Georg Meran

Infrastrukturen neu denken: gesellschaftliche Funktionen und Weiterentwicklung

Klimawandel, knappe Rohstoffe, Energie- und Finanzkrise sowie demographischer Wandel schwachen nachhaltig den Glauben an ein immerwahrendes Wirtschaftswachstum, das mit einer Steigerung der Lebensqualitat fur alle Menschen weltweit einhergeht. Zugleich wird sichtbar, dass die Folgen der Krisen sozial wie territorial ungleich verteilt sind. Von den Folgen der Klimaerwarmung sind vor allem jene Regionen betroffen, die ohnehin bereits unter Trockenheit und Durre leiden. Erschwerend kommt hinzu, dass diese Regionen nur uber wenige okonomische und soziale Ressourcen verfugen, um die negativen Folgen abzufangen. Weltweit betrachtet, wird das Zusammenspiel von Klimawandel und demographischem Wandel bisher vor allem unter dem Stichwort Klimafluchtlinge diskutiert, die Wirkungen auf regionaler Ebene sind wenig beachtet worden. Doch auch in Deutschland sind die Auswirkungen des Klimawandels nicht gleich verteilt, schon heute wird fur die Fokusregion Berlin-Brandenburg uber zunehmende Trockenheit berichtet.

Why Leasing? An Introduction to Comparative Contractual Analysis

The major objective of this paper is a presentation of one possible way to compare alternative contractual forms. Our methodology is applied to a prominent and still unresolved issue in finance: The explanation of the leasing contract. In contrast to previous contributions the choice set we consider is complete in a well-defined sense. It comprises rent, lease and credit arrangement. The choice between optional and fixed-terms contract is shown to depend critically on the assumptions concerning liability regime, tax system, and information distribution. Their joint consideration allows to prove the hypothesis that tax-shield differentials are neither necessary nor sufficient to establish leasing attractiveness. Both necessity part and sufficiency part of our main hypothesis contradict the more traditional case for leasing.

Pitfalls in Restructuring the Electricity Industry

Abstract This paper models some reductions in output that may follow the opening of electricity markets to competition. Specifically, we show that vertical separation of electricity generation, transmission and distribution could reduce welfare compared to the previous system of vertically integrated monopoly, if grid owners can act as monopolistic retailers or, alternatively, set access prices that maximize merchandizing surplus. Moreover, we show that a rule of non-discriminatory pricing would not remedy any of these problems. Hence, to secure the efficiency gains of deregulation, the re-regulation of the remaining monopolistic core - the electric grid - cannot rely on simple rules like cost-based non-discriminatory pricing.

A Theory of Optimal Green Defaults

This paper develops an analytical framework for studying the Baumol-Oates efficiency of traditional single instrument abatement policies vis-a-vis green defaults in the face of price inertia and deliberate defaulting of subpopulations. In this special case of behavioural heterogeneity command and control approaches can outperform price-based instruments and pure tax/subsidy schemes need to be adjusted in order to achieve politically desired levels of abatement. Moreover we prove that choice-preserving nudges are superior to any single-instrument policy in this case. An average marginal abatement cost rule is developed to optimise the green defaults and traditional policies of standards and prices under different degrees of market rigidity.