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Electricity Market Design: The Good, The Bad, And The Ugly, Peter Cramton
Electricity Market Design: The Good, The Bad, And The Ugly, Peter Cramton
Peter Cramton
This paper examines principles of market design as applied to electricity markets. I illustrate the principles with examples of both good and bad designs. I discuss one of the main design challenges—dealing with market power. I then discuss FERC’s choice of a standard market design.