The California Electricity Crisis: An Experimental Investigation of the Effects of Changing the Market Rules Timothy D. Mount* Department of Applied Economics and Management Cornell University, 214 Warren Hall, Ithaca, NY 14853 Email: tdm2@cornell.edu Christian A. Vossler Department of Applied Economics and Management Cornell University, 157 Warren Hall, Ithaca, NY 14853 Email: cav22@cornell.edu Robert J. Thomas School of Electrical and Computer Engineering Cornell University, 428 Phillips Hall, Ithaca, NY 14853 Email: rjt1@cornell.edu Ray D. Zimmerman School of Electrical and Computer Engineering Cornell University, 428-B Phillips Hall, Ithaca, NY 14853 Email: rz10@cornell.edu *Correspondence should be directed to Professor Timothy D. Mount, Department of Applied Economics and Management, 214 Warren Hall, Cornell University, Ithaca, New York 14853- 7801. Email: tdm2@cornell.edu. Phone: 607-255-4512. Fax: 607-255-9984. The authors wish to thank Edward Kokkelenberg at the State University of New York, Binghamton. Research supported by the Power System Engineering Research Center (PSERC), the Consortium for Electric Reliability Technology Solutions (CERTS) program on Reliability and Markets at the U.S. Department of Energy and the California Energy Commissions. An earlier version of this paper was presented at the 25 th Annual International Conference, International Association of Energy Economics, Aberdeen, Scotland, June 26-29, 2002.