Miles O. Bidwell, Economist, Sailor, and Market Pioneer, Dies at 86

Miles O. Bidwell, an economist whose work helped shape modern electricity markets and whose life was equally defined by intellectual rigor and a deep connection to the sea, died peacefully on June 22nd in Vero Beach, Florida. He was 86.

Born on January 13, 1940, in New York City, he was the son of Miles Oakley Bidwell of New York, N.Y., and Francis Dunwoody Jones of Orlando, Fla. His early life was shaped by World War II, when his father, a major in the New York National Guard’s historic 7th Regiment, was deployed to the Pacific for more than four years. During that time, his mother brought him to

Florida, where he spent much of his childhood along the beaches near Orlando, developing a lifelong affinity for the water and an independent spirit.

He returned to New York after the war and attended St. Bernard’s School and later boarding schools, where he developed a strong interest in photography and an independent cast of mind. At St. James School, he built a modern color darkroom, earned national recognition from the Columbia Scholastic Press Association, and financed much of his own expenses through photography.

A serious automobile accident as a teenager, which left him unconscious for nearly a week, proved to be a turning point. During his recovery in Florida with his aunt and her husband, the journalist Walter Duranty, he was introduced to a wider intellectual world of literature, science, and political thought that broadened his perspective and shaped his later work.

After time in Europe working as an auto mechanic and pursuing studies abroad, Dr. Bidwell returned to the United States and enrolled at Columbia University, where he remained for 14 years, completing both undergraduate and doctoral studies in economics.

At Columbia, he was selected into the most advanced graduate program in microeconomic theory and later invited to join the renowned workshop led by Gary Becker, the future Nobel laureate. This experience shaped his approach to economics, emphasizing rigorous analysis of human behavior and markets.

Dr. Bidwell began his academic career at Wake Forest University, where he taught economics and directed the senior honors program. During that time, he played a central role in the successful effort to prevent the damming of the New River, producing an economic analysis and documentary film that helped persuade Congress to designate the river as part of the National Wild and Scenic Rivers System. Despite the project’s success, his academic career there ended abruptly before tenure, a turning point that led him into public policy and consulting.

He joined the New York Public Service Commission, where he conducted pioneering empirical work on electricity pricing. His research helped establish the foundations for marginal cost pricing and time-of-use rates and contributed to the early development of competitive electricity markets in the United States and in the UK.

Later, as a Vice President at National Economic Research Associates (NERA), Dr. Bidwell worked internationally on the design of electricity markets, including contributions to the development of the Pool of England and Wales during the privatization of the British electricity sector. Over the course of his career, he became a leading figure in the application of economic theory to real-world energy systems.

He also developed the concept of “Reliability Options,” a market-based mechanism for ensuring adequate electricity supply, which influenced the design of capacity markets, including those in New England. His listing on Google Scholar shows that his articles have been cited over 225 times.

Outside of his professional life, Dr. Bidwell was an accomplished sailor. A longtime member of the New York Yacht Club and the Indian Harbor Yacht Club, he sailed extensively along the U.S. East Coast, across the Atlantic, and throughout the Caribbean and Mediterranean. He and his late wife Lisa voyaged aboard Ladybug, a 53-foot ocean-going sailboat on which they and more recently he and Carol logged more than 80,000 miles. Among his sailing achievements was winning his class in the Marion-to-Bermuda Race as navigator.

During his time in France at the Universite Aix-en-Provence, he took cooking classes which began a lifelong hobby and love of cooking French food. He was also a collector of fine French wines, mostly Bordeaux. He was a member of Commanderie De Bordeaux.

He was married first to Liane, who went on to a distinguished academic career in psychology before her death from pancreatic cancer. He later married Lisa, with whom he shared a quarter century of travel, sailing, and professional collaboration until her death from esophageal cancer. In later years, he found renewed happiness with his wife Carol, with whom he shared a love of sailing, skiing, and family life.

Dr. Bidwell is survived by his loving wife Carol and their children, Morgan Dickison, Chadwick Dickison, and Clayton Dickison, whom he regarded as his own. He took great pride in their accomplishments and in the family life they built together, often centered around sailing trips to Maine and the Caribbean.

He will be remembered for his intellectual independence, his contributions to the economics of energy markets, and his enduring love of the sea. Those who knew him well also remember his curiosity, his willingness to challenge accepted ideas, and his belief that understanding the world required both careful thought and direct experience.

A celebration of life will be held at a date to be determined.

To honor Miles Bidwell’s love of sailing and research, the family welcomes donations in lieu of flowers to YSF (Youth Sailing Foundation) Community Sailing Vero Beach, 17 17th Street, Vero Beach, FL 32960 or Redwood Library and Anthenaeum, 50 Bellevue Ave, Newport, RI 02840.