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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w11123 |
来源ID | Working Paper 11123 |
Understanding Strategic Bidding in Restructured Electricity Markets: A Case Study of ERCOT | |
Ali Hortacsu; Steven L. Puller | |
发表日期 | 2005-02-14 |
出版年 | 2005 |
语种 | 英语 |
摘要 | We examine the bidding behavior of firms competing on ERCOT, the hourly electricity balancing market in Texas. We characterize an equilibrium model of bidding into this uniform-price divisible-good auction market. Using detailed firm-level data on bids and marginal costs of generation, we find that firms with large stakes in the market performed close to theoretical benchmarks of static, profit-maximizing bidding derived from our model. However, several smaller firms utilized excessively steep bid schedules that deviated significantly from our theoretical benchmarks, in a manner that could not be empirically accounted for by the presence of technological adjustment costs, transmission constraints, or collusive behavior. Our results suggest that payoff scale matters in firms' willingness and ability to participate in complex, strategic market environments. Finally, although smaller firms moved closer to theoretical bidding benchmarks over time, their bidding patterns contributed to productive inefficiency in this newly restructured market, along with efficiency losses due to the close-to optimal exercise of market power by larger firms. |
主题 | Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior ; Regulatory Economics ; Industry Studies |
URL | https://www.nber.org/papers/w11123 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568760 |
推荐引用方式 GB/T 7714 | Ali Hortacsu,Steven L. Puller. Understanding Strategic Bidding in Restructured Electricity Markets: A Case Study of ERCOT. 2005. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w11123.pdf(859KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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