How good are supply function equilibrium models: an empirical analysis of the ERCOT balancing market

被引：47
|
作者：
Sioshansi, Ramteen [1 ]
Oren, Shmuel [1 ]
机构：
[1] Univ Calif Berkeley, Dept Ