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Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?
Cramton, Peter; Kahn, Alfred E.; Porter, Robert H.; … - University of Maryland, Department of Economics - Peter … - 2001
Any belief that a shift from uniform to as-bid pricing would provide power purchasers substantial relief from soaring prices is simply mistaken. The immediate consequence of its introduction would be a radical change in bidding behavior that would introduce new inefficiencies, weaken competition...
Persistent link: https://www.econbiz.de/10004988756
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Uniform Pricing or Pay-as-Bid Pricing: A Dilemma for California and Beyond
Cramton, Peter; Kahn, Alfred E.; Porter, Robert H.; … - University of Maryland, Department of Economics - Peter … - 2001
Any belief that a shift from uniform to as-bid pricing would provide power purchasers substantial relief from soaring prices is simply mistaken. The immediate consequence of its introduction would be a radical change in bidding behavior that would introduce new inefficiencies, weaken competition...
Persistent link: https://www.econbiz.de/10004988794
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Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auction
Cramton, Peter; Ausubel, Lawrence M.; Filiz-Ozbay, Emel; … - University of Maryland, Department of Economics - Peter … - 2009
. Securities that are widely held are purchased in auctions for individual securities. Securities with concentrated ownership are … of each security. We study bidding behavior and performance of sealed-bid uniform-price auctions and dynamic clock … auctions. The clock and sealed-bid auctions resulted in similar prices. However, the clock auctions resulted in substantially …
Persistent link: https://www.econbiz.de/10004997800
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Fear of Losing in a Clock Auction
Cramton, Peter; Filiz-Ozbay, Emel; Ozbay, Erkut; … - University of Maryland, Department of Economics - Peter … - 2012
We examine bidding behavior in a clock auction in which price is set by the lowest-accepted bid and provisional winners are reported each round (the LABpw auction). This format was used in the India 3G spectrum auction. In the standard theory, the auction performs poorly. In particular it yields...
Persistent link: https://www.econbiz.de/10010575705
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Discrete Clock Auctions: An Experimental Study
Cramton, Peter; Filiz-Ozbay, Emel; Ozbay, Erkut; … - University of Maryland, Department of Economics - Peter … - 2012
We analyze the implications of different pricing rules in discrete clock auctions. The two most common pricing rules … market; under LAB, the winners pay the highest price that clears the market. In theory, both the HRB and LAB auctions …
Persistent link: https://www.econbiz.de/10010575731
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Discrete Clock Auctions: An Experimental Study
Cramton, Peter; Filiz-Ozbay, Emel; Ozbay, Erkut; … - University of Maryland, Department of Economics - Peter … - 2010
We analyze the implications of different pricing rules in discrete clock auctions. The two most common pricing rules … market; under LAB, the winners pay the highest price that clears the market. Both the HRB and LAB auctions maximize revenues …
Persistent link: https://www.econbiz.de/10008460856