England and Wales switched to a pay-as-bid auction with the intention of reducing wholesale electricity prices. Numerical … simultations of an electricity auction model have indicated that this should lead to decreased average prices. In this article we …

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 …

This paper derives a Supply Function Equilibrium (SFE) of a pay-as-bid auction, also called discriminatory auction …. Such an auction is used in the balancing market for electric power in Britain. For some probability distributions of demand … exists. Assuming this probability distribution, the pay-as-bid procurement auction is compared to a SFE of a uniform …

the main results demonstrate that a simple ascending auction always terminates at the minimum Walrasian equilibrium prices …

: Weibull and normal distribution. The optimal bid functions and the expected procurer's cost under both auction formats are … the two auction formats. Using estimates from structural estimation in previous empirical work on first-price auction data … first-price sealed bid auction to a second-price sealed bid auction mechanism is computed. …

We consider a dynamic auction environment with a long-lived seller and short-lived buyers mediated by a third party. A … mediator has incomplete information about traders' values and selects an auction mechanism to maximize her expected revenue. We … characterize mediator-optimal mechanisms and show that an optimal mechanism has a simple implementation as a Vickrey auction with a …

Consider a market where producers submit supply functions to a procurement auction - e.g. an electric power auction …

A human subject laboratory experiment compares the real-time market performance of the two most popular auction formats … configurations and is statistically significant in most treatments. Revenue capture tends to be similar across auction formats in …

such procurement is an English auction followed by an auctioneer's option to engage in ultimatum bargaining with the winner … equilibrium strategy of exiting the auction at their costs and then accepting strictly profitable offers. Buyers generally … with auction prices when they should be invariant. We explain this deviation by modeling buyers' subjective posteriors …