Frank Wolak defines market power as simply the ability to raise prices by your own actions in a market. As the Director for the Program on Energy and Sustainable Development at Stanford University, Wolak specializes in industrial organization and econometric theory. Recently he's been working on finding methods for introducing competition into infrastructure industries, such as electricity and telecommunications, and analyzing the impact of these competitive policies on consumer and producer welfare.

Wolak was the Chair of the Market Surveillance Committee of the California Independent System Operator for electricity supply industry in California for over a decade.