Pricing Behavior in U.S. Airline Markets" (with Nancy Rose), American Economic Review Papers and Proceedings, 85(May 1995).

 "Antitrust Policy in Aftermarkets," (with Jeffrey MacKie-Mason and Janet Netz), Antitrust Law Journal, 63(Winter 1995).

 "Competition and Price Dispersion in the U.S. Airline Industry," (with Nancy Rose), Journal of Political Economy, 103(August 1994).

 "The Evolution of U.S. Airline Competition," Journal of Economic Perspectives, 7(Spring 1992).

 "Selling Costs and Switching Costs: Explaining Retail Gasoline Margins," Rand Journal of Economics, 22(Autumn 1991).

 "The Dominant-Firm Advantage in Multi-Product Industries: Evidence from the U.S. Airlines," Quarterly Journal of Economics, 106(November 1991).

 "Carrot and Yardstick Regulation: Enhancing Market Performance with Output Prizes," (with Mark Bagnoli), Journal of Regulatory Economics, 3(June 1991).

 "Airline Mergers, Airport Dominance, and Market Power," American Economic Review Papers and Proceedings, 80 (May 1990).

 "Hubs and High Fares: Dominance and Market Power in the U.S. Airline Industry," Rand Journal of Economics, 20(Autumn 1989).

 "How to Carve a Medical Degree: Human Capital Assets in Divorce Settlements," (with Paul Courant), American Economic Review, 79(December 1989).

 "The Economics of Costly Risk Sorting in Competitive Insurance Markets," International Review of Law and Economics, 9(June 1989).

 "Market Incentives for Safe Commercial Airline Operation," (with Martin Zimmerman), American Economic Review, 78(December 1988).

 "On the Efficiency of Competitive Markets for Operating Licenses," Quarterly Journal of Economics, 103(May 1988).

"Price Discrimination in Free-Entry Markets," Rand Journal of Economics, 16(Autumn 1985).


Other Publications:

“Incandescent bulbs need to go in trash today”, San Jose Mercury News and East Bay Times, January 6, 2017

“An Rx for cap and trade”, Sacramento Bee, August 11, 2016

“The Economics of Fixed Cost Recovery by Utilities”, The Electricity Journal, forthcoming

Smug About Your Solar Rooftop? Not So Fast, Los Angeles Times, January 20, 2016

Is electricity’s future really in the solar panels on your roof? Orange County Register, August 2, 2015. (version also published in Modesto Bee)

“Learning to love paying 10 cents more per gallon” (awful headline courtesy of LA Times, not me), Los Angeles Times, November 14, 2014. For a more detailed discussion of the impact of cap-and-trade on California gasoline prices, see my blog post on the topic.

“An Economic Perspective on the EPA’s Clean Power Plan”, (with Meredith Fowlie,  Lawrence Goulder, Matthew Kotchen,(lead authors)  James Bushnell, Lucas Davis, Michael Greenstone, Charles Kolstad, Christopher Knittel, Robert Stavins, Michael Wara, Frank Wolak, and Catherine Wolfram), Science 14 November 2014: Vol. 346 no. 6211 pp. 815-816. Associated comments filed with Environmental Protection Agency

“Three Legacy Airlines and Southwest.  Now What?”, Milken Institute Review (Trends section), Second Quarter, 2014.

"How Airline Markets Work...Or Do They? Regulatory Reform in the Airline Industry,"  (with Nancy Rose) in N. Rose ed., Economic Regulation and Its Reform: What Have We Learned?, University of Chicago Press, 2014.

“Seeking a fix for California’s gasoline market problems,” Los Angeles Times, December 2, 2012.

“Why the U.S. Airlines Need to Adapt to a Slow-Growth Future”,  Bloomberg Business Class, June 4, 2012.

“The U.S. Can’t Control the World Oil Markets”, U.S. News & World Report, Debate Club, March 2, 2012.

“Making the Wrong Case for Renewable Energy”, Bloomberg Business Class, February 13, 2012.

"Markets for Anthropogenic Carbon Within the Larger Carbon Cycle", in The Design and Implementation of U.S. Carbon Policy, Don Fullerton and Catherine Wolfram eds., National Bureau of Economic Research and University of Chicago Press, 2012.

“California Solar Scorecard: Invest in Technologies, Not Subsidies” New York Times, Room for Debate, April 21, 2010.

"Gas Surcharge Could Help Deficit, Environment", Sacramento Bee, November 17, 2008.  Also available a short policy paper explaining how a fuel price stabilization program could work.

