【摘要】 汪浩(2008)发表在本刊的"不确定需求,垂直协调与电力市场结构"一文认为在一个完全竞争的电力市场中,市场的垂直结构会影响市场结果。但是文中存在一个关键性错误,改正后该文的主要结论将不复存在。也就是说,当企业为风险中性时,这个市场的垂直结构不影响均衡价格或社会福利。不过在垂直分离情况下,发电企业承担了较高的风险,同时零售企业也承担了一定风险,因此如果企业为风险厌恶,那么垂直结构可能的确会对市场结果产生影响。更多还原

【Abstract】 Wang(2008) ’s paper "Demand Uncertainty,Vertical Coordination,and Electricity Market Structure"published in this journal suggests that the vertical structure of a competitive electricity market affects the market outcome.But the paper contains a critical mistake.Correcting the mistake removes the major findings of the paper.Actually when the firms are risk-neutral,the vertical structure does not affect the equilibrium price or social welfare.Nevertheless,under vertical separation the generators take more risk and the retailers also take some risk.Hence the vertical structure may indeed affect the market outcome if the firms are risk-averse.更多还原