Hayekian complexity and the role of regulation in electricity markets

Fuat Oğuz

Economic Affairs, 2020, vol. 40, issue 3, 406-418

Abstract: Utilities worldwide have followed the natural monopoly model for more than a century. This has started to change in recent decades. Electricity systems have become complex, as interactions between participants become multidimensional. This article examines the knowledge problem in an increasingly complex electricity system. I argue that increasing complexity in the electricity system necessitates reconsideration of the regulatory tariff model for utilities.

Date: 2020
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