This paper proposes an approach to calibrate incentives for continuity of supply in electricity distribution in Spain. This approach consists on the estimation of the impact of continuity of supply improvements on distribution network costs. For this purpose, distribution costs resulting from different continuity of supply requirements are computed by a Reference Network Model (RNM). The results obtained from the RNM are used to estimate a cost-function that considers continuity of supply a cost driver for distribution costs. This methodology is applied to three Spanish areas of service (an urban one, a semi-urban one and a rural one) in such a way that differences in distribution costs caused by the characteristics of the area type can be taken into account. The analysis indicated that distribution costs are more sensitive to continuity of supply improvements in rural areas of service. It also demonstrated that the incentive for reducing number of service interruptions should be higher than the incentive for reducing duration of service interruptions. Finally, the current Spanish incentive scheme for continuity of supply was analyzed under the perspective of the proposed approach.

Esta es una tesis de carácter teórico que propone y discute tres aplicaciones de la teoría de juegos al análisis económico. Consta de tres capítulos: El primer capítulo se titula" Bubbles with Random Behavioral Trading". Este capítulo se enmarca dentro de la teoría de las finanzas del comportamiento (behavioral finance). Es un análisis teórico de las condiciones necesarias para que aparezcan y se sostengan burbujas especulativas en los mercados de activos.

Using multiple births as an exogenous shift in family size, I investigate the impact of the number of children on child investment and child well being. Using data from the 1980 US Census Five-Percent Public Use Micro Sample, 2SLS results demonstrate that parents facing a change in family size reallocate resources in a way consistent with Becker's Quantity & Quality model. A larger family generated by a twin on a later birth reduces the likelihood that older children attend private school, reduces the mother's labor force participation, and increases the likelihood that parents divorce. The impact of family size on measures of child well being, such as educational attainment is less clear. The results indicate that for both measures of child investment and child well being, the 2SLS estimates are statistically distinguishable from OLS estimates indicating an omitted variables bias in the single equation model.

In this paper, we evaluate the impact of unilateral divorce on crime. First, using crime rates from the FBI´s Uniform Crime Report program for the period 1965-1998 and differences in the timing in the introduction of the reform, we find that unilateral divorce has a positive impact on violent crime rates, with an 8% to 12% average increase for the period under consideration. Second, arrest data not only confirms the findings of a positive impact on violent crime but also shows that this impact is concentrated among those age groups (15 to 24) that are more likely to engage in these type of offenses. Specifically, for the age group 15-19, we observe an average impact over the period under analysis of 40% and 36% for murder and aggravated assault arrest rates, respectively. Disaggregating total arrest rates by race, we find that the effects are driven by the Black sub-sample. Third, using the age at the time of the divorce law reform as a second source of variation to analyze age-specific arrest rates we confirm the positive impact on the different types of violent crime as well as a positive impact for property crime rates, controlling for all confounding factors that may operate at the state-year, state age or age-year level. The results for murder arrests and for homicide rates (Supplemental Homicide Report) for the 15-24 age groups are robust with respect to specifications and specifically those that include year-state and year-age dummies. The magnitude goes from 15% to 40% depending on the specification and the age at the time of the reform.

Using U.S. Census data for the years 1960-1980, we study the impact of unilateral divorce on outcomes of children (age 6-15) and their mothers. We find that the reform increased mothers' divorce, decreased family income and increased the fraction of mothers below the poverty line. For children, we find not only negative results on investment, measured as the probability that a child goes to a private school, but also on child outcomes, measured by the likelihood of children aged 0-4 being held back in school at the time of the reform. We then analyze outcomes of the same cohorts of children 10 years later, by studying young men and women aged 16-25 using the 1970-1990 U.S. Census. We find an increase in marginality for these cohorts, measured as the probability of living in an institution (men) or the probability of being below the poverty line (women). We find that the impact in outcomes is particularly important for black children and young adults.

In this paper we study the impact of fertility on the overall wellbeing of mothers First, using US Census data for the year 1980, we study the impact of number of children on family arrangements, welfare participation and poverty status. Second, using the National Health Interview Survey (NHIS) for the period 1982-2003, we study the impact on a series of health risk factors. The findings reveal, first, that a raise in family size increases the likelihood of marital breakdown measured by the likelihood of divorce or the likelihood of the mother not living with the children's father. Second, we find evidence that mothers facing an increase in family size are not only more likely to live with other family members such as grandparents, aunts and uncles, they are also more likely to receive help from welfare programs. Third, consistent with an increase in welfare participation, families (mothers) are more likely to fall below the poverty line, and they face a reduction in total family income. The results using NHIS confirm a negative impact of fertility on marriage stability and an increase in welfare participation measured by an increase in the likelihood of using Medicaid and for some samples a reduction in the take-up of private health insurance. Finally, we find evidence that a shock in fertility increases the likelihood for mothers to suffer from high blood pressure during the last 12 months and also increases the propensity to smoke and risk of being obese. JEL Classification: J12, J13, I3.

