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《Automation of Electric Power Systems》 2003-03
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AUCTION THEORY AND ITS APPLICATION IN ELECTRICITY MARKET AUCTION DESIGN Part One Auction Theory and Its Experimental Research

Chen Haoyong, Wang Xiuli, Wang Xifan, Geng Jian (Xi'an Jiaotong University, Xi'an 710049, China)  
Electricity market auction design is of central importance to successful market implementation and market efficiency. Auction theory plays an important role in the design of electricity market transaction mechanism. In auction theory, four basic types of auctions are widely used and analyzed: the ascending-bid auction, the descending-bid auction, the first-price sealed-bid auction, and the second-price sealed-bid auction. And there are also some complex auction types, including multi-unit auctions and the double auction. The basic auction models include the private-value model and the common-value model. The most fundamental result of auction theory is revenue equivalence theorem, which shows the equivalence in expected revenue of different auctions. Auction experiment is used to test auction theories and design new auction institutions. Auction theory has become one of the most important and remarkable advances in modern microeconomics. The introduction of auction theory to power market auction design can lay a theoretical groundwork for implementation of electricity transaction.
【Fund】: 国家自然科学基金重点资助项目 (5993715 0 )~~
【CateGory Index】: F426.6
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