Cost, Conflict and Climate: Navigating the Global Oil Market, Milken Institute Review, 4th Quarter 2008.
(a more detailed version of the paper is available at "Cost,  Conflict and Climate: U.S. Challenges in the World Oil Market", Center for the Study of Energy Markets Working Paper #177, University of California Energy Institute, Revised June 2008.)

"Will Solar PV Save You Money?", San Francisco Chronicle, April 21, 2008

Testimony before the U.S. Senate Judiciary Committee on mergers in the oil and gasoline industry, March 14, 2006

"Mere drops in the world's oil barrel", San Jose Mercury News, June 2, 2005

"Solar Initiative Has a Dark Side", San Jose Mercury News, August 20, 2004

"What's Wrong with Regulating Gasoline Prices?", Sacramento Bee, September 12, 2003

"Power Politics Hurts Consumers," Financial Times, August 19, 2003.

"Time-Varying Retail Electricity Prices: Theory and Practice,'' in Griffin and Puller, eds., Electricity Deregulation: Choices and Challenges, Chicago: University of Chicago Press, 2005.

"Government Aid to Airlines is Just Excess Baggage for Taxpayers ," Los Angeles Times, August 27, 2002.

"Electricity Pricing Should Clue Consumers to Judicious Use," Los Angeles Times, January 17, 2001.

"California consumers haven't seen benefits of deregulating the electrical industry yet -- What went wrong?," (with James Bushnell) San Jose Mercury News, August 27, 2000.

 "Understanding Competitive Pricing and Market Power in Wholesale Electricity Markets," Electricity Journal, July 2000.

"Electricity Restructuring: Deregulation or Reregulation?," (with James Bushnell) Regulation, Vol. 23 No.2, 2000.

"California 'Lessons' derive from a Mischaracterization of our work" (with James Bushnell), letter in Electricity Journal, March 2000.

 Comments on Kole and Lehn's "Workforce Integration and the Dissipation of Value in Mergers: The Case of USAir's Acquisition of Piedmont Aviation," in Steven Kaplan, ed., Mergers and Productivity, University of Chicago Press, 2000.

 "A Cheaper Way to Clean Gasoline," (with Steven Stoft) San Francisco Chronicle, March 16, 1999.

 "Rapid Communication and Price Fixing: The Airline Tariff Publishing Company Case," in John E. Kwoka and Lawrence J. White eds., The Antitrust Revolution: The Role of Economics, Oxford University Press, 3rd Edition, 1998.

"Airline Deregulation," (with Nancy Rose) entry in The New Palgrave Dictionary of Law and Economics, New York: Grove's Dictionaries, 1998.

 "Repeat-Buyer Programs in Network Industries," in Werner Sichel ed., Networks, Infrastructure, and The New Task for Regulation, University of Michigan Press, 1996.

 "A Guide to the Blue Book," (principal authors Carl Blumstein and James Bushnell), Electricity Journal, September 1994.

 "Uncle Sam at the Gas Pump: Causes and Consequences of Regulating Gasoline Distribution," (with Richard Gilbert), Regulation, Spring 1993.

 "The Economics of Customer Lock-In and Market Power in the Service Business," (with Jeffrey MacKie-Mason and Janet Netz) in Patrick T. Harker, ed. The Service Productivity and Quality Challenge, Kluwer Academic Press, 1994.

 "USAir in 1986," (with Andrea Shepard), Stanford Graduate School of Business Strategic Management Case S-SM-4, January 1993.

 "Prospects for Competitive European Air Travel," in W.J. Adams, ed. Singular Europe: Economy and Polity of the European Community After 1992, Ann Arbor: University of Michigan Press, 1992.

 "Dissipating the Airline Deregulation Dividend: The Decline of Competition at Hub Airports," Regulation, Fall 1990 (and reply letter in Winter 1991 issue).

 "Losses in Airline Demand and Value Following Accidents," (with Martin Zimmerman) in Moses and Savage, eds., Transportation Safety in an Age of Deregulation, Oxford: Oxford University Press, 1989.

 "USAir Merger Promises Higher Fares, Less Competition," Hartford Courant, January 12, 1988.

 "High Air Fares: Don't Blame Deregulation," Washington Post, August 25, 1987.


