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Competitive Markets without Commitment
Time-inconsistency Moral hazard Competitive Markets Adverse selection
2015/7/31
In the presence of a time-inconsistency problem with optimal agency contracts, we show that competitive markets can implement allocations that Pareto dominate those achieved by a benevolent government...
COMPETITIVE MARKETS FOR ELECTRICITY GENERATION
COMPETITIVE MARKETS ELECTRICITY GENERATION electricity markets
2008/11/21
The Trend toward Competition
This paper discusses the feasibility of replacing regulation or state
ownership with market competition in electric power generation.
Interest in competitive electricit...