interaction of electricity firms. This paper compares the two most popular models: Cournot and the Supply Function Equilibrium … (SFE), and tests which model describes the observed market data best. Using identical demand and supply specifications …

. Demand by the auctioneer is uncertain as in the supply function equilibrium model. A closed form expression is derived …-ups of the derived equilibrium are compared to results for the SFE of a uniform-price auction. -- supply function equilibrium … ; pay-as-bid auction ; discriminatory auction ; divisible good auction ; oligopoly ; electricity market …

. In a homogeneous oligopoly, under standard regularity conditions, we prove that Cournot-Nash emerges both under (i) price … competition and Cournot conjectures; and (ii) supply function competition with ex post market clearing. We demonstrate both …