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:: Volume 11, Issue 47 (winter1394 2016) ::
QEER 2016, 11(47): 121-144 Back to browse issues page
Computing competitive equilibrium in Pay- as- Bid Auction
Ali Nazemi1 , Anahita Farsaee * 2
1- University of Economic Sciences
2- University of Economic Sciences , anahita.farsaee@gmail.com
Abstract:   (4981 Views)

Electricity Industry is one of the effective industries on socio- economic condition of society. This industry received as public service for years so it was monopolistic. Due to the global trend to restructuring and also the problems of traditional monopoly system, Electricity Market with the aim of increasing efficiency and reducing cost has been setup. Increasing efficiency and constructing a competitive market is one of the most important goals of restructuring. Thus, the aim of this paper is estimating competitive equilibrium under pay as bid market by Iranian electricity market data. Note that competitive equilibrium under pay as bid is different with uniform. In this paper, this structural difference is considered and competitive benchmark for pay as bid market is gained. For this purpose, based on microeconomic principles, a mathematical model is used to find competitive equilibrium under this mechanism and then by the realistic data of Iranian electricity market, competitive equilibrium for all intervals in 2012 is estimated. By running this model, competitive price is obtained and compared to real prices of market. Based on the results, competitive equilibrium in this auction is different with marginal cost. Also the real results of market are different from competitive equilibrium in different intervals of study.

Keywords: Pay- as- Bid Auction, Electricity Market, Competitive Equilibrium
Full-Text [PDF 516 kb]   (2504 Downloads)    
Type of Study: Thesis(M.A.) | Subject: E.Economic
Received: 2014/12/31 | Accepted: 2015/08/26 | Published: 2016/06/13 | ePublished: 2016/06/13
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Nazemi A, Farsaee A. Computing competitive equilibrium in Pay- as- Bid Auction. QEER 2016; 11 (47) :121-144
URL: http://iiesj.ir/article-1-466-en.html


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Volume 11, Issue 47 (winter1394 2016) Back to browse issues page
فصلنامه مطالعات اقتصاد انرژی Quarterly Energy Economics Review
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