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Asymmetric Information in Auctions : Are Resellers Better Appraisers?
Koptyug, Nikita - 2016
heterogeneity in the dispersion of private value components. I use the asymmetric ascending auction model of Hong and Shum (2003) to …
Persistent link: https://www.econbiz.de/10012998398
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Electricity Markets : Designing Auctions Where Suppliers Have Uncertain Costs
Holmberg, Par - 2016
We analyze how market design influences the bidding behavior in multi-unit procurement auctions where suppliers have uncertain costs and are uncertain about the availability of production units, as in wholesale electricity markets. We find that the competitiveness of market outcomes improves...
Persistent link: https://www.econbiz.de/10013002591
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The Supply Function Equilibrium and its Policy Implications for Wholesale Electricity Auctions
Holmberg, Par - 2011
/multi-unit auctions provides guidance on the design of the auction format, setting the reservation price, the rationing rule, and …
Persistent link: https://www.econbiz.de/10013132898
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Mixed Strategies in Discriminatory Divisible-Good Auctions
Anderson, Edward J. - 2011
Using the concept of market-distribution functions, we derive general optimality conditions for discriminatory divisible-good auctions, which are also applicable to Bertrand games and non-linear pricing. We introduce the concept of o¤er distribution function to analyze randomized offer curves,...
Persistent link: https://www.econbiz.de/10013132914
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Supply Function Equilibria : Step Functions and Continuous Representations
Holmberg, Par - 2010
In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction …
Persistent link: https://www.econbiz.de/10013137881
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Nuclear Capacity Auctions
Fridolfsson, Sven-Olof - 2012
designed auction allocates the license to the most efficient bidder; sells the license if and only if new nuclear power is … to sell a share of capacity as virtual power plant contracts increases auction efficiency by softening incumbent …
Persistent link: https://www.econbiz.de/10013104499
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Pro-Competitive Rationing in Multi-Unit Auctions
Holmberg, Par - 2014
In multi-unit auctions, such as auctions of commodities and securities, and financial exchanges, it is necessary to specify rationing rules to break ties between multiple marginal bids. The standard approach in the literature and in practice is to ration marginal bids proportionally. This paper...
Persistent link: https://www.econbiz.de/10013048647
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Supply Function Equilibria of Pay-as-Bid Auctions
Holmberg, Par - 2010
This paper characterizes the Nash equilibrium in a pay-as-bid (discriminatory), divisible-good, procurement auction …-ups of the derived equilibrium are compared to results for the SFE of a uniform-price auction …
Persistent link: https://www.econbiz.de/10014190951
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Auction Performance in Wholesale Electricity Markets in the Presence of Transmission Constraints and Transmission Costs
Blazquez de Paz, Mario - 2015
auction formats on suppliers' strategies in the presence of transmission constraints and transmission costs is still very … constraints and transmission costs. When the transmission capacity is binding, the discriminatory price auction could outperform … the uniform price auction, minimizing the equilibrium price and the transmission costs. Moreover, when the transmission …
Persistent link: https://www.econbiz.de/10013010225
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Price Instability in Multi-Unit Auctions
Anderson, Edward J. - 2015
We consider a procurement auction, where each supplier has private costs and submits a stepped supply function. We …
Persistent link: https://www.econbiz.de/10013011028