factual
Neoclassical Tools Earned Markets in Electric Power
The traditional mathematical and auction-theory framework is genuinely valuable for engineering applications: Smith and Rassenti used it to design experiments showing skeptics that competitive wholesale markets for electric power could work, helping Australia move from state-owned power to a national wholesale electricity market by 1998.
factualpending
Speaker
Vernon SmithEvidence Quote
“we could put these people into experiments. It turns out they made a market just fine... The Australians created the National Grid Management Council... that was 1996, and 1998 they were all creating a market.”
Created: 6/13/2026, 12:22:45 AM
My Notes
Loading notes...