Hayek and the Texas blackout
Stephen Littlechild and
Lynne Kiesling
Cambridge Working Papers in Economics from Faculty of Economics, University of Cambridge
Abstract:
Was the Texas blackout a market failure or regulatory failure? The economist Hayek has been adduced in support of both views. Hayek would have approved the competitive Texas system, including ERCOT. His likely view on the scarcity pricing framework is less clear, and the recent regulatory implementation of the "circuit breaker" was problematic. There is now a need to revise the scarcity pricing framework in the light of recent events, and to reflect ever-changing market conditions.
Keywords: Hayek; Texas blackout; scarcity pricing; retail electricity competition (search for similar items in EconPapers)
JEL-codes: D47 D82 K23 L51 L94 (search for similar items in EconPapers)
Date: 2021-06-24
New Economics Papers: this item is included in nep-com, nep-ene, nep-hpe and nep-law
Note: sl304
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
https://www.econ.cam.ac.uk/sites/default/files/pub ... pe-pdfs/cwpe2149.pdf
Related works:
Working Paper: Hayek and the Texas blackout (2021) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:cam:camdae:2149
Access Statistics for this paper
More papers in Cambridge Working Papers in Economics from Faculty of Economics, University of Cambridge
Bibliographic data for series maintained by Jake Dyer ().