Long-term transmission rights and dynamic efficiency
比较了瓶颈输电线路接入监管的市场设计，研究了长期可交易输电权如何纠正现有企业提前投资以抢占市场的行为，恢复投资效率。
We compare market designs for access regulation of a bottleneck transmission line, and study their impact on investment decisions by an incumbent firm with an existing dirty technology and entrant with an uncertain future low-carbon technology. Nodal pricing, which allocates network access on a short-term competitive basis, distorts investment decisions, as the incumbent preempts the entrant by investing early. Long-term tradable transmission rights restore investment efficiency: the incumbent's investment timing becomes socially optimal. This is the case for financial and physical transmission rights, but it requires the existence of a secondary market for transmission rights.