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Producers submit committed supply functions to a procurement auction, e.g. an electricity auction, before the uncertain demand has been realized. In the Supply Function Equilibrium(SFE), every firm chooses the bid maximizing his expected profit given the bids of the competitors. In case of...
Persistent link: https://www.econbiz.de/10010321539
Most balaning markets of electric power are organized as uniform-price auctions. In 2001, the balancing market of …
Persistent link: https://www.econbiz.de/10010321551
In a real-time electric power auction, the bids of producers consist of committed supply as a function of price. The …. I consider a uniform-price auction with a reservation price, where demand is inelastic and exceed the market capacity …
Persistent link: https://www.econbiz.de/10010321577
exists. Assuming this probability distribution, the pay-as-bid procurement auction is compared to a SFE of a uniform-price … procurement auction, the auction form of most electric power markets. The demand-weighted average price is found to be equal or …
Persistent link: https://www.econbiz.de/10010321609
reservation price, and (iiii) capacity constraints that bind with a positive probability, there is a unique symmetric SFE. …
Persistent link: https://www.econbiz.de/10010321615