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:: Volume 4, Issue 1 (5-2018) ::
2018, 4(1): 99-133 Back to browse issues page
Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market
Majid Feshari *, Ali Nazemi, Shiva Farahi
Kharazmi University
Abstract:   (2753 Views)
After restructuring the power industry, choosing a proper auction rule has been considered as a
main challenge. Uniform price auctions and discriminatory (pay-as-bid) auctions have been
widely used. This paper tries to compare the costs of the Electricity market under uniform auction
and pay-as-bid auction using agent based modeling. Using Roth-Erev algorithm and based on the
data of Iran electricity market for 2014, cost of the electricity market has been simulated and
compared under the two auction mechanisms. According to the results under pay-as-bid auction,
diversion of players from their marginal costs is more likely mainly because of its settlement
rules. Since Iran's electricity market is ruled under pay-as-bid auction, revision in its auction
structure is recommended to the Electricity Market Regulatory Board.
Keywords: Uniform Auction, Discriminatory Auction (Pay-as-Bid), Agent-Based Modeling, Reinforcement Algorithms, Market Efficiency
Full-Text [PDF 26 kb]   (1229 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/10/1 | Accepted: 2018/01/9 | Published: 2018/11/19
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Feshari M, Nazemi A, Farahi S. Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market . Quarterly Journal of Energy Policy and Planning Research. 2018; 4 (1) :99-133
URL: http://epprjournal.ir/article-1-326-en.html

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Volume 4, Issue 1 (5-2018) Back to browse issues page
مجله پژوهش های برنامه ریزی و سیاستگذاری انرژی Journal of Energy Planning And Policy Research
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