Using Laboratory Experiments to Design Efficient Market Institutions: The case of wholesale electricity markets

Carine Staropoli (carine.staropoli@univ-paris1.fr) and Celine Jullien (celine.jullien@grenoble-em.com)
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Celine Jullien: GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique, MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management

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Abstract: This 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 electricity industry. It thus confirms the role of experimental economics as a complement to theoretical approaches in the design effort.

Keywords: Experimental economics; market design; design economics; electricity auction (search for similar items in EconPapers)
Date: 2006
Note: View the original document on HAL open archive server: https://grenoble-em.hal.science/hal-00569121v1
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Published in Annals of Public and Cooperative Economics, 2006, 77 (4), pp.555-577. ⟨10.1111/j.1467-8292.2006.00319.x⟩

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Journal Article: USING LABORATORY EXPERIMENTS TO DESIGN EFFICIENT MARKET INSTITUTIONS: THE CASE OF WHOLESALE ELECTRICITY MARKETS (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:gemptp:hal-00569121

DOI: 10.1111/j.1467-8292.2006.00319.x

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