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- W3148020906 abstract "Profit-maximizing bidding in uniform price auction markets involves bidding above marginal cost. It therefore is not surprising that such behavior is observed in electricity markets. Common bidding behavior such as hockey stick bids easily are explained by suppliers determining their supply offers to maximize profits. This incentive to bid above marginal cost is not result of coordinated action among bidders. Rather, each bidder is independently selecting its bid to maximize profits based on its estimate of residual demand curve it faces. Profit-maximizing bidding does not mean that the sky’s limit. Typically, bidders are limited in how high they want to bid. As prices increase, operators become increasingly concerned that their capacity will not be selected—that someone else will step in front of them in merit order. Only when (1) demand does not respond to price, and (2) largest unhedged block of capacity is essential to meet demand can bidder holding this largest block profitably name any price. In all other cases, supplier bids a price for its energy capacity to optimize its marginal tradeoff between higher prices and lower quantities. Price response from either demand or other suppliers prevents supplier from raising its bid too much. Profit maximizing bidding should be expected and encouraged by regulators. It is precisely this profit maximizing behavior that guides market toward long-run efficient outcomes." @default.
- W3148020906 created "2021-04-13" @default.
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- W3148020906 date "2003-01-01" @default.
- W3148020906 modified "2023-09-26" @default.
- W3148020906 title "Competitive Bidding Behavior in Uniform-Price Auction Markets" @default.
- W3148020906 hasPublicationYear "2003" @default.
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