Research on Market Efficiency and Transaction Costs Theory for Financial Electricity Market
Although researching on electricity market theory and practice for many years, electricity market efficiency, which is the basic problem of electricity market, has still not been completely resolved. With more and more active financial transactions in electricity market, the development trend of financial electricity market is more and more obvious. So electricity market efficiency should not remain at the point of power physical market. There is a new way of thinking, which is from the efficient market hypothesis theory of financial and the transaction costs theory of economics, for researching on financial electricity market. Break through the traditional analytical framework, set up a kind of new analytical framework of market efficiency and transaction costs. Then build the random model of efficient market, as well as the efficiency of market operations to identify and test methods. This conclusion of the paper is that the only way is to further improve the market mechanism and regulatory mechanism for ensuring the market efficiency or improving operating efficiency.
Lizi Zhang Renhui Huang Haibin Wang
School of Electrical and Electronic Engineering, North China Electrical Power University,Changping D Department Electrical Engineering, Brunel University, Lundon, UK
国际会议
桂林
英文
1-8
2009-10-28（万方平台首次上网日期，不代表论文的发表时间）