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On the use of pay-as-bid auctions in California: some criticisms and alternative proposal

C. Vázquez, M. Rivier, I.J. Pérez-Arriaga

This document presents some ideas regarding the use of the pay-as-bid pricing rule in multi-unit auctions. In particular, we focus on electricity markets and on the proposals for adopting this kind of mechanism in the California Power Exchange. We find that the pay-as-bid auction has important drawbacks. Instead, we attack the recent problems in California from another point of view and propose an alternative solution.


Keywords: No disponible/Not available

California Power Exchange Blue Ribbon Panel "Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?", New York, New York (United States of America). 28 November - 28 January 2000

Publication date: November 2000.



Citation:
C. Vázquez, M. Rivier, I.J. Pérez-Arriaga, On the use of pay-as-bid auctions in California: some criticisms and alternative proposal, California Power Exchange Blue Ribbon Panel "Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?". Nueva York, United States of America, 28 November - 28 January 2000


    Research topics:

IIT-00-077A

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