A Spatial "Smart Market" for Electric Power and Transmission
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Working paper, University of Michigan, (March 1995)

Creating successful competitive electric power markets requires transmission pricing reform. Due to the physics of power transmission networks, efficient transmission pricies must incorporate two types of loop flow externalities, and must be determined jointly with efficient power (nodal) prices. Prior proposed market schemes all involve an approximation to the efficient prices. I propose a real-time "smart market" that provides incentives for truthful revelation of the information required for finding the correct efficient prices.
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