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Multi-Unit Auctions In The Procurement Of Electricity

Listed author(s):
  • Dejan Trifunović
  • Bojan Ristić
Registered author(s):

    This paper reviews some multi-unit auction mechanisms that are used in the procurement of electricity. In ordinary multi-unit auctions bidders compete to buy several units of the same object from the seller, while in procurement or reverse auctions suppliers of electricity compete to sell a certain number of units. Reverse electricity auctions are used in numerous countries and they create a competitive market for electricity, instead of state-owned monopolies providing electricity at administratively set prices. In this paper we will present the most commonly used multi-unit auction forms in electricity markets. Auctions for electricity from renewable energy sources deserve special attention, since these suppliers cannot compete with large-scale producers at the present state of technology.

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    File URL: http://ea.ekof.bg.ac.rs/pdf/197/03.pdf
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    Article provided by Faculty of Economics, University of Belgrade in its journal Economic Annals.

    Volume (Year): 58 (2013)
    Issue (Month): 197 (April – June)
    Pages: 47-78

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    Handle: RePEc:beo:journl:v:58:y:2013:i:197:p:47-78
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    1. Natalia Fabra, 2003. "Tacit Collusion in Repeated Auctions: Uniform Versus Discriminatory," Journal of Industrial Economics, Wiley Blackwell, vol. 51(3), pages 271-293, 09.
    2. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
    3. Federico, Giulio & Rahman, David, 2003. "Bidding in an Electricity Pay-as-Bid Auction," Journal of Regulatory Economics, Springer, vol. 24(2), pages 175-211, September.
    4. Porter, Robert H & Zona, J Douglas, 1993. "Detection of Bid Rigging in Procurement Auctions," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 518-538, June.
    5. S.J. Rassenti & V.L. Smith & R.L. Bulfin, 1982. "A Combinatorial Auction Mechanism for Airport Time Slot Allocation," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 402-417, Autumn.
    6. Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice," Introductory Chapters,in: Auctions: Theory and Practice Princeton University Press.
    7. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521551847, November.
    8. Jeitschko, Thomas D., 1999. "Equilibrium price paths in sequential auctions with stochastic supply," Economics Letters, Elsevier, vol. 64(1), pages 67-72, July.
    9. Krishna, Vijay, 2009. "Auction Theory," Elsevier Monographs, Elsevier, edition 2, number 9780123745071.
    10. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
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