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来源类型Working Paper
规范类型报告
DOI10.3386/w11123
来源IDWorking 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
URLhttps://www.nber.org/papers/w11123
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568760
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Ali Hortacsu,Steven L. Puller. Understanding Strategic Bidding in Restructured Electricity Markets: A Case Study of ERCOT. 2005.
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