The goal of this article is to outline a new account of the virtue of patience. To help build the account, we focus on five important issues pertaining to patience: (i) goals and time, (ii) emotion, (iii) continence versus virtue, (iv) motivation, and (v) good ends. The heart of the resulting account is that patience is a cross-situational and stable disposition to react, both internally and externally, to slower than desired progress toward goal achievement with a reasonable level of calmness. The article ends with an application of the account to better understanding the vices associated with patience.

We consider an equilibrium problem with equilibrium constraints (EPEC) arising from the modeling of competition in an electricity spot market (under ISO regulation). For a characterization of equilibrium solutions, so-called M-stationarity conditions are derived. This first requires a structural analysis of the problem, e.g., verifying constraint qualifications. Second, the calmness property of a certain multifunction has to be verified in order to justify using M-stationarity conditions. Third, for stating the stationarity conditions, the coderivative of a normal cone mapping has to be calculated. Finally, the obtained necessary conditions are made fully explicit in terms of the problem data for one typical constellation. A simple two-settlement example serves as an illustration.