Using multiple births as an Instrumental Variable (IV) for family size and data for 43 developing countries, I fi nd evidence that a shock in fertility has a cost for a family as a whole. Mothers are more likely to live under less stable family arrangements and they are more likely to use contraceptives. Children are less likely to receive some vaccines, attend school, live their mother and there is an increase in odds of mortality. The analysis by level of development reveals the cost of fertility comes from those countries with lower level of development.

Using a large and rich data set from administrative sources, we study the effects of children on mothers' employment and earnings in Spain. By being able to pinpoint the event of multiple births along a twenty-year panel of women's work history, we address two methodological hurdles in this research: the omitted-variable problem and concerns about twins as a good instrument for family size. We find that the effects of fertility on mothers' labor outcomes differ by level of education. Women with only compulsory education experience falls of 17 percent in employment and 15 percent in earnings, increased duration of non-employed spells, and reductions in the likelihood of holding a secondary job or chaining contracts within a certain employment spell. Among more educated women, the employment rate drops by a mere 4 percent and earnings increase slightly in some cases. Nonetheless, a relatively higher employment rate of more educated mothers, besides unexpected changes in family size, involves costs in terms of working conditions, like holding temporary contracts. Our results indicate that mothers in general have a hard time regaining employment as revealed by the sharp increase in the take-up rate of unemployment insurance benefits around the third month after the birth. Finally, we are able to obtain some results for the impact of family size on the labor supply of a second earner (husband) in the household. For instance, we find that second earners tend to compensate for mothers' income diminution.  Julio Cáceres Delpiano gratefully acknowledges financial support from the Spanish Ministry of Education (Grant ECO2009-11165). Both authors are grateful for financial support from the Department of Employment of the Madrid Autonomous Community. The usual disclaimers apply.

Early Impacts of College Aid * We analyze the impact of an expansion in government-guaranteed credit for higher education in Chile on a sample of elementary and high school students. Using students who had an alternative source of funding as a control group, and administrative records before and after the reform, we present evidence that students most likely to attend college in a future are affected in different ways. First, we show that parents of students who ex ante were more likely to be credit restricted became more likely after the reform to state that their child would end up completing college. Second, we find that relaxing credit restrictions reduces the probability of dropping out of high school, specifically among top students originally enrolled in low-performance schools and low-performance students attending better schools. Third, we find that the reform led to an increase in educational sorting. Best students switch to better schools while low-performance students go to lower-ranked schools. This sorting helps to explain why we observe a decrease (increase) in GPA and an increase (decrease) in grade repetition among better (worse) students. Then, for a sample of students that were in transition from elementary to secondary school, we show that good students are more likely to enroll in a college-oriented track. Finally, using household data and birth records aggregated at the municipal level, we find, consistent with previous findings, a reduction in teen pregnancy.

The Impact of Age of Entry on Academic Progression * Using an RD-design and public educational administrative data for Chile, we study the impact of age of entry on children outcomes. Different from previous studies, we are able to track this impact on school achievements over eleven years of the school life of a cohort of students. Our results confirm previous findings that a higher age of entry not only has a positive effect on GPA and the likelihood of passing a grade but also that this impact tends to wear off over time. However, we also find that this impact on school achievement is still present eleven years after a child has started school. Moreover, we show that this decrease in the impact on GPA masks a return associated to a higher age of entry in other dimensions. First, we show that age of entry reduces the probability of being enrolled in a public school. Secondly, during secondary school, children delaying school entry are more likely to follow an academic track and we present evidence that these children are more likely to be enrolled in schools where children coming from other schools had a higher than the mean GPA in the school of origin. Finally, also explaining the decline in the impact of age of entry on school's achievements, we find evidence that age of entry is associated to an increase in the probability that a child is enrolled in a school actively engaged in cream skimming.

Using several data sources from Chile, we study the impact of the size of the school choice set at the time of starting primary school. With that purpose, we exploit multiple cutoffs defining the minimum age at entry, which not only define when a student can start elementary school, but also the set of schools from which she/he can choose. Moreover, differences across municipalities in the composition of the schools according to these cutoffs, allow us not only to account for municipality fixed factors (educational markets) but also for differences in the characteristics between schools choosing different deadlines. That is, we compare across municipalities the difference in outcomes for children living in the same municipality around the different cutoffs with those for children in other municipalities that experience a different change in the available set of schools across cutoffs (double difference in RD). We show that a larger set of schools increases the probability of startin...

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We asses how firms' incentives to operate and invest in energy storage depend on the market structure. For this purpose, we characterize equilibrium market outcomes allowing for market power in storage and/or production, as well as for vertical integration between storage and production. Market power reduces overall efficiency through two channels: it induces an inefficient use of the storage facilities, and it distorts investment incentives. The worst outcome for consumers and total welfare occurs under vertical integration. We illustrate our theoretical results by simulating the Spanish wholesale electricity market for different levels of storage capacity. The results are key to understand how to regulate energy storage, an issue which is critical for the deployment of renewables.