Ignacia Mercadal

I am an assistant professor in the School of International and Public Affairs at Columbia University. My research focuses on industrial organization and energy economics. I receveid my Ph.D. in Economics from the University of Chicago. Here is my CV.


Limits to Arbitrage in Electricity markets: A case study of MISO, with John Birge, Ali Horta├žsu, and Michael Pavlin. Energy Economics 75, 518-533

Work in progress

Shades of Integration: The Restructuring of U.S. electricity markets, with Alexander MacKay (draft available upon request)

We use a detailed dataset on electricity transactions to investigate changes in market structure following the deregulation of the electricity sector, as well as the consequences for prices. We show that deregulation was effectively delayed by intermediate degrees of vertical integration, such as long-term contracts and common ownership. To account for these mechanisms, we look at the impact of effective deregulation: the portion of a market served by companies not related to the incumbent utility. We find that effective deregulation occurs several years after the initial vertical separation of incumbent utilities, and, when it occurs, prices increase.



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