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If Pay-as-bid auctions are not a solution for California, then Why not a reliability market?

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


The Electricity Journal. Volume: 14 Issue: 4 Pages: 41-48

DOI reference: DOI icon 10.1016/S1040-6190(01)00196-8    

Published on paper: May 2001.


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