University of Chicago · 2024
The California electricity crisis in 2000 caused billions in losses and led to bankruptcy for one of the state's largest utilities. More than 20 years later, the question remains: Why did the newly created electricity markets fail? In "Failure by Design," Rilinger explores practical obstacles to market design to offer a new explanation for the crisis - one that moves beyond previous interpretations that have primarily blamed incompetent politicians or corrupt energy sellers.