Imperfect Markets and Imperfect Regulation: An Introduction to the Microeconomics and Political Economy...

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Thomas-Olivier Léautier (Professor of Management, Toulouse School of Economics) Jean Tirole (Institut d'Economie Industrielle)

Imperfect Markets and Imperfect Regulation

An Introduction to the Microeconomics and Political Economy of Power Markets

Thomas-Olivier Léautier (Professor of Management, Toulouse School of Economics), Jean Tirole (Institut d'Economie Industrielle)

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English

MIT Press
19 March 2019

Microeconomics; Political economy; Electrical power industries

Series: The MIT Press

The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions betweenmicroeconomics and political economy.

The power industry is essential in our fight against climate change. This book is the first to examine in detailthe microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generationcapacity exceeds demand but can rise a hundred timeshigher whendemand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy.

Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Leautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets- electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.

By: Thomas-Olivier Léautier (Professor of Management Toulouse School of Economics)
Foreword by: Jean Tirole (Institut d'Economie Industrielle)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 178mm, Spine: 30mm
ISBN: 9780262039284
ISBN 10: 0262039281
Series: The MIT Press
Pages: 416
Publication Date: 19 March 2019
Recommended Age: From 18 to 99 years
Audience: College/higher education , Primary
Format: Hardback
Publisher's Status: Active

Thomas-Olivier Leautier has more than twenty years' experience in the electric power industry, both as an academic researcher and as apractitioner.He is currentlyDirector of EDF Group University for Management andon the Research Faculty at the Toulouse School of Economics. Jean Tirole, the 2014 Nobel Laureate in Economics, is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.