Main description: Joseph Bowring places the dual economy in a historical context and analyzes the evolution of core and periphery competition. He also refines the dual economy hypothesis and provides strong new empirical support for it.Originally published in 1986.The Princeton Legacy Library...

The PJM capacity market evolved from a mechanism to support fair and efficient retail competition, to a core market design component implemented to provide adequate revenue to attract sufficient supply and demand side resources to meet PJM's administrative reliability criteria. The lessons...