The New Zealand Institute for the Study of Competition and Regulation · ISCR: Recent submissions

  • The Development and Implication of Free ISPs in New Zealand 
    Karel, Annemieke (Te Herenga Waka—Victoria University of Wellington, 2003)
    The New Zealand telecommunications experience illustrates the process of competition in a market for network services characterised by technological change and minimal regulation. The story of free ISPs is merely one episode ...
  • Day-Ahead Electricity Markets: Is There a Place For a Day-Ahead Market in NZEM? 
    Evans, Lewis; Counsell, Kevin (Te Herenga Waka—Victoria University of Wellington, 2003)
    In this paper we explain the operation and design of day-ahead markets in an electricity market. Day-ahead markets complement real-time markets which must be run to ensure balance in the system and offer a number of benefits ...
  • Achieving Efficiency in Water Allocation: A Review of Domestic and International Practices 
    Counsell, Kevin (Te Herenga Waka—Victoria University of Wellington, 2003)
    As populations grow and demand for clean water increases managing and allocating scarce water resources is becoming an increasingly important task. A vital part of this task is establishing the appropriate framework for ...
  • Asset Stranding is Inevitable: Implications for Optimal Regulatory Design 
    Evans, Lewis; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2003)
    The irreversibility of much infrastructure investment means that some assets will stop earning revenue before the end of their physical lives; they will be stranded. Under traditional rate of return regulation firms are ...
  • Risk, Price Regulation, and Irreversible Investment 
    Evans, Lewis; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2005)
    We show that regulators' price-setting rate base and allowed rate of return decisions are inextricably linked. Once regulators switch from traditional rate of return regulation the irreversibility of much infrastructure ...
  • Incentive Regulation of Prices when Costs are Sunk 
    Evans, Lewis; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2006)
    We present a model featuring irreversible investment uncertain future demand and capital prices and a regulator who sets the firm's output price at discrete intervals. Using this model we derive a closed-form solution for ...
  • Hedging the Value of Waiting 
    Boyle, Glenn; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2006)
    We analyze the optimal hedging policy of a firm that has flexibility in the timing of investment. Conventional wisdom suggests that hedging adds value by alleviating the underinvestment problem associated with capital ...
  • Carbon Subsidies and Optimal Forest Management 
    Guthrie, Graeme; Kumareswaran, Dinesh (Te Herenga Waka—Victoria University of Wellington, 2003)
    We consider the effect of carbon subsidies and taxes in the form of carbon credit allocations on forest owners' land use and harvest decisions. We introduce three possible credit allocation regimes: one where credits are ...
  • Deposit Insurance and the Stock Market: Evidence from Denmark 
    Boyle, Glenn; Bartholdy, Jan; Stover, Roger (Te Herenga Waka—Victoria University of Wellington, 2004)
    Previous studies of the relationship between deposit insurance and bank market values have usually been limited to consideration of minor changes in bank regulations but the 1987 initiation of deposit insurance in Denmark ...
  • Valuing Managerial Flexibility: A Child's Guide to Real Options 
    Boyle, Glenn; Irwin, Tim (Te Herenga Waka—Victoria University of Wellington, 2004)
    Our consulting experiences indicate that many New Zealand businesses and their managers are increasingly aware of the shortcomings of conventional methods for evaluating capital investment projects particularly in situations ...
  • Quantifying Compliance Costs for Small Businesses in New Zealand 
    Alexander, W. Robert J.; Bell, John. D.; Knowles, Stephen (Te Herenga Waka—Victoria University of Wellington, 2004)
    This paper reports on a small-scale study of the compliance costs of small New Zealand businesses. Participating firms were asked to keep a record of both time spent and expenditure directly incurred over a thirteen-week ...
  • Emotion, Fear and Superstition in the New Zealand Stockmarket 
    Boyle, Glenn; Hagan, Andrew; O'Connor, R. Seini (Te Herenga Waka—Victoria University of Wellington, 2004)
    We analyse the reaction of the New Zealand stock market to five economically-neutral events that psychology research indicates have varying degrees of influence on emotion and mood. Contrary to behavioural finance principles ...
  • The Interaction Between Contract and Competition Law 
    Quigley, Neil; Evans, Lewis (Te Herenga Waka—Victoria University of Wellington, 2002)
    This paper provides some economic perspectives on the interaction between contract law and competition (antitrust) law. First it surveys some relevant aspects of the literature and provides some specific examples relating ...
  • The Nature of Services and the Implications for Competition Policy 
    Karel, Annemieke (Te Herenga Waka—Victoria University of Wellington, 2004)
    Though 'services' is a very broad concept and any generalisations should be made with caution it is widely acknowledged that services differ from goods in many respects. Analyses of key elements of market structure conduct ...
  • Genetically Modified Organisms and Liability: What are the Issues? 
    Hutton, Stephen (Te Herenga Waka—Victoria University of Wellington, 2004)
    This paper examines the main economic issues surrounding liability for genetically modified organisms with focus on the New Zealand situation and liability debate and in particular the interaction between liability and regulation.
  • Medical Misadventure and Accident Compensation in New Zealand: An Incentives-Based Analysis 
    Howell, Bronwyn (Te Herenga Waka—Victoria University of Wellington, 2004)
    Under the provisions of New Zealand's no-fault government-indemnified accident compensation scheme (ACC) victims who are injured as a consequence of medical misadventure receive compensation for their injuries. In exchange ...
  • Structural Reform: the Dairy Industry in New Zealand 
    Evans, Lewis (Te Herenga Waka—Victoria University of Wellington, 2004)
    In the decade from 1983 to 1993 New Zealand farming moved from a relatively high income protected low-risk environment to a low income unprotected environment in which industry now carries the risks. Walker and Bell (1994) ...
  • Human Capital and Popular Investment Advice 
    Boyle, Glenn; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2005)
    Popular investment advice recommends that the stock/bond and stock/wealth ratios should rise with investor risk tolerance and investment horizon respectively prescriptions that are difficult to reconcile with the simple ...
  • Decentralization and Re-centralization of Electricity Industry Governance in New Zealand 
    Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2004)
    For much of the twentieth century electricity generation and transmission in New Zealand was dominated by centralized state ownership and control with local authority ownership of distribution and retailing. Radical reform ...
  • Electricity Spot Price Dynamics: Beyond Financial Models 
    Guthrie, Graeme; Videbeck, Steen (Te Herenga Waka—Victoria University of Wellington, 2004)
    An increasing number of researchers attempt to model the behavior of electricity spot prices using statistical models commonly used to model financial asset prices. In this paper we reveal properties of electricity spot ...

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