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Imperfect Markets versus Imperfect Regulation in U.S. Electricity Generation

Steve Cicala

NBER Working Paper No. 23053
Issued in January 2017

---- Acknowledgments ----

I am grateful to Gary Becker, Jim Bushnell, Thom Covert, Tatyana Deryugina, Edward Glaeser, Michael Greenstone, David Hémous, Lawrence Katz, Ryan Kellogg, Erin Mansur, Kevin Murphy, Erica Meyers, Morten Olsen, Jim Sallee, Andrei Shleifer, Chad Syverson, Roberton Williams III, Matthew White, and seminar participants at Harvard, MIT, Cornell, Chicago, Yale, the UC Energy Institute, the EEE Session of the 2015 NBER Summer Institute, UIUC, Wharton, and Brown for helpful comments and suggestions. Sébastien Phan, Julien, Sauvan, Songyuan Ding, Enrique Chazaro-Acosta, Xianying Fan, Mary Vansuch, and Dan Pechi provided excellent research assistance. This paper has been reviewed by the Energy Information Administration to ensure no confidential data has been disclosed. All errors remain my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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