Market Structure, Risk Preferences, and Forward Contracting Incentives*
研究了发电商和购电商偏好的远期合约水平如何受市场不确定性和风险厌恶程度影响，发现发电商偏好更多合约，而购电商的偏好则不确定。
We examine the determinants of the levels of forward contracting preferred by generators and buyers of electricity. Increased forward contracting systematically reduces the variance of a generator's profit, so a generator prefers higher levels of forward contracting as market uncertainty or its aversion to risk increases. In contrast, increased forward contracting can either increase or reduce the variance of a buyer's profit. Consequently, a buyer can prefer either reduced or increased levels of forward contracting as market uncertainty or its aversion to risk increases.