Economist
ISO New England 3.49 reviews - Holyoke, MA

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Job Description:
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
micro-economic 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.

Primary requirements include:
  • A Ph.D. in Economics (or closely related
discipline), with academic training in industrial
organization, micro-economic 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.
We are proud to be an EEO/AA employer. Applicants for
employment are considered without regard to race, creed,
color, religion, sex, sexual orientation, marital
status, national origin, age, disability, status as a
veteran, Vietnam Era Veteran, or being a member of the
Reserves or National Guard. We maintain a drug-free
workplace and perform pre-employment substance abuse
testing.
We are an Affirmative Action-Equal Opportunity Employer
This position is located in Holyoke, MA.

About this company
3.49 reviews
ISO New England Inc. oversees the 24/7 operation of the power grid that covers the six-states of New England and administers the region’s...