Skip to content Skip to navigation

CEPS Home Page

The Center for Economic and Policy Studies: dedicated to applying economic analysis to the design, implementation, and evaluation of public policy and to providing a better understanding of local and regional economies.

Learn more about our full range of economic and policy services »

Recent Reports

The only comprehensive view of local taxation in Virginia is prepared by the Weldon Cooper Center for Public Service at the University of Virginia. It is an indispensable resource for anyone involved with local governments in Virginia, either as a taxpayer, elected official, administrator, business leader or researcher. This is the thirty-third edition of the Cooper Center annual publication on tax rates levied by Virginia local governments.  
The Dominion Virginia Power filing with the State Corporation Commission does not really provide a full integrated resource plan (IRP). Rather, Dominion argues tha tthe uncertainty over federal greenhouse gas regulation is too great to allow the company to do an integrated plan.  The document presents cost estimates for some stylized scenarios that comply with the proposed federal regulations, known as the Clean Power Plan (CPP). The CPP establishes emisison rate standards for greenhouse gas emissions from existing power platns.
This report reviews the Virginia Center for Coal and Energy Research cost estimates for complying with proposed federal rules limiting greenhouse gas emissions from existing power plants. The VCCER report contains a number of serious errors and omissions, greatly limiting its usefulness in evaluating state policy options. Generally, the report greatly overstates the costs of complying with new federal rules on greenhouse gas emissions.
This paper reports the results of a laboratory experiment with financially motivated participants that is used to compare alternative proposals for managing the time path of emission allowance prices in the face of random firm-specific and market-level structural shocks. In this setting, market performance measures such as social surplus are enhanced by the use of a price collar (auction reserve price and soft price cap).
We use a set of economic experiments to test the effects of some novel features of California's new controls on greenhouse gas emissions. The California cap and trade scheme imposes limits on allowance ownership, uses a tiered price containment reserve sale, and settles allowance auctions based on the lowest accepted bid. We examine the effects of these features on market liquidity, efficiency, and price variability. We find that tight holding limits substantially reduce banking, which, in turn reduces market liquidity.