Energy Journal, Vol.20, No.4, 89-116, 1999
The efficiency of multi-unit electricity auctions
Using a complete information game-theoretic model, we analyze the performance of different electricity auction structures in attaining efficiency (i. e., least-cost dispatch). We find that an auction structure where generators are allowed to bid for load "slices" outperforms an auction structure where generators submit bids for different hours in the day.
Keywords:SPOT MARKET;COMPETITION