Local Energy Markets*
分析了本地能源市场中的战略定价、投资和福利，发现竞争性均衡价格和有效投资激励，但战略行为导致配置无效率，并提出一种恢复最优福利的清算机制。
In current power markets, the bulk of electricity is sold wholesale and transported to consumers via long‐distance transmission lines. Recently, decentralized local energy markets have evolved, often as isolated networks based on solar generation. We analyze strategic pricing, investment, and welfare in local energy markets. We show that local energy markets yield competitive equilibrium prices and provide efficient investment incentives. Yet, we find that strategic behavior leads to allocative inefficiency. We propose a clearing mechanism that induces truth‐telling behavior and restores first‐best welfare.