A Payment Cost Minimization auction has been proposed as an alternative to the Offer Cost Minimization auction for use in wholesale electric power markets with an intention to lower procurement cost of electricity. Efficiency concerns have been raised for this proposal while assuming that the...

In many auctions the valuation structure involves both private and common value elements. Existing experimental evidence (e.g. Goeree and Offerman in Am. Econ. Rev. 92(3):625–643, <CitationRef CitationID="CR12">2002</CitationRef>) demonstrates that first-price auctions with this valuation structure tend to be inefficient, and...</citationref>

Numerous field experiments have proven that various monetary and informational incentives encourage demand response by increasing awareness about peak electricity prices and potentially inefficient energy use. However, very little is known about the effects of such interventions on overall...