Title: Public values in the energy sector: economic perspectives

Authors: Aad F. Correlje, John P.M. Groenewegen

Addresses: Department of Economics of Infrastructures, Delft University of Technology, P.O. Box 5015, 2600 GA Delft, The Netherlands. ' Department of Economics of Infrastructures, Delft University of Technology, P.O. Box 5015, 2600 GA Delft, The Netherlands

Abstract: An overview is provided of public values from main perspectives constituting economic science, while examining how these perspectives deal with energy policy. Neoclassical and New Institutional Economics conceive governance and regulation as outcomes of cost minimising actors that operate in well defined environments. Public values are an issue in the case of externalities, public goods and natural monopolies. Original Institutional Economics makes the framework of analysis multi-disciplinary, an analysis of the shared mental maps, learning, and the distribution of power via institutions. The actions of actors are driven by individual motivation and embedded in a technical and social, economic environment.

Keywords: NCE; neoclassical economics; NIE; new institutional economics; OIE; original institutional economics; assumptions; energy sector; public values; policy making; economic theory.

DOI: 10.1504/IJPP.2009.025079

International Journal of Public Policy, 2009 Vol.4 No.5, pp.395 - 413

Available online: 12 May 2009 *

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