Energy Blog Posts


June 19, 2017, Creative Pie Slicing to Address Climate Policy Opposition, Compensating the biggest losers can make the road to pricing GHGs less bumpy

May 15, 2017, One Stone, No Birds, Facility-level GHG caps would undermine climate policies and hurt California’s economy

April 3, 2017, Missing Money, Transitioning to renewable generation is challenging electricity market designs

February 27, 2017, What Do We Want From California Climate Policy?, We should focus on inventing, demonstrating and measuring global solutions

Fight Both Local and Global Pollutants, But Separately, January 17, 2017

Electricity Rate Design for the Real World, November 14, 2016

Trash Those Incandescent Bulbs Today!, October 3, 2016

Fixing a Major Flaw in Cap and Trade, August 15, 2016

Who’s Stranded Now?, July 18, 2016

Is Electricity Pricing Different from “Real” Markets?  Should It Be?, June 13, 2016

Is Distributed Generation the Answer to Regulatory Dysfunction?, April 25, 2016

Driving Taxes for the 21st Century, March 21, 2016

Is “Community Choice” Electricity Supply a Solution or a Problem?, February 8, 2016

Double Counting Virtue, January 11, 2016

Billing Tweaks Don’t Make Net Metering Good Policy, January 4, 2016

If You Like Your Time-Invariant Electricity Price, You Can Keep It, November 16, 2015

Why Are California’s Gasoline Prices So High?, September 28, 2015

The Decline of Sloppy Electricity Rate Making, August 24, 2015

Winners and Losers from Flattening Tiered Electricity Prices, June 29, 2015

What Put California at the Top of Residential Solar?, May 26, 2015

Is the Future of Electricity Generation Really Distributed?, May 4, 2015

In Praise of Cleaner-burning Gasoline, March 30, 2015

The Job Creation Shuffle, February 17, 2015

Oil price crash shows the challenge of breaking addiction January 20, 2015

What’s a University to do about Climate Change?, December 8, 2014

What’s so Great about Fixed Charges?, November 3, 2014

Rationalizing California’s Residential Electricity Rates, September 29, 2014

Californians Can Handle the Truth About Gas Prices, August 11, 2014

What’s the Worst that Could Happen?, July 7, 2014

Money for Nothing? May 12, 2014

It's Time to Refocus California's Climate Strategy, April 7, 2014

In Defense of Picking Winners, March 3, 2014

What wood smoke has taught me about fighting climate change, February 3, 2014

Understanding energy usage starts at home, January 1, 2014

Is demonizing "big carbon" a strategy or a copout?, December 16, 2013

Rate design wars are the sound of utilities taking residential PV seriously, November 12, 2013

California’s Cap-and-Trade Market Still Needs a Price Ceiling, September 30, 2013

Learning and Forgetting the Wisdom of Coase, September 9, 2013

Bad Incentives For Green Choices, July 8, 2013

Pandora’s Promises – kept and unkept, June 19, 2013

The California Solar Initiative is ending. What has it left behind?, June 17, 2013

Will “Pandora’s Promise” convince us that nuclear is the answer?, June 13, 2013

Putting a Collar on Carbon Prices, May 28, 2013

Peak electricity pricing can save you money, April 29, 2013

“We’re for Import free trade, just not Export free trade”, April 14, 2013

What’s Keystone XL Got To Do With It?, February 4, 2013

California holds its first cap and trade auction, November 21, 2012

Are Fossil Fuel Subsidies Really the Problem for Renewables?, October 28, 2012

What (if anything) to do about California gasoline price spikes, October 7, 2012

In Praise of Energy Efficiency Rebound, September 30, 2012

Moving the Energy Debate Away From Nonsense, August 5, 2012

Many Reasons to Dislike Renewables Mandates, but Fraudulent Credits Isn’t a Good One, July 10, 2012

The Midwest Oil Glut Hasn’t Lowered Gas Prices; Ending the Glut Won’t Raise Them, May 14, 2012

Speculation is not the cause of high oil prices, May 6, 2012

Bad Energy Policy from Both Ends of the Political Spectrum, February 19, 2012



Educational Software:

``The Competitive Strategy Game,'' Version 3.50, January 2011. A computer simulation of competition among firms for use in undergraduate and graduate courses in economics and business.  Version 3.50 is designed with an option to run the CSG through the CSG Home Page. Since Version 1.0, released in January 1994, the CSG has been used in undergrad, MBA, or Ph.D.  level courses at more than 80 universities and colleges in 22 countries on 5 continents.  Here is a list of those institutions.

