Redistribution Through Efficiency: Theory and Evidence from Three Electricity Markets

• 成果类型: Article
• 署名作者: Liski, Matti; Vehvilainen, Iivo
• 署名单位: Aalto University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/1756-2171.70048
• 发表日期: 2026
• 关键词: Renewable Energy; pass-through; information frictions; PRICE STABILIZATION; demand structure; welfare; COSTS; performance; INVESTMENT

摘要

Using micro-data on over 160 million bids to buy and sell from three major electricity markets, we study efficiency improvements resulting from technologies such as storage. Consumer benefits arise not from stabilized prices but from changes in general price levels. To unpack the findings, we develop a set of price-theory results, demonstrating that the convexity of market excess demand, derived from the bids, serves as a novel measure that strongly predicts consumer benefits across all markets. This analysis highlights that even small allocative improvements can lead to significant redistributions of surplus, ultimately benefitting consumers.