JOE - December 2012

ISO New England
Position Title/Short Description
Title: Economist
Section: 5 -- Full-Time Nonacademic
Location: Holyoke, MA, USA
JEL Classifications:
D -- Microeconomics
G -- Financial Economics
L -- Industrial Organization
Deadline Date: 12/2012
Salary Range: 130-150k

JOE ID Number: 201212_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 devise quantitative methods to help explain these improvements. The position involves both normative and descriptive economic research, using the tools of micro theory, auctions and 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 assessments of the markets' performance; plan new market design improvements; and write papers and technical reports to explain market outcomes and recommendations to improve efficiency. The position requires the ability to present clear explanations of complex microeconomic ideas to both general and technical audiences. Projects often involve developing 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 ISO conducts empirical analyses of market changes using its extensive market databases, and economists develop empirical strategies to support their economic recommendations quantitatively.

Candidates for this position should have an active interest in competitive electricity markets; the ability to formulate economic models and to develop sound, practical solutions to market challenges; and enthusiasm for explaining economic insights and recommendations to market participants.
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