Richard E. Schuler

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This paper reports on research being conducted by a combination of economists and electrical engineers at Cornell University who are examining potential auction institutions for restructured markets for electric power. As it is a report on developing results and analysis, the discussion remains general throughout. The research follows two related but(More)
Deregulated wholesale markets for bulk electricity supplies are likely to deviate from the perfectly competitive ideal in many areas where transmission losses, costs and capacity constraints isolate customers from the effective reach of many generators and limit the number of competitors. In those regions where a few suppliers or marketing agents dominate(More)
The underlying structure of why and how consumers value reliability of electric service is explored, together with the technological options and cost characteristics for the provision of reliability and the conditions under which market mechanisms can be used to match these values and costs efficiently. This analysis shows that the level of reliability of(More)
High voltage electricity systems may become more reliable under market-based dispatch than they were under cost-based, regulated assignments if customers are faced with real-time prices. As an example, in Australia where all electricity is transacted through a spot energy market without any regulatory price caps, retail suppliers and large customers have(More)
Previous experimental and game-theoretic analyses of deregulated electricity markets suggest that communities having four or less effective suppliers, either because of transmission constraints or load characteristics, or retail customers facing suppliers or marketing agents having more than seventy percent of the region’s market, are likely to experience(More)
Testing auction mechanisms experimentally in a controlled environment provides an inexpensive means for evaluating their relative merits. This paper describes a framework for testing the efficacy of a price-responsive load on a uniform price last accepted offer and a soft-cap market. Experimental evidence to date based on uniform price market testing has(More)