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| Format: | Artículo científico |
| Sprache: | en |
| Veröffentlicht: |
Universidad Nacional de Colombia
2015
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| Online-Zugang: | https://www.redalyc.org/articulo.oa?id=49640676019 |
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| _version_ | 1866815536039460864 |
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| author | Henry Camilo Torres-Valderrama |
| author_facet | Henry Camilo Torres-Valderrama |
| contents | Modeling dynamic procurement auctions of standardized supply contracts in electricity markets including bidders adaptation Henry Camilo Torres-Valderrama Luis Eduardo Gallego-Vega Ingeniería Dynamic Auction Model Descending Clock Auction Electric Ene rgy Regulation Colombian Electric Energy Market Descendant Clock Auctions have b een increasingly used in power markets. Traditional approaches a re focused on discovering the bidders’ best response but neglecting the bidders’ adaptation. This pape r presents an algorithm based on decision theory to estimate th e bidders’ behavior throughout the auction. The proposed model uses portfo lio concepts and historical data of spot markets to estimate a long-term contract supply curve. This model was applied to evaluate the C olombia’s Organized Market (MOR). Demand curve parameters and r ound size were varied to evaluate th eir impact over auction outputs. Results show that the demand curve has a quite small impact ov er bidders’ decisions and round size manageme nt is useful to avoid non-comp etitive bidders’ behavior. In addition, it is shown that auctio n’s starting prices strongly influenc e auction’s clearing prices. These resu lts are extremely helpful to desi gn market structures in power markets. 2015 artículo científico 0012-7353 https://www.redalyc.org/articulo.oa?id=49640676019 en http://www.redalyc.org/revista.oa?id=496 Dyna application/pdf Universidad Nacional de Colombia Dyna (Colombia) Num.192 Vol.82 |
| format | Artículo científico |
| id | redalyc_49640676019 |
| language | en |
| publishDate | 2015 |
| publisher | Universidad Nacional de Colombia |
| spellingShingle | Modeling dynamic procurement auctions of standardized supply contracts in electricity markets including bidders adaptation Henry Camilo Torres-Valderrama Ingeniería Dynamic Auction Model Descending Clock Auction Electric Ene rgy Regulation Colombian Electric Energy Market Modeling dynamic procurement auctions of standardized supply contracts in electricity markets including bidders adaptation Henry Camilo Torres-Valderrama Luis Eduardo Gallego-Vega Ingeniería Dynamic Auction Model Descending Clock Auction Electric Ene rgy Regulation Colombian Electric Energy Market Descendant Clock Auctions have b een increasingly used in power markets. Traditional approaches a re focused on discovering the bidders’ best response but neglecting the bidders’ adaptation. This pape r presents an algorithm based on decision theory to estimate th e bidders’ behavior throughout the auction. The proposed model uses portfo lio concepts and historical data of spot markets to estimate a long-term contract supply curve. This model was applied to evaluate the C olombia’s Organized Market (MOR). Demand curve parameters and r ound size were varied to evaluate th eir impact over auction outputs. Results show that the demand curve has a quite small impact ov er bidders’ decisions and round size manageme nt is useful to avoid non-comp etitive bidders’ behavior. In addition, it is shown that auctio n’s starting prices strongly influenc e auction’s clearing prices. These resu lts are extremely helpful to desi gn market structures in power markets. 2015 artículo científico 0012-7353 https://www.redalyc.org/articulo.oa?id=49640676019 en http://www.redalyc.org/revista.oa?id=496 Dyna application/pdf Universidad Nacional de Colombia Dyna (Colombia) Num.192 Vol.82 |
| title | Modeling dynamic procurement auctions of standardized supply contracts in electricity markets including bidders adaptation |
| topic | Ingeniería Dynamic Auction Model Descending Clock Auction Electric Ene rgy Regulation Colombian Electric Energy Market |
| url | https://www.redalyc.org/articulo.oa?id=49640676019 |