Failure by Design: The California Energy Crisis and the Limits of Market Planning by Rilinger, Georg
Failure by Design: The California Energy Crisis and the Limits of Market Planning by Rilinger, Georg

Failure by Design: The California Energy Crisis and the Limits of Market Planning

A new framework for studying markets as the product of organizational planning and understanding the practical limits...
$126.20 AUD
$126.20 AUD
SKU: 9780226833200
Product Type: Books
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Author: Georg Rilinger
Format: Paperback
Language: English
Subtotal: $126.20
Failure by Design: The California Energy Crisis and the Limits of Market Planning by Rilinger, Georg

Failure by Design: The California Energy Crisis and the Limits of Market Planning

$126.20
Failure by Design: The California Energy Crisis and the Limits of Market Planning by Rilinger, Georg

Failure by Design: The California Energy Crisis and the Limits of Market Planning

$126.20
Author: Georg Rilinger
Format: Paperback
Language: English
Description
A new framework for studying markets as the product of organizational planning and understanding the practical limits of market design.

The Western energy crisis was one of the great financial disasters of the past century. The crisis began in April 2000, when price spikes started to rattle California's electricity markets. Decades later, some blame economic fundamentals and ignorant politicians, while others accuse the energy sellers who raided the markets. In Failure by Design, sociologist Georg Rilinger offers a different explanation, one that focuses on the practical challenges of market design. The unique physical attributes of electricity made it exceedingly difficult to introduce markets into the coordination of the electricity system, so market designers were brought in to construct the infrastructures that coordinate how market participants interact. An exercise in social engineering, these infrastructures were intended to guide market actors toward behavior that would produce optimal market results and facilitate grid management. Yet, though these experts spent their days worrying about incentive misalignment and market manipulation, they unintentionally created a system riddled with opportunities for destructive behavior. Rilinger's analysis not only illuminates the California energy crisis but also develops a broader theoretical framework for thinking about markets as the products of organizational planning and the limits of social engineering, contributing broadly to sociological and economic thinking about the nature of markets.



Author: Georg Rilinger
Publisher: University of Chicago Press
Published: 08/27/2024
Pages: 320
Binding Type: Paperback
Weight: 1.01lbs
Size: 8.90h x 5.90w x 0.80d
ISBN: 9780226833200


Review Citation(s):
Choice 02/01/2025

About the Author
Georg Rilinger is the Fred Kayne (1960) Career Development Assistant Professor of Entrepreneurship and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at the MIT Sloan School of Management in Massachusetts.

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