Australia's national electricity market (NEM) is national in name only. It is eight years since the NEM commenced and the objective of a fully competitive market has not been reached. The NEM's structural characteristics, shaped strongly although not exclusively by its evolving regulatory...

Public policies have become embedded with market-based mechanisms to radically transform essential goods and services markets. This article proposes a framework for empirical analysis of these markets. Key theoretical propositions are distilled to 12 distinctive properties of markets. These...