Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the medium term, a forward energy market lets suppliers and demanders lock in energy prices and...

Since their advent in 2001, virtual power plant (VPP) auctions have been implemented widely. In this paper, we describe the simultaneous ascending-clock auction format that has been used for virtually all VPP auctions to date, elaborating on other design choices that most VPP auctions have had...

[eng] Package Bidding Vickrey vs. Ascending Auctions. . The Vickrey and ascending package auctions are found to have identical equilibrium performance in the case where goods are substitutes. In the remaining cases, the Vickrey auction retains its incentive advantages ai the cost of setting...

Since their advent in 2001, virtual power plant (VPP) auctions have been implemented widely. In this paper, we describe the simultaneous ascending-clock auction format that has been used for virtually all VPP auctions to date, elaborating on other design choices that most VPP auctions have had...

The Vickrey and ascending package auctions are found to have identical equilibrium performance in the case where goods are substitutes. In the remaining cases, the Vickrey auction retains its incentive advantages at the cost of setting prices that are so low that the outcome is not in the core...

Imagine attempting to explain to a visitor, from another era or another planet, the economic rationale behind various institutions in the American economy at the start of the 21st century. Few practices seem more difficult to justify to the outsider than the current procedure for the issuance of...

Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the medium term, a forward energy market lets suppliers and demanders lock in energy prices and...