This paper examines how career concerns can generate inefficiencies not only within firms but also in market outcomes. Career concerns may lead agents to avoid actions that, while value-increasing in expectation, could potentially be directly associated with a bad outcome. We apply this theory...

As with other commodities, electricity is often traded on both forward and spot markets. This was initially true in the restructured California electricity ndustry from 1998 to 2000. Though the power traded in the forward and spot markets was for delivery at the same times and locations, prices...