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We are grateful to Daron Acemoglu, Eli Berman, Frank Levy, and Sendhil Mullainathan for
superb suggestions and to Michael Anderson and Tal Gross for excellent research assistance.
Autor acknowledges...
What is a Company Really Worth? Intangible Capital and the “Market to Book Value” Puzzle
Intangible Capital Market
2015/9/21
This is a revised draft of working paper #08-02 of the Economics Program of the
Conference Board. We would like to thank Martin Fleming and Baruch Lev for their
comments on earlier drafts, as well...
This report reviews the proposed rules for restructured wholesale electricity markets in New
England. We review the market rules, both individually and collectively, and identify potential problems ...
Electricity capacity markets work in tandem with electricity energy markets to ensure that investors
build adequate capacity, in line with consumer preferences for reliability. The need for a capaci...
Spot market power is
mitigated by putting suppliers and demanders in a more balanced position at the time of the spot
market. The markets also reduce transaction costs and improve liquidity and tran...
This paper presents a product design for Colombia’s regulated market (MOR), which is
scheduled to began in 2008. The regulated market consists of residential and other small
customers. Currently, ...
We argue that a capacity market is needed in most restructured electricity
markets, and present a design that avoids problems found in the early capacity
markets. The proposed market only rewards ...
This paper examines principles of market design as
applied to electricity markets. I illustrate the principles
with examples of both good and bad designs. I discuss one
of the main design challe...
Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?
Exchange Electricity Market Pay-as-Bid Pricing
2015/9/18
In mid-November, this Panel was constituted to investigate “whether the current rules for
determining the market price in the California Power Exchange Day-Ahead market results in a
fair and effic...
Forward Reliability Markets: Less Risk, Less Market Power, More Efficiency
Less Risk Less Market Power
2015/9/18
A forward reliability market is presented. The market coordinates new entry through the
forward procurement of reliability options—physical capacity bundled with a financial
option to supply energ...
The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response
Arms Race Frequent Batch
2015/9/18
The high-frequency trading arms race is a symptom of flawed market design. Instead
of the continuous limit order book market design that is currently predominant, we argue
that financial...
An Open Access Wireless Market Supporting Public Safety, Universal Service, and Competition
Supporting Public Safety Universal Service
2015/9/18
We present a market design for an open access wireless market. Open access means that in real
time, network capacity cannot be withheld—network throughput is priced dynamically by the
marginal dem...
Credit Market Consequences of Improved Personal Identification: Field Experimental Evidence from Malawi
Credit Market Field Experimental Evidence
2015/9/18
We implemented a randomized field experiment in Malawi examining
borrower responses to being fingerprinted when applying for loans.
This intervention improved the lender’s ability to implement dynam...
We specify and implement a test for the importance of network effects in determining the
establishments at which people work, using recently-constructed matched employer-employee data at the
establi...
Many theoretical models of labor market search imply a tight link between worker
flows (hires and separations) and job gains and losses at the employer level. We use rich
establishment-level data to...