Dynamic Competition and Arbitrage in Electricity Markets: The Role of Financial Players
研究了电力市场中金融交易者与实物交易者共存的影响，发现金融交易增加降低了发电商的市场力量并提高了消费者剩余。
I study the effects of financial players who trade alongside physical buyers and sellers in electricity markets. Using detailed firm-level data, I examine physical and financial firms’ responses to regulation that exogenously increased financial trading. I show that the effect of speculators on generators’ market power depends on the kind of equilibrium they are in. I develop a test of the null of static Nash equilibrium and reject it. To implement the test, I present a new method to define markets using machine-learning tools. I find that increased financial trading reduced generators’ market power and increased consumer surplus.