Recent Working Papers:

“Expecting the Unexpected:  Emissions Uncertainty and Environmental Market Design”, Energy Institute at Haas Working Paper #274, August 2016 (joint with James Bushnell, Frank A. Wolak, and Matthew Zaragoza-Watkins)  (in submission).


"Report of the Market Simulation Group on Competitive Supply/Demand Balance in the California Allowance Market and the Potential for Market Manipulation", Energy Institute at Haas Working Paper #251, U.C. Berkeley, July 2014 (joint with James Bushnell, Frank A. Wolak, and Matthew Zaragoza-Watkins).

"An Index of Inter-City Business Travel for Use in Domestic Airline Competition Analysis", U.C. Berkeley, June 2010.


Not-So-Recent Working Papers:


Regional and Income Distribution Effects of Alternative Retail Electricity Tariffs”, Energy Institute at Haas Working Paper #225, U.C. Berkeley, October 2011.

"Would Pricing Aviation GHGs Really Lower Efficiency or Profitability?: A Comment on Winchester et al, 'The Impact of Climate Policy on U.S. Aviation’," Energy Institute at Haas Working Paper #216, U.C. Berkeley, June 2011.

"The Implications of a Gasoline Price Floor for the California Budget and Greenhouse Gas Emissions", Center for the Study of Energy Markets Working Paper #182, University of California Energy Institute, November 2008.

"The Market Value and Cost of Solar Photovoltaic Electricity Production", Center for the Study of Energy Markets Working Paper #176, University of California Energy Institute, January 2008.  A number of criticisms of this paper have been circulated by solar PV advocates and  I have written a response,  click here for the lively exchange.

"Electricity Rate Structures and the Economics of Solar PV: Could Mandatory Time-of-Use Rates Undermine California’s Solar Photovoltaic Subsidies? Center for the Study of Energy Markets Working Paper #172, University of California Energy Institute, September 2007.  (Also Available: A Solar PV Cost Calculator excel file. See the paper for description of its use.)

"Valuing the Time-Varying Electricity Production of Solar Photovoltaic Cells," Center for the Study of Energy Markets Working Paper #142, University of California Energy Institute, March 2005.

"Retail Policies and Competition in the Gasoline Industry," (with James Bushnell) Center for the Study of Energy Markets Working Paper #144, University of California Energy Institute, May 2005.

"Market Power in California's Gasoline Market," (with James Bushnell and Matthew Lewis) Center for the Study of Energy Markets Working Paper #132, University of California Energy Institute, May 2004.

"Investment Efficiency in Competitive Electricity Markets With and Without Time-Varying Retail Prices," (with Stephen Holland), Center for the Study of Energy Markets Working Paper #106, University of California Energy Institute, November 2002.

"U.S. Domestic Airline Pricing, 1995-2004," Competition Policy Center Working Paper CPC05-48, University of California, Berkeley, January 2005.

"Price Incentives for Fuel Switching: Did Price Differences Slow the Phase-Out of Leaded Gasoline?" POWER Working Paper #PWP-010, University of California Energy Institute, April 1993.


1979-1983 --- Massachusetts Institute of Technology, Ph.D. Economics

1977-1978 --- University of California, Berkeley, A.B. Economics

1974-1976 --- Carleton College, Northfield, MN


1971-1974 --- Berkeley High School, Berkeley, CA


Teaching Positions Held:

2000-present -- E.T. Grether Professor of Business Administration and Public Policy, Haas School of Business, University of California, Berkeley

1996-2000 --- Professor of Business, Haas School of Business, University of California, Berkeley

1994-1996 --- Professor of Economics, Department of Economics, University of California, Davis

1994 --- Visiting Professor of Strategic Management (Winter), Graduate School of Business, Stanford University

1994 --- Visiting Associate Professor of Business Economics (March), Distance learning MBA for Cathay Pacific Airlines, School of Business Administration, University of Michigan

1992,1993 --- Visiting Associate Professor of Business Economics (Autumn), Haas School of Business, University of California, Berkeley

1990-1994 --- Associate Professor of Economics, Department of Economics, University of California, Davis

1989-1990 --- Visiting Assistant Professor of Economics, Department of Economics, University of California, Davis

1983-1990 --- Assistant Professor of Economics and Public Policy, Department of Economics and Institute of Public Policy Studies, University of Michigan


Other Professional Positions:

2016-present – Member, Board of Directors, Association of Environmental and Resource Economics

2015-present—Member, Advisory Council, Bay Area Air Quality Management District

2014-present – Chair (since 9/2015), Petroleum Market Advisory Committee, California Energy Commissions

