Description

A new framework for studying markets as the product of organizational planning and understanding the practical limits of market design. The Western energy crisis was one of the great financial disasters of the past century. The crisis began in April 2000, when price spikes started to rattle California's electricity markets. Decades later, some blame economic fundamentals and ignorant politicians, while others accuse the energy sellers who raided the markets. In Failure by Design, sociologist Georg Rilinger offers a different explanation, one that focuses on the practical challenges of market design. The unique physical attributes of electricity made it exceedingly difficult to introduce markets into the coordination of the electricity system, so market designers were brought in to construct the infrastructures that coordinate how market participants interact. An exercise in social engineering, these infrastructures were intended to guide market actors toward behavior that would pro

Failure by Design

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Hardback by Georg Rilinger

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A new framework for studying markets as the product of organizational planning and understanding the practical limits of market design.... Read more

    Publisher: The University of Chicago Press
    Publication Date: 8/19/2024
    ISBN13: 9780226834405, 978-0226834405
    ISBN10: 0226834409

    Non Fiction , Politics, Philosophy & Society

    Description

    A new framework for studying markets as the product of organizational planning and understanding the practical limits of market design. The Western energy crisis was one of the great financial disasters of the past century. The crisis began in April 2000, when price spikes started to rattle California's electricity markets. Decades later, some blame economic fundamentals and ignorant politicians, while others accuse the energy sellers who raided the markets. In Failure by Design, sociologist Georg Rilinger offers a different explanation, one that focuses on the practical challenges of market design. The unique physical attributes of electricity made it exceedingly difficult to introduce markets into the coordination of the electricity system, so market designers were brought in to construct the infrastructures that coordinate how market participants interact. An exercise in social engineering, these infrastructures were intended to guide market actors toward behavior that would pro

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