Failure by Design
University of Chicago Press (Verlag)
978-0-226-83440-5 (ISBN)
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 produce optimal market results and facilitate grid management. Yet, though these experts spent their days worrying about incentive misalignment and market manipulation, they unintentionally created a system riddled with opportunities for destructive behavior. Rilinger’s analysis not only illuminates the California energy crisis but also develops a broader theoretical framework for thinking about markets as the products of organizational planning and the limits of social engineering, contributing broadly to sociological and economic thinking about the nature of markets.
Georg Rilinger is the Fred Kayne (1960) Career Development Assistant Professor of Entrepreneurship and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at the MIT Sloan School of Management in Massachusetts.
Introduction
Part One: A Case of Market Design Failure
Chapter One: Two Tales of a Crisis
Chapter Two: A Framework to Study Market Design
Chapter Three: Breaking Bad in California’s Energy Markets
Chapter Four: A Structural Explanation of the Energy Crisis
Part Two: Why the Design Process Failed
Chapter Five: Politics, Politics!
Chapter Six: The Perils of Modularization
Chapter Seven: The Chameleonic Market
Conclusion
Acknowledgments
Appendix A: Data and Methods
Appendix B: Key to Archival Sources
Notes
References
Index
| Erscheinungsdatum | 16.07.2024 |
|---|---|
| Zusatzinfo | 7 halftones, 4 line drawings, 6 tables |
| Sprache | englisch |
| Maße | 152 x 229 mm |
| Gewicht | 513 g |
| Themenwelt | Sozialwissenschaften ► Soziologie |
| Technik ► Elektrotechnik / Energietechnik | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 0-226-83440-9 / 0226834409 |
| ISBN-13 | 978-0-226-83440-5 / 9780226834405 |
| Zustand | Neuware |
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