422 BOOK REVIEW an introduction by the editors and Chapter 2 is an overview by Paul Joskow. Most of the remaining ten chapters feature articles dealing with transmission policies and pricing (Chapter 3 by William Hogan, Chapter 4 by Paul Kliendorfer, Chapter 5 by Shmuel Oren, Chapter 8 by Edward Kahn, and Chapter 9 by Martin Baughman). Other chapters, to a lesser degree, also address transmission policy (Chapter 6 and Chapter 11 both by Robert Wilson, and Chapter 7 by Stephen Rassenti and Vernon Smith). The fact that transmission policy is the focus of this collection certainly high- lights the importance of transmission policy in the debate over market restructur- ing. But this emphasis comes at the expense of other issues. In particular, this book is essentially silent on one of the more striking features of the market structure in this industry – i.e., the high concentration of generating assets in most elec- tric power markets. Transmission policy is certainly an important part of getting the market structure right. Sound transmission pricing and policies can provide efﬁcient price signals that efﬁciently allocate the cost of transmission among com- peting uses. And when teamed with properly designed market institutions like
Review of Industrial Organization – Springer Journals
Published: Oct 16, 2004
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