*3.2. Objectives and Constraints*

We further divide the design goals into objectives and constraints, as listed in Table 1 on the right side. A *constraint* limits the design space and lists feasible options, whereas an *objective* evaluates them in order to select design options that meet the goals. Economic efficiency is the fundamental goal and our primary objective. Since wrong incentives reduce economic efficiency, market completeness and incentive-compatibility become constraints. A market should offer stakeholders complete risk-hedging tools and steady revenue to recover investments; hence, they are also considered constraints. Reliability is crucial to power systems and is a constraint: A market should mitigate substation congestion and voltage deviations by matching supply and demand immediately. Prosumer involvement and implementability also play a key role, where the two constraints are non-discriminatory access (in order to support small prosumers) and the technical feasibility (regarding computational and communication complexity). The other goals, by contrast, become the objectives of the market design.
