Biographie

La recherche académique de la Chaire EEM se caractérise par une pluralité d'approches, tout en restant vigilant dans le respect des standards méthodologiques des meilleures parutions mondiales (Journal de l'énergie, Politique énergétique, Economie de l'énergie, Journal de l'électricité, Revue européenne des marchés de l'énergie...)

Power grid Dispatching Network Hydro Plant

Prof. John Parsons

Centre for Energy and Environmental Policy Research (MIT),

Prof. John Parsons

Senior Lecturer, MIT Sloan School of Management

Head, MBA Finance Track

Executive Director, the MIT Center for Energy and Environmental

Policy Research



CONTACT INFORMATION

Massachusetts Institute of Technology

Center for Energy and Environmental Policy Research

E62-684

77 Massachusetts Avenue

Cambridge, MA 02139-4307

T 617 324 3745

F 617 253 4307

E jparsons@mit.edu



BIOGRAPHY

Dr. Parsons is a financial economist specializing in risk management, corporate finance and valuation. His current research focuses on the problems of risk in emissions markets—including the design of a US carbon market—risk in oil, natural gas and wholesale electricity markets, the role of trading operations in an energy company, and the valuation and financing of investments in energy markets. At MIT’s Sloan School, he teaches the finance elective Advanced Corporate Risk Management.

He holds a BA in Economics from Princeton University and a PhD in Economics from Northwestern University. He has taught on the finance faculty at MIT’s Sloan School of

Management, the Zicklin School of Business at the City University of New York’s Baruch College and the Columbia Business School.

For ten years Dr. Parsons worked in the Finance Practice at the economics consulting firm CRA International, where he was a Vice-President and Principal. He worked with major international oil companies, mining companies and commodity processors, electric utilities and international pharmaceutical companies, among others on a wide variety of risk management and valuation matters.

Dr. Parsons is a co-author of the blog “Betting the Business”, covering topics in financial risk management for non-financial companies.

EDUCATION

Ph.D. Economics, Northwestern University, 1986
M.A. Economics, Northwestern University, 1982
A.B. Economics, Princeton University, 1980

EMPLOYMENT

MIT - Sloan School of Management
2012–present, Senior Lecturer, Head-MBA Finance Track, Executive Director of
the Center for Energy and Environmental Policy Research.
2005-2012, Senior Lecturer, Executive Director of the Center for Energy and
Environmental Policy Research, Executive Director of the Joint Program on the
Science and Policy of Global Change.
CRA International (formerly Charles River Associates)
1997–2005 Vice President
1995–1997 Principal, 1995 Senior Associate

Columbia University
1993–1995 Visiting Assoc. Professor of Finance, Graduate School of Business

City University of New York
1990–1993 Associate Professor of Finance, Baruch College

Massachusetts Institute of Technology
1984–1990 Assistant Professor of Finance, Sloan School of Management,

ADDITIONAL PROFESSIONAL EXPERIENCE
Boston University
1999–2001 Adjunct Faculty, School of Management

Humboldt Universität zu Berlin
1983 & 1986 Visiting Scholar

Hochschule für Ökonomie, Berlin
1987 Visiting Scholar

PROFESSIONAL ACTIVITIES
Member, American Economics Association, American Finance Association.
International Association of Energy Economists.

Referee: Journal of Finance, Journal of Financial Economics, RAND Journal of
Economics, Energy Journal, Energy Policy, Environmental Science and Technology, Journal of Applied Corporate Finance, Economic Journal, Journal of Corporate Finance, and Journal of Development Economics.

Member of the Ad Hoc Expert Group in re the NEA/IEA 7th report on 'Projected Cost of Generating Electricity'. (2009).

Member of the Scientific Advisory Board of the E.ON Energy Research Center, RWTH Aachen University, Aachen, Germany. (2008-2009).

Member of the Board of Advisors, Applied Corporate Finance Program, School of
Business, University of Wisconsin—Madison. (1998–2006).



RESEARCH AND PUBLICATIONS

“Margins, Liquidity and the Cost of Hedging.” With Antonio S. Mello. Center for Energy and Environmental Policy Research Working Paper #2012-005, May 2012.

“The Weak Tie Between Natural Gas and Oil Prices.” With David Ramberg. Energy, Journal, 33(2), 2012.

