JOE - August 2012

ISO New England
Position Title/Short Description
Title: Economist
Section: 5 -- Full-Time Nonacademic
Location: Holyoke, MA, USA
JEL Classification: G1 -- General Financial Markets
Deadline Date: 12/2012
Salary Range: 130-150k

JOE ID Number: 201208_397147

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Full Text of JOE Listing:
ISO New England Inc., economists are responsible for the market design of the ISO's $10 billion suite of auction-based electricity markets. An economist is expected to identify market efficiency improvements using economic theory and principles, and to propose empirical methods to support and explain these improvements. The position involves both normative and descriptive economic research, using the tools of auction theory, mechanism design, finance, and information economics generally.

The person in this position will join a team of Ph.D. economists at the ISO to oversee quantitative assessments of the markets' performance; plan new market design improvements; write papers and technical reports to explain market outcomes and normative recommendations to improve market efficiency; and present findings to internal and external audiences interested in market performance. A key component of the position involves helping market participants and the ISO to understand how and why specific normative economic proposals would improve the ISO's auction designs and the markets' performance.

Major responsibilities:
Develop, substantiate, and articulate recommendations to improve the economic performance of the ISO's electricity markets. This involves economic modeling, writing, and presenting clear explanations of complex microeconomic ideas. Projects often involve developing sound economic solutions to problems involving market-clearing rules and procedures; procurement of public goods; design of prices for real options and insurance-like products; auction design for lumpy or complementary goods; allocating fixed costs; and policies governing information revelation to the marketplace.

The person in this position is expected to guide multi-disciplinary teams to develop sound economic solutions and ensure progress from initial assessment stage through application to real-world market procedures. The ISO conducts empirical analyses of market changes using its extensive market databases, and economists are responsible for developing empirical strategies to support their economic recommendations quantitatively. This includes analyzing and explaining quantitative methods to assess, on a prospective basis, market responses to recommended changes.

Specific responsibilities include:

*Develop economic models of market design problems in order to convey rigorous conclusions to peers with similar subject-matter expertise;
*Describe complex economic problems and their consequences to both technical and general audiences;
*Exhibit leadership of teams to speed development of market design initiatives;
*Develop detailed knowledge of the ISO's existing market design, rules, and procedures;
*Provide clear and sensible assessments of market issues, as a matter of first impression, when required;
*Prepare and deliver reports and presentations connecting relevant economic concepts, observed market outcomes, and market design solutions in "high-stakes" market environments.
*Propose and oversee empirical analyses using statistical, simulation, and economic modeling software tools to evaluate the economic impact of prospective market changes.
*Support and defend market design recommendations in regulatory or other public proceedings.

Job Requirements :
Primary requirements include:
*A Ph.D. in Economics (or closely related discipline), with academic training in industrial organization, microeconomic theory, mechanism design, auction theory, finance, and/or information economics.
*A strong interest in energy markets, pricing, and auction theory, including knowledge of competitive electricity markets and how they work;
*Ability to formulate and explain economic models and use them to develop sound, practical solutions to market design challenges.
*Demonstrated ability to present complex economic material to a diverse audience.
*Excellent written and oral communication skills, including ability to work collaboratively.

Experience preferred conducting economic research, consulting, or similar activity on electricity or other network markets; market design and auctions generally; or financial markets' micro-structure. This position requires an active interest in the design and operation of competitive electricity markets. It also requires the ability to listen to concerns about market outcomes, the ability to discern root causes of market inefficiencies, and enthusiasm for explaining complex economic ideas to both general and technical audiences.
Application Instructions:

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