In today's class, we will cover the topics of Energy, Market, and Society. This class will start with an introduction and talk about what is diffierent about energy, including efficiency, equity, social welfare, and sustainability. Then, we go through the details of why a monopoly is generally observed in the energy market and the characteristics of natural monopoly in the electricity sector.  You will also learn about externalities in the energy market and why climate change agreement is not easy to achieve due to free-rider effect. The same public goods characteristics also hold for nuclear R&D and fusion in the energy market; without patents protection, there will be a less economically efficient amount of R&D. 

Due to some technical issues, I am not able to upload the video files of our lecture today. However, please download the PPT file and watch my lecture via playing the PPT slides on your computer.