Analysis of the Short-Term Efficiency of Mechanisms of the Wholesale Electricity Market
AbstractThe authors consider theoretical models for mechanisms of the wholesale electricity market. Among them: Cournot auction, first-price auction of supply functions, Vickrey auction, pay-as-bid auction, two-stage auction. Theoretical estimations of their short-term efficiency from social welfare viewpoint as well as prices of goods for consumers are compared with results of statistical researches. Some problems and prospects of the Russian electricity market pointed out.
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Bibliographic InfoArticle provided by New Economic Association in its journal Journal of the New Economic Association.
Volume (Year): 18 (2013)
Issue (Month): 2 ()
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More information through EDIRC
electricity markets; Cournot auction; supply function auction; Vickrey auction; pay-as-bid auction; forward market;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
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