By Anastasios S. Korkotsides
Utility-based concept and the fallback choice-theoretic framework are proven to be biased, irremediably wrong and deceptive. A greatly diversified thought of price and of purchaser behaviour is proposed in accordance with existential interpretations of shortage, worth and self-interest. For self-conscious mortals, basically time is scarce. All different is by-product shortage. price is within the existence, as a data extract of time, which works into commodities as direct human labour and depreciated capital, via their creation. via structuring theirpreferences, shoppers attempt to confiscate extra of such worth in line with unit of expended source of revenue, extending their social presence, soothing their angst and gaining strength over one another. This increases output and makes earnings cancel out. detrimental mental externalities hinder any overall healthiness or social-welfare kind conclusion.
These unravel a couple of long-standing concerns: endogenously generated progress, the micro-macro connection, the fee mechanism, crises, unemployment, and so forth. Equilibrium is of a low-potential type, no longer of a force-balancing one, and it really is targeted, on hand and strong. The proper analytics contain only monetary, non-psychological entities. purchaser behaviour is grounded on a well-defined, structure-based determination criterion and on observably measurable magnitudes, simply. The social ramifications of the 2 juxtaposed views are mentioned at size.
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Extra info for Against Utility-Based Economics: On a Life-Based Approach
5. To optimize its day-to-day injection/withdrawal decision, a storage customer needs to have some knowledge on future price developments. Futures and forward prices should represent the best guess of future spot price development, that can be represented by the so-called price forward curve (PFC). This PFC is calculated based on current futures prices. While weekly or monthly futures are traded near to spot month, seasonal or annual futures are traded for longer time horizons. Thus the PFC is calculated by smoothing and adding seasonalities (see Fig.
As it will be argued in Sect. 2, economic literature has addressed the issue of market power and storage. In order to analyze further some of the relevant questions concerning gas storage and market power, Sect. 3 is devoted to the development of a basic but specific model of industrial organization of gas markets, which explains gas storage affects competition in gas markets between symmetric firms. In Sect. 4, we explore wether a priority access to storage facilities (creating a leadership) modifies playing field between actors.
Optimization of the storage facility may not be based on the variable cost of storage operations. Storage contracts usually alloce a share of variable costs to flat-rate components. Exercise of market power. Storage operators or customers can withhold natural gas in periods of low price elasticity. This creates potentials for strategic behavior for a sufficiently big player. Given that possible explanations (2), (3), (4) and (5) apply to both the UK and the German market (although potentially at a different degree) our results show that a large part of the observed difference (of correlations) is due to the absence of a liquid and transparent German natural gas market.