['We', 'propose', 'an', 'equilibrium', 'model', 'that', 'allows', 'to', 'analyze', 'the', 'long', '-', 'run', 'impact', 'of', 'the', 'electricity', 'market', 'design', 'on', 'transmission', 'line', 'expansion', 'by', 'the', 'regulator', 'and', 'investment', 'in', 'generation', 'capacity', 'by', 'private', 'firms', 'in', 'liberalized', 'electricity', 'markets', '.']