Aalto University of Helsinki
Monday, May 17, 2021 – 04:00 – 05:15 PM (CEST)
Live virtual event: please register for this talk via Zoom
This paper starts with rudimentary price theory predictions for consumer welfare gains from new technologies that improve the efficiency of goods trade. Micro-data on over 140 million of bids from electricity markets in California, Nordics, and Spain reveals that the consumer surplus gain from efficiency improvements follows a markedly different pattern in the three markets. Consistent with the theory, the results can be explained by structural differences in excess demand that arise from institutional and technological determinants. The welfare mechanism is important to policies on new technologies, and also to understand the implications of technologies that introduce arbitrage between electricity markets.
Matti Liski is a Professor of Economics at Aalto University Helsinki. He is also a research affiliate at the MIT Center for Energy and Environmental Policy Research, the University of Cambridge, Energy Policy Research Group, CESifo Munich, and has been a visiting professor at Toulouse School of Economics. Matti is an award-winning teacher and a prolific researcher with numerous articles in renowned journals such as the Journal of the European Economic Association, Economic Journal, the Journal of Economic Theory, Journal of Public Economics, and Journal of Environmental Economics and Management. He is a frequent keynote speaker in scientific conferences. Matti’s research is on microeconomics, both theoretical and empirical, with applications in industrial organization, public policy, energy markets, and climate change.
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