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viii

International Energy Markets

7 Market Structure, Transaction Cost Economics and U.S. Natural Gas Markets ...169 Introduction ................................................................................................................169 Natural Gas Consumption and Production Worldwide ........................................170 Evolution of Natural Gas Market Structure.............................................................177 Evolution of the U.S. Natural Gas Industry.............................................................182 Contracts .....................................................................................................................192 New Directions: Electricity Deregulation and Information Technologies ...........194 Summary .....................................................................................................................195

8 Externalities and Energy Pollution ..............................................................................199 Introduction ................................................................................................................199 Pollution as a Negative Externality ...........................................................................203 Optimal Level of Pollution ........................................................................................204 Difficulties Measuring Costs and Benefits of Pollution..........................................210 Summary .....................................................................................................................211

9 Public Goods and Global Climate Change..................................................................213 Introduction to Public Goods ...................................................................................213 Abatement Policies .....................................................................................................219 Energy Conservation and Its Cost ............................................................................220 Summary .....................................................................................................................229

10 Monopsony — Japan and the Asia Pacific LNG Market.........................................231 Introduction ................................................................................................................231 LNG Technologies ......................................................................................................234 LNG Production and Trade.......................................................................................235 LNG Monopsony on Input Market, Competitor on Output Market...................236 Monopsony Model Compared to Competitive Model...........................................241 Bargaining and Negotiation ......................................................................................245 Summary .....................................................................................................................246

11 Game Theory and the Western European Natural Gas Market.............................249 Introduction ................................................................................................................249 Politics and a Pipeline ................................................................................................262 Cournot Duopoly .......................................................................................................268 Duopoly Compared to Competitive Market ...........................................................271 Monopoly Compared to Competitive and Duopoly Market.................................274 Bertrand Model...........................................................................................................275 Limit Pricing Model ...................................................................................................276 Summary .....................................................................................................................277

12 Allocating Fossil Fuel Production Over Time and Oil Leasing..............................279 Introduction ................................................................................................................279 Dynamic Two-Period Competitive Optimization Models without Costs............283 Model One (Base Model: No Costs, No Income Growth).....................................286 Model Two (Base Model: No Costs but Income Growth) .....................................291

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