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Experimental Energy Economics

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Silvester Van Koten
Silvester Van Koten

Experimental Economics is for Market Design what Engineering is for Bridge Building. Presenting results of Van koten & Ortmann (2011, http://goo.gl/Awv68)

EducationTechnologyEconomy & Finance
1 of 22
Silvester van Koten European University Institute, Florence CERGE-EI, Prague Experimental Energy Economics Presenting results of Van Koten, S. and Ortmann, A., 2011. “Structural versus Behavioral Remedies in the Deregulation of Electricity Markets: An Experimental Investigation Guided by Theory and Policy Concerns.”
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1. Theoretical Physics
2. Bridge model experimentation
3. Bridge
1. Theory 2. Engineering 3. Implementation Silvester van Koten Experimental Energy Economics Theoretical Physics Bridge Experimentation Bridge Theoretical Economics ,[object Object],[object Object],Competitive Market E.g., Energy Market
Market power in generator markets
Market power in generator markets
[object Object],[object Object],[object Object],[object Object],Silvester van Koten Experimental Energy Economics Behavioral measure of forward market More supply of each competitor Allaz & Villa (1993) Forward market -> more supply & lower prices Remedies 1. Theory
43 44 45 Theoretical predictions (following Allaz & Vila, 1993) Silvester van Koten Experimental Energy Economics
[object Object],[object Object],[object Object],[object Object],Silvester van Koten Experimental Energy Economics Behavioral measure of forward market More supply of each competitor Allaz & Villa (1993) Forward market -> more supply & lower prices Remedies 1. Theory 2. “Engineering”
“ Engineering” Economics Experiment
“ Engineering” Economics Experiment
“ Engineering” Economics Experiment The new state-of-the-art LEE Laboratory ( www.vse-lee.cz )
Silvester van Koten Experimental Energy Economics
M3, M3F, M4 Silvester van Koten Experimental Energy Economics Structural measure effect (1 more competitor) Behavioral measure effect (Forward market) >
[object Object],[object Object],[object Object],[object Object],[object Object],Silvester van Koten Experimental Energy Economics
[object Object],[object Object],[object Object],[object Object],Silvester van Koten Experimental Energy Economics
Questions?
Silvester van Koten European University Institute, Florence CERGE-EI, Prague Experimental Energy Economics Presenting results of Van Koten, S. and Ortmann, A., 2011. “Structural versus Behavioral Remedies in the Deregulation of Electricity Markets: An Experimental Investigation Guided by Theory and Policy Concerns.”

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Experimental Energy Economics

  • 1. Silvester van Koten European University Institute, Florence CERGE-EI, Prague Experimental Energy Economics Presenting results of Van Koten, S. and Ortmann, A., 2011. “Structural versus Behavioral Remedies in the Deregulation of Electricity Markets: An Experimental Investigation Guided by Theory and Policy Concerns.”
  • 2.
  • 3.
  • 4.
  • 6. 2. Bridge model experimentation
  • 8.
  • 9. Market power in generator markets
  • 10. Market power in generator markets
  • 11.
  • 12. 43 44 45 Theoretical predictions (following Allaz & Vila, 1993) Silvester van Koten Experimental Energy Economics
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  • 19.
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  • 22. Silvester van Koten European University Institute, Florence CERGE-EI, Prague Experimental Energy Economics Presenting results of Van Koten, S. and Ortmann, A., 2011. “Structural versus Behavioral Remedies in the Deregulation of Electricity Markets: An Experimental Investigation Guided by Theory and Policy Concerns.”