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...

The authors investigate the structure of competitive equilibria in an exchange economy parametrized by endowments and restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while...

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...