2014-2016 – Co-editor, Journal of the Association of Environmental and Resource Economists

2012-2013 -- Member, Emissions Market Assessment Committee, California Air Resources Board

2010-2012 -- Member, Supply and Infrastructure Task Group of the National Petroleum Council's Future of Transportation Fuels Study (commissioned by Secretary of Energy Steven Chu)

2010-2011 -- Member, U.S. Department of Transportation Future of Aviation Advisory Committee

2009-2014 -- Co-Director, Energy Institute at the Haas School of Business

2007-2013 -- Member, Board of Editors, American Economic Journal: Economic Policy

2004-2009 --- Member, Board of Editors, Journal of Economic Literature

2000-2002 --- Co-Director of National Bureau of Economic Research E-Commerce Project

1999-2000 --- Member, California Attorney General's Gasoline Task Force

1997-2003 --- Member, Governing Board of California Power Exchange Corporation

1995-2000 --- Editor, Journal of Industrial Economics

1994-2014 --- Director, University of California Energy Institute

1993-1995 --- Associate Editor of Journal of Industrial Economics

1993-2000 --- Associate Editor of International Journal of Industrial Organization

1992-2012 --- Associate Editor of Review of Economics and Statistics

1992-Present --- Research Associate, National Bureau of Economic Research

1992-2009 --- Co-Director, Center for the Study of Energy Markets (formerly Program On Workable Energy Regulation), University of California

1978-1979 --- Staff Economist, Office of Economic Analysis, U.S. Civil Aeronautics Board


Honors, Scholarships, Fellowships and Grants:

2016 --- Google Research Gift, “Market versus Non-Market Mechanisms for Reducing GHG Emissions”:

2016 --- Recipient, Earl F. Cheit Award for Excellence in Teaching, Haas Daytime MBA Program

2015 --- Outstanding Contributions to the Profession Award, International Association for Energy Economics.

2015 --- Distinguished Fellow Award, Industrial Organization Society

2014 --- Power Association of Northern California 2014 Achievement Award

2012-2013 --- California Air Resources Board (PI), “Emissions Market Assessment Committee”

2012-2014 --- California Air Resources Board (PI), “Market Simulation Group”

2010 -- Lawrence Berkeley National Laboratory (PI), ``Smart Grid and Dynamic Pricing''

2010 -- Microsoft Research Gift, "The Impact of Dynamic Electricity Pricing on Low-Income Households''

2009, 2014 -- American Economic Review, Excellence in Refereeing Award

2009-2014 -- U.C. Office of the Present Grant (PI), "U.C. Center for Energy and Environmental Economics''

2001-2013 -- California Energy Commission Research Grant to U.C. Energy Institute (PI), "Center for the Study of Electricity Markets''

2007-08 -- Research Grant from Coleman Fung Risk Management Research Center (PI), "Security of Supply Concerns and Forward Price Premia in Natural Gas Markets''

2006 --- Finalist, Earl F. Cheit Award for Excellence in Teaching, Haas Daytime MBA Program

2005 -- Distinguished Faculty Mentoring Award (for graduate student mentoring), U.C. Berkeley

2005 -- Distinguished Service Award, Public Utility Research Center, University of Florida

2002 --- Hewlett Foundation/Energy Foundation Research Grant, ``Price Responsive Demand in Electricity Markets''

1998-2000 --- National Bureau of Economic Research/Sloan Foundation Research Grant (co-PI with Joseph Farrell), "Why Do Firms Cut Costs?"

1997 --- Finalist, Earl F. Cheit Award for Excellence in Teaching, Haas PhD Program

1997 --- Recipient, Earl F. Cheit Award for Excellence in Teaching, Haas Daytime MBA Program

1991-1993 --- Universitywide Energy Research Group Research Grant (co-PI with Colin Cameron), "Asymmetric Retail Gasoline Price Responses to Crude Oil Price Changes"

1988-1989 --- University of Michigan Rothschild Research Fellowship (PI)

Fall 1987 --- Michigan Economic Society Undergraduate Teaching Award

1987-1990 --- National Science Foundation Research Grant #SES-8711576 (PI), "Efficiency in the Allocation of Operating Licenses"

1986-1987 --- University of Michigan Teaching Development Award (PI)

1986 --- University of Michigan Rackham Research Fellowship (PI)

1982-1983 --- Alfred P. Sloan Foundation Research Fellowship

1979-1981 --- M.I.T. Graduate Scholarship



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