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Supply function equilibria : step functions and continuous representations

Holmberg, Pär; Newbery, David M. G.; Ralph, Daniel - 2009

. -- Auctions ; supply function equilibria ; convergence of step-functions ; electricity markets …

Persistent link: https://www.econbiz.de/10003809097

The supply function equilibrium and its policy implications for wholesale electricity auctions

Holmberg, Pär; Newbery, David M. G. - 2009

electricity auctions. This paper presents an intuitive account of current understanding and shows how welfare losses depend on the …-good/multi-unit auctions provides guidance on the design of the auction format, setting the reservation price, the rationing rule, and … restrictions on the offer curves in wholesale electricity auctions. -- Wholesale electricity markets ; supply function equilibria …

Persistent link: https://www.econbiz.de/10003895566

Mixed strategies in discriminatory divisible-good auctions

Anderson, Edward J.; Holmberg, Pär; Philpott, Andrew B. - 2009

divisible-good auctions, which are also applicable to Bertrand games and non-linear pricing. We introduce the concept of offer … distribution function to analyze randomized offer curves, and characterize mixed-strategy Nash equilibria for pay-as-bid auctions …

Persistent link: https://www.econbiz.de/10003904159

Electricity markets : designing auctions where suppliers have uncertain costs

Holmberg, Pär; Wolak, Frank A. - 2015

We analyse how the market design influences the bidding behaviour in multi-unit auctions, such as wholesale electricity …

Persistent link: https://www.econbiz.de/10011410462

Supply function equilibria of pay-as-bid auctions

Holmberg, Pär - 2009

bidding behaviour in pay-as-bid electricity auctions, such as the balancing mechanism of United Kingdom. Offer curves and mark …

Persistent link: https://www.econbiz.de/10003809072

Congestion management in electricity networks : nodal, zonal and discriminatory pricing

Holmberg, Pär; Lazarczyk, Ewa - 2012

Wholesale electricity markets use different market designs to handle congestion in the transmission network. We compare nodal, zonal and discriminatory pricing in general networks with transmission constraints and loop flows. We conclude that in large games with many producers who are allowed to...

Persistent link: https://www.econbiz.de/10009530686

Relaxing competition through speculation : committing to a negative supply slope

Holmberg, Pär; Willems, Bert - 2012

We demonstrate how suppliers can take strategic speculative positions in derivatives markets to soften competition in the spot market. In our game, suppliers first choose a portfolio of call options and then compete with supply functions. In equilibrium firms sell forward contracts and buy call...

Persistent link: https://www.econbiz.de/10009661689

Supply function equilibria in networks with transport constraints

Holmberg, Pär; Philpott, Andrew - 2012

Transport constraints limit competition and arbitrageurs' possibilities of exploiting price differences between goods in neighbouring markets, especially when storage capacity is negligible. We analyse this in markets where strategic producers compete with supply functions, as in wholesale...

Persistent link: https://www.econbiz.de/10009680877

Price instability in multi-unit auctions

Anderson, Edward J.; Holmberg, Pär - 2015

We consider a procurement auction, where each supplier has private costs and submits a stepped supply function. We solve for a Bayesian Nash equilibrium and show that the equilibrium has a price instability in the sense that a minor change in a supplier.s cost sometimes result in a major change...

Persistent link: https://www.econbiz.de/10011404742

Pro-competitive rationing in multi-unit auctions

Holmberg, Pär - 2014

In multi-unit auctions, such as auctions of commodities and securities, and financial exchanges, it is necessary to …

Persistent link: https://www.econbiz.de/10010393271