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and evidential decision procedures. It will also be argued in turn that the updateless decision procedure dominates the timeless decision procedure. The difficulties of formalizing a modern variant of the ”smoking gene” problem will then be briefly examined.
Previous studies about the effects of regulatory institutions on the outcomes of regulation have resulted in a lack of consensus on the nature of these impacts. This paper seeks to resolve some of this ambiguity by analyzing two dimension of electric utility regulatory outcomes, prices and reliability, with a broader panel of explanatory variables and with a Hausman-Taylor regression technique. The results suggest that elected regulators and deregulated electricity markets result in worse reliability outcomes for consumers without strong evidence that either institution secures lower electricity prices. Incorporating these insights into a theoretical model of regulation could give more detailed insight into how to create regulatory institutions that can optimize the outcomes of governance.
Finally, to assess consumer decision-making beyond standard parametric assumptions about preferences, I use second--order stochastic dominance rankings. Moreover, I show how to extend this method to construct bounds on the welfare implications of choosing dominated plans.