“Do Trading and Power Operations Mix? The Case of Constellation Energy Group 2008.” Journal of Energy Markets, 5(1), Spring 2012.

“The Future of Nuclear Power After Fukushima.” With Paul L. Joskow. Economics of Energy and Environmental Policy, 1(2), 2012.

“A Methodology for Calculating the Levelized Cost of Electricity in Nuclear Power Systems with Fuel Recycling.” With Guillaume De Roo. Energy Economics 33(5), September 2011, 826-839.

“The Future of Natural Gas – an Interdisciplinary MIT Study”, Chaired by Ernest J. Moniz, Henry D. Jacoby and Anthony J. M. Meggs, June 2011.

“The Future of the Nuclear Fuel Cycle – an Interdisciplinary MIT Study, Chaired by Mujid Kazimi, Ernest J. Moniz and Charles W. Forsberg, April 2011.

“Stocks & Shocks: A Clarification in the Debate Over Price vs. Quantity Controls for Greenhouse Gases” With Luca Taschini. Center for Energy and Environmental Policy Research Working Paper #11-002, March 2011.

“Capacity Factor Risk at Nuclear Power Plants.” With Yangbo Du. Center for Energy and Environmental Policy Research Working Paper #2010-016, November 2010.

“Electricity Network Tariff Architectures: A Comparison of Four OECD Countries.” With Vivek Sakhrani. Center for Energy and Environmental Policy Research Working Paper #10-008, July 2010.

“Black Gold & Fool’s Gold: Speculation in the Oil Futures Market.” Economia 10(2), Spring 2010.

“The Economic Future of Nuclear Power.” With Paul L. Joskow. Daedalus 138(4), Fall 2009.

“Update of the MIT 2003 Future of Nuclear Power Study. With John M. Deutch, Charles W. Forsberg, Andrew C. Kadak, Mujid S. Kazimi, Ernest J. Moniz, Yangbo Du and Lara Pierpoint. May 2009.

“Update on the Cost of Nuclear Power.” With Yangbo Du. Center for Energy and
Environmental Policy Research Working Paper #09-004, May 2009.

“Designing a U.S. Market for CO2,” with A. Denny Ellerman and Stephan Feilhauer, Journal of Applied Corporate Finance 21(1), Winter 2009.

“Uncertainty in Greenhouse Emissions and Costs of Atmospheric Stabilization." With Mort Webster, Sergey Paltsev, John Reilly and Henry Jacoby. Joint Program on the Science and Policy of Global Change Report #165, November 2008.

“Cost Containment: A Primer,” with Mort D. Webster, A. Denny Ellerman and Henry Jacoby, in Cap-and-Trade: Contributions to the Design of a U.S. Greenhouse Gas Program, Cambridge MA: MIT Center for Energy and Environmental Policy Research, November 2008.

“Market Power and Electricity Market Reform in Northeast China,” with Xiochun Zhang, Center for Energy and Environmental Policy Research Working Paper #08-001, January 2008.

"Technologies, Markets and Challenges for Development of the Canadian Oil Sands Industry." With Romain Lacombe. Center for Energy and Environmental Policy Research Working Paper #07-006, June 2007.

“Capture-Ready Coal Plants—Options, Technologies And Economics,” with Mark C. Bohm, Howard J. Herzog, and Ram C. Sekar. International Journal of Greenhouse Gas Control 1, (2007): 113–120.

"Future Carbon Regulations and Current Investments in Alternative Coal-Fired Power Plant Designs." With Ram C. Sekar, Howard J. Herzog and Henry D. Jacoby. Energy Policy 35, No. 2 (February 2007): 1064-1074.

"Using Futures Prices to Filter Short-term Volatility and Recover a Latent, Long-term Price Series for Oil." With Miguel Herce and Robert C. Ready. Center for Energy and Environmental Policy Research Working Paper #06-005, April 2006.

“Positions courtes, prix inter-périodes et bancalité.” (English: “Shortage, Inter-period Pricing, and Banking”) With A. Denny Ellerman. Tendances Carbone, No. 5, July 2006.

“Short Sales, Damages, and Class Certification in 10b-5 Actions.” With Robert C. Apfel, G. William Schwert and Geoffrey S. Stewart. NBER Working Paper No. 8618, (December 2001).

"Hedging and Liquidity." With Antonio S. Mello. Review of Financial Studies 13, No. 1 (Spring 2000): 127–53.

