Using historical cost data, we simulate the California electricity market after deregulation as a static Cournot market with a competitive fringe. Our model indicates that, under the prederegulation structure of generation ownership, there is potential for significant market power in high demand...

For two years prior to the collapse of California's restructured electricity market, power traded in both a forward and a spot market for delivery at the same times and locations. Nonetheless, prices in the two markets often differed in significant and predictable ways. This apparent...

This paper measures the efficiency and revenue properties of the two most popular formats for divisible goods auctions: the uniform-price and discriminatory auction. We analyze bids into the Korean Treasury auctions which have used both formats. We find that the discriminatory auction yields...