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Cited by 505

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Reliability and competitive electricity markets

Open access
Joskow, Paul, Tirole, Jean·2007·The RAND Journal of Economics
DOI 10.1111/j.1756-2171.2007.tb00044.x
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Abstract

We derive the optimal prices and investment program for an electric power system when there are price‐insensitive retail consumers served by load serving entities that can choose any level of rationing contingent on real‐time prices. We then examine the assumptions required for competitive electricity markets to achieve this optimal price and investment program and the implications of relaxing several of these assumptions. We analyze the interrelationships between regulator‐imposed wholesale market price caps and generating capacity obligations. The implications of potential network collapses for operating reserve requirements and whether market prices yield generation investments consistent with these reserve requirements are examined.

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Metadata

Authors
Joskow, P., & Tirole, J.
Venue
The RAND Journal of Economics
Publisher
Wiley
Published
2007-03
Volume
38
Issue
1
Pages
60-84
ISSN
  • 0741-6261 (ISSN-L)
  • 1756-2171
DOI
10.1111/j.1756-2171.2007.tb00044.x
OpenAlex
W3025723160
Cited by
505
References
0
FWCI
17.98
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Reliability and competitive electricity markets. https://app.cochat.ai/papers/10.1111/j.1756-2171.2007.tb00044.x
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Joskow, P., & Tirole, J. (2007). Reliability and competitive electricity markets. The RAND Journal of Economics. https://doi.org/10.1111/j.1756-2171.2007.tb00044.x

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.