The core of the iconic PJM market design is a bid-based-security-constrained-economic-dispatch-with-locational-marginal-prices (BBSCEDLMP) model that works in theory and in practice. It is the only electricity market design that integrates engineering and economics to support efficient markets under the principles of transmission open access and non-discrimination.Development of this market followed a process combining analysis, experimentation, and learning.
Hogan, William W. "Strengths and weaknesses of the PJM market model." Handbook on Electricity Markets. Ed. Jean-Michel Glachant, Paul L. Joskow, and Michael G. Pollitt. Edward Elgar Publishing, 2021, 182-204.