[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
:: Volume 4, Issue 10 (6-2018) ::
2018, 4(10): 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:   (782 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]   (227 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/10/1 | Accepted: 2018/01/9 | Published: 2018/11/19
Send email to the article author

Add your comments about this article
Your username or Email:

CAPTCHA


XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

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 (10) :99-133
URL: http://epprjournal.ir/article-1-326-en.html


Volume 4, Issue 10 (6-2018) Back to browse issues page
مجله پژوهش های برنامه ریزی و سیاستگذاری انرژی Journal of Energy Planning And Policy Research
Persian site map - English site map - Created in 0.05 seconds with 32 queries by YEKTAWEB 3961