With particular reference to the structure of the U.K. industry, price competition in a deregulated wholesale market for electricity is modeled as a sealed-bid multiple-unit auction with a random number of units. It is argued that, under the existing regulatory rules, one must expect volatile...

The work presented in this paper suggests that participation costs may have important, and perhaps surprising, effects on the types of equilibria that can exist in sequential auction models. It is shown that when two units of an item are auctioned in two consecutive English auctions and buyers'...

In standard durable-goods monopoly models, both the set of buyers and the set of prices are assumed to be continua. If the set of buyers is finite, the perfectly discriminating monopoly outcome is a unique subgame perfect equilibrium when the seller is sufficiently patient. Introducing instead a...