Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?
Peter Cramton (),
Robert Porter and
Richard D. Tabors ()
Papers of Peter Cramton from University of Maryland, Department of Economics - Peter Cramton
Any belief that a shift from uniform to as-bid pricing would provide power purchasers substantial relief from soaring prices is simply mistaken. The immediate consequence of its introduction would be a radical change in bidding behavior that would introduce new inefficiencies, weaken competition in new generation, and impede expansion of capacity.
Keywords: Auctions; Electricity Auctions; Multiple Item Auctions (search for similar items in EconPapers)
JEL-codes: D44 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2001-01-27, Revised 2001-01-27
New Economics Papers: this item is included in nep-ene, nep-mic, nep-reg and nep-res
Note: Working Paper
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Persistent link: https://EconPapers.repec.org/RePEc:pcc:pccumd:01calpx
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