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- W2150233406 abstract "The flrst part of this paper establishes some new pieces of evidence on the dynamics of prices and volumes in wholesale electricity day-ahead markets (NordPool, APX, Powernext). The growth of prices is more strongly autocorrelated than the growth of volumes;itismoremoreheavy-tailed;anditsconditionalstandarddeviationdecayslike the reciprocal of the price level (1=P scaling). In the second part of the paper, it is shownthatalinearsupplyfunctionwithstochasticinterceptandconstantslopesu‐ces to explain the 1=P scaling. Furthermore, this model allows to decompose price ∞uctuations in an exogenous demand efiect and a strategically-driven supply efiect. In light of this model, the heavier tails of price growth and its stronger autocorrelation structure are due to persistent and intermittent strategic moves by suppliers, related to expected demand growth." @default.
- W2150233406 created "2016-06-24" @default.
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- W2150233406 date "2006-05-08" @default.
- W2150233406 modified "2023-09-25" @default.
- W2150233406 title "An empirically based model of the supply schedule in day-ahead electricity markets ⁄" @default.
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