Using Laboratory Experiments To Design Efficient Market Institutions: The Case Of Wholesale Electricity Markets
AbstractThis paper assesses the contribution of laboratory experiments to the economics of design applied to the electricity industry. The analysis is dedicated to wholesale markets, and reviews the results accumulated to date concerning both the general architecture of power markets and the very details of the market rules or institution, that is the auction rule. We argue that these experimental results contribute to a better understanding of the performances properties and implementation features of competitive market designs and that experimental economics has proven very useful to public authorities to inform the restructuring of the electricity industry. It thus confirms the role of experimental economics as a complement to theoretical approaches in the design effort. Copyright 2006 The Authors Journal compilation � CIRIEC 2006.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Annals of Public and Cooperative Economics.
Volume (Year): 77 (2006)
Issue (Month): 4 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1370-4788
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- Charles A. Holt & William Shobe & Dallas Burtraw & Karen Palmer & Jacob K. Goeree, 2007. "Auction Design for Selling CO2 Emission Allowances Under the Regional Greenhouse Gas Initiative," Reports 2007-03, Center for Economic and Policy Studies.
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