Author:
Gimpel Henner,Hanny Lisa,Ott Marion,Wagner Jonathan,Weibelzahl Martin,Bichler Martin,Ober Steffi
Abstract
AbstractMarkets are an essential tool to coordinate complex systems. Engineering markets requires the consideration of numerous objectives and factors that will eventually determine the market’s success. These objectives and factors are frequently not well defined or elaborated. Hence, this chapter aims to support market design through a perspective on what determines market success. To this end, we review the literature, consider examples of market success and failure, and reflect on our ongoing work regarding future electricity market design. We provide a framework for market objectives and success factors with a focus on electricity markets. The framework could spur the identification of objectives and success factors of markets in other domains, and inform the engineering of future electricity markets.
Publisher
Springer International Publishing