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Supply Function Equilibria: Step Functions and Continuous Representations
Holmberg, Pär; Newbery, David; Ralph, Daniel - 2009
In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most elegantly be modelled as the pure-strategy, Nash...
Persistent link: https://www.econbiz.de/10010320261
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Electricity Markets : Designing Auctions Where Suppliers Have Uncertain Costs
Holmberg, Par - 2016
We analyze how market design influences the bidding behavior in multi-unit procurement auctions where suppliers have …
Persistent link: https://www.econbiz.de/10013002591
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Auction Performance in Wholesale Electricity Markets in the Presence of Transmission Constraints and Transmission Costs
Blazquez de Paz, Mario - 2015
limited. In this paper, I analyze the performance of uniform and discriminatory price auctions in the presence of transmission …
Persistent link: https://www.econbiz.de/10013010225
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Supply Function Equilibria of Pay-as-Bid Auctions
Holmberg, Par - 2010
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/10014190951
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Supply Function Equilibria : Step Functions and Continuous Representations
Holmberg, Par - 2010
In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most elegantly be modelled as the pure-strategy, Nash...
Persistent link: https://www.econbiz.de/10013137881
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Open Versus Closed Platforms
Tåg, Joacim - 2008
This paper studies an industry in which firms can choose to provide open or closed platforms. Open platforms, as opposed to closed, are extendable so third-party producers can develop extensions for them. Building on a two-sided market model, I show that firms might prefer to commit to keeping...
Persistent link: https://www.econbiz.de/10010320284
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Open Versus Closed Platforms
Tåg, Joacim - 2008
This paper studies an industry in which firms can choose to provide open or closed platforms. Open platforms, as opposed to closed, are extendable so third-party producers can develop extensions for them. Building on a two-sided market model, I show that firms might prefer to commit to keeping...
Persistent link: https://www.econbiz.de/10012724515
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Price Instability in Multi-Unit Auctions
Anderson, Edward J. - 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/10013011028
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The Supply Function Equilibrium and its Policy Implications for Wholesale Electricity Auctions
Holmberg, Par - 2011
electricity auctions. This paper presents an intuitive account of current understanding and shows how welfare losses depend on the …/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 …
Persistent link: https://www.econbiz.de/10013132898
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Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets
Friberg, Richard; Norbäck, Pehr-Johan; Persson, Lars - 2008
We propose a model of investments prior to corporate ownership changes. We derive conditions under which the selling of a firm triggers overinvestment by both the seller and the buyer prior to the asset transfer. In a setting with Cournot competition, we show that these incentives can drive the...
Persistent link: https://www.econbiz.de/10010320355