Competition and Regulation Times. June 2013.

Abstract

• Title: Water … valuable water Abstract: We’re well into winter now. Out of the summer drought and back into rainy evenings, turning the lights on earlier and earlier, and switching the heater on. It’s a good time to read ISCR’s latest monograph, ‘Water is Valuable’. 1 Lewis Evans explains the connection between, and roles of, hedge and spot markets in allocating water to its most valued use in electricity. Author: Lewis Evans
• Title: Construing the Counterfactual Abstract: Not quite three years ago, the New Zealand Supreme Court ruled that a firm can only be held to have taken advantage of its market power if a causal connection between the firms’ conduct and its market power can be established. The court’s decision, which relies on a counterfactual (‘but for’) test, has proved controversial. Critics claim that it is now easier in New Zealand than in other countries for dominant firms to abuse their market power. However, the counterfactual test may serve other purposes. Kay E Winkler puts the Court’s decision into perspective. Author: Kay Winkler
• Title:A wild ride for small young firms Abstract: Young firms usually don’t have enough of a track record to allow investors to make an informed decision. In addition, smaller firms tend to be less well known and have less-developed accounting and information systems. So a small young firm tends to be financially constrained and unable to fully fund ‘good’ projects, especially if its earnings are volatile. Michael Keefe and James Tate report on their recent findings. Author: Michael Keefe, James Tate
• Title: I take thee … and they property Abstract: The recent passing into law of the Marriage (Definition of Marriage) Amendment Act 2013 recognises but one of the many changes in the nature of relationships observed over the past 40 years. Concurrently, there have also been several changes in relationship-property legislation. Using alternative framing of the issues, Stuart Birks speculates on some unanticipated consequences the legislative changes could have on incentives to form relationships and invest in relationship property. Author: Stuart Birks
• Title: When Geography meets Econometrics Abstract:Tom Pettit and Richard Law combine information from geographic information systems (GIS) and econometric modelling to assess the monetary benefits of neighbourhood greenspace and the commuting mode choices made (via public transit, walking, cycling and driving) by people living in the Greater Wellington region. Author: Tom Pettit, Richard Law
• Title: Is the 'digital dividend' spectrum overpriced? Abstract:In July 2012 1 Toby Daglish, Phuong Ho and Yig ̆it Sag ̆lam reported on work that the ISCR had undertaken on modelling the auction of the ‘digital dividend’, the extra frequencies that become available when New Zealand turns off analog television. Here they further refine their thoughts – and look with interest at Australia’s very recent experience with the ‘digital dividend’. Author:Toby Daglish, Phuong Ho, Yigit Saglam