Electricity economics has stimulated the development of important branches of economic theory like the theories of peak-load and second-best pricing. Its problems are rarely simple and their difficulty is often aggravated by the non-storable nature of electricity. First intuitions can even be...

In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecasts of future prices and returns. The temporary equilib-rium model can then be interpreted as a Walrasian model where preferences...