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Auctions in the Electricity Market: Bidding when Production Capacity Is Constrained by Stefan Schoene (Paperback, 2008)

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About this product

Product Information

Electricity is an essential commodity traded at power exchanges. Its price is very volatile within a day and over the year. This raises questions about the efficiency of the trading rules. The author develops a non-cooperative auction model analyzing the bidding behavior of producers at power exchanges. Producers are limited by the production capacity of their power plants. Production costs are affiliated. This allows for independence or positive correlation. The author analyzes and compares a uniform-price, a discriminatory, and a generalized second-price auction. Optimal bids, cost efficiency, profits, and consumer prices are examined. A simple probability density function of affiliated production costs is given and used for examples. Numerical results are presented. The results of the analysis can help improving the bidding strategies of producers, selecting the best auction type at power exchanges or detecting price manipulations.

Product Identifiers

Publisher
Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
ISBN-13
9783540853640
eBay Product ID (ePID)
96315560

Product Key Features

Author
Stefan Schoene
Publication Name
Auctions in the Electricity Market: Bidding When Production Capacity Is Constrained
Format
Paperback
Language
English
Subject
Economics, Engineering & Technology, Business
Publication Year
2008
Type
Textbook
Number of Pages
218 Pages

Dimensions

Item Height
235mm
Item Width
155mm
Volume
617
Item Weight
367g

Additional Product Features

Title_Author
Stefan Schoene
Series Title
Lecture Notes in Economics and Mathematical Systems
Country/Region of Manufacture
Germany

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