Hotelling Under Pressure
---- Acknowledgments ----
For helpful comments and suggestions, we are grateful to Ying Fan, Cloé Garnache, Stephen Holland, Lutz Kilian, Mar Reguant, Dick Vail, Jinhua Zhao, and seminar and conference audiences at AERE, Case Western Reserve University, the Energy Institute at Haas Energy Camp, the Kansas City Federal Reserve, the MSU/UM Energy and Environmental Economics Summer Workshop, Michigan State University, NBER EEE/IO, the Occasional California Workshop in Environmental and Resource Economics, the University of Michigan, and the University of Montreal. Excellent research assistance was provided by Dana Beuschel and Sam Haltenhof. Part of this research was performed while Kellogg was at UC Berkeley's Energy Institute at Haas. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.