"Strategic Hedging." With Antonio S. Mello. Journal of Applied Corporate Finance 12, No. 3 (Fall 1999): 43–62.

“Going Public and the Ownership Structure of the Firm.” With Antonio S. Mello. Journal of Financial Economics 49 (1998). Reprinted in B. Biais and M. Pagano (eds.) Corporate Finance and Banking: a Reader, Oxford:Oxford University Press (2001).

“Alternative Models of Uncertain Commodity Prices for Use with Modern Asset Pricing Methods.” With Malcolm P. Baker and E. Scott Mayfield. Energy Journal 19, No. 1 (January 1998).


“A Note on Bankruptcy Costs and the Theory of Oligopoly,” Canadian Journal of Economics (May 1997).

“Price Behavior in Electricity Futures: the Story So Far.” With A. Godlewska and
A. Mello. Public Utitlities Fortnightly 135, No. 1 (January 1997): 32–35.

“Flexibility or Hedging.” With A. Mello and A. Triantis. RISK 9, No. 10 (October 1996): 18–19.

“An Integrated Model of Multinational Flexibility and Financial Hedging.” With A. Mello and A. Triantis. Journal of International Economics 39, Nos. 1/2 (August 1995): 27–52.

“Hedging a Flow of Commodity Deliveries with Futures: Problems with a Rolling Stack.” With A. Mello. Derivatives Quarterly 1, No. 4 (Summer 1995): 16–19.

“Rolling the Dice.” With A. Mello. RISK 8, No. 5 (May 1995): 49–50.

“The Maturity Structure of a Hedge Matters: Lessons from the Metallgesellschaft
Debacle.” With A. Mello. Journal of Applied Corporate Finance 8, No. 1 (Spring 1995): 106–120. Reprinted, R. Schwartz and C. Smith (eds.) Derivatives Handbook: Risk Management and Control, New York: John Wiley (1997) and in C. Culp and M. Miller (eds.) Corporate Hedging in Theory and Practice, London: RISK Books (1999).

“Measuring the Agency Cost of Debt.” With A. Mello. Journal of Finance 47 (1992).

“The Design of Optimal Production Sharing Rules in a Petroleum Exploration Venture.” With P. Hampson and C. Blitzer. Journal of Financial Economics 30 (1991).

“The Efficient Design of Contracts to Purchase Cogenerated Power.” With E. Hall. Energy Journal 11, No. 2 (April 1990).

“Commentary” to “Implicit Options in Forward Contracts: Empirical Estimates from the Petroleum Market.” Review of Futures Markets, 9, 15-18 (1990).

“Estimating the Strategic Value of Long-Term Forward Purchase Contracts Using
Auction Models.” Journal of Finance 4, No. 4 (September 1989).

“The Riddle of the Limited Liability Corporation.” In D. Lucina and A. Mello (eds.),
Privatization: Economic Policy Essays. Lisbon: Verbo (1989).

“Underpricing of Seasoned Issues.” With A. Raviv. Journal of Financial Economics 14,
No. 3 (1985).

Autres membres de la Chaire

Qui sont-ils ?

Comité de pilotageComité

La Chaire est gouvernée par un comité de pilotage chargé de (1) la définition du programme d’activités de la Chaire (comprenant trois volets : recherche, enseignement et valorisation), et notamment du calendrier d’avancement des travaux, des moyens utilisés, etc., (2) la détermination de la composition de l’équipe de chercheurs appelés à travailler dans le cadre du programme défini, et (3) la définition et la revue du budget annuel alloué à chaque volet du programme.

Cédric Léonard
Responsable, Pôle Études Économiques, Département Marchés, RTE

Jan Horst Keppler
Directeur scientifique de la Chaire European Electricity Markets

Jean-Arnold Vinois
Directeur honoraire de la Commission européenne et Conseiller spécial de Commissaire

Jean-François Conil-Lacoste
Président du Directoire, EPEX SPOT

Marc Bussieras
Directeur Stratégie Groupe, EDF

Patrice Bruel
Directeur Régulation, EDF

Patrice Geoffron
Responsable de l’axe de recherche 3

Prof. Alfred Voss
Président du Conseil scientifique de la CEEM, Institute for Energy Economics (University of Stuttgart)

Sandra Bouscal
Directrice de la Fondation Paris-Dauphine

Thomas Veyrenc
Directeur Marchés et Régulations, RTE

Vincent Pichon
Directeur, Département de la Stratégie, Groupe Caisse des Dépôts (CDC)

Conseil scientifiqueConseil

Au-delà du Comité de pilotage dont les conditions de création sont spécifiées dans la Convention de partenariat, la Chaire EEM s’est dotée d’un Conseil scientifique. Ce Conseil scientifique réunit des chercheurs de haut niveau, qui élaboreront les grandes lignes de recherche, et veilleront au respect des standards méthodologiques de haut niveau.

Anna Creti
Responsable de l'axe de recherche 1

Dominique Finon
Responsable de l’axe de recherche 2

Jan Horst Keppler
Directeur scientifique de la Chaire European Electricity Markets

Patrice Geoffron
Responsable de l’axe de recherche 3

Prof. Alfred Voss
Président du Conseil scientifique de la CEEM, Institute for Energy Economics (University of Stuttgart)

Prof. David Newbery
Electricity Policy Research Group (Cambridge University),

Prof. Jacques Percebois
CREDEN (Université de Montpellier).

Prof. John Parsons
Centre for Energy and Environmental Policy Research (MIT),

Prof. William D’Haeseleer
University of Leuven Energy Institute

Comité de suiviConseil

Anna Creti
Responsable de l'axe de recherche 1

Audrey Mahuet
Head of Market Design and Customer Relations, EPEXSPOT

Cédric Léonard
Responsable, Pôle Études Économiques, Département Marchés, RTE

Dominique Finon
Responsable de l’axe de recherche 2

Jan Horst Keppler
Directeur scientifique de la Chaire European Electricity Markets

Marc Bussieras
Directeur Stratégie Groupe, EDF

Michel Cruciani
Chercheur

Patrice Geoffron
Responsable de l’axe de recherche 3

Sandra Bouscal
Directrice de la Fondation Paris-Dauphine

Thomas Veyrenc
Directeur Marchés et Régulations, RTE

Comité de validationValidation

Groupe restreint chargé d’analyser les articles rédigés, conformément à l’esprit, la lettre et les objectifs de la Chaire European Electricity Markets.

Audrey Mahuet
Head of Market Design and Customer Relations, EPEXSPOT

Cédric Léonard
Responsable, Pôle Études Économiques, Département Marchés, RTE

Jan Horst Keppler
Directeur scientifique de la Chaire European Electricity Markets

Marc Bussieras
Directeur Stratégie Groupe, EDF

Patrice Geoffron
Responsable de l’axe de recherche 3

Thomas Veyrenc
Directeur Marchés et Régulations, RTE

Vincent Pichon
Directeur, Département de la Stratégie, Groupe Caisse des Dépôts (CDC)

Yannick Le Pen
Chercheur

ChercheursChercheurs

Contributeurs à la recherche.

Alexandre Coquentin
Assistanat de Recherche

Alvaro Alcazar Andaluz
Chercheur

Anna Creti
Responsable de l'axe de recherche 1

Antoine Verrier
Doctorant

Cédric Clastres
Chercheur

Charlotte Boureau
Assistanat de Recherche

Charlotte Scouflaire
Doctorante

Dominique Finon
Responsable de l’axe de recherche 2

Fabien Roques
Chercheur

Guillaume Dezobry
Professeur associé, Université d'Amiens et Avocat au Barreau de Paris

Hyun Jin Julie Yu
Chercheuse

Jan Horst Keppler
Directeur scientifique de la Chaire European Electricity Markets

Julien Fouquau
Professeur Associé à Rouen Business School

Manuel Villavicencio
Doctorant

María Eugenia Sanin
Maître de Conférences, Université d´Evry Val d´Essonne

Marie Bessec
Chercheuse

Marie Petitet
Chercheuse

Mauricio Cepeda
Chercheur

Michel Cruciani
Chercheur

Morwenna Guichoux
Chercheuse

Patrice Geoffron
Responsable de l’axe de recherche 3

Patricia Van Horn Florin
Chercheuse

Régis Bourbonnais
Maître de Conférences, Université Paris-Dauphine

Sébastien Phan
Chercheur

Stéphane Goutte
Chercheur

Thao Pham
Chercheuse

William Meunier
Assistanat de Recherche

Yannick Le Pen
Chercheur

Yuanjing Li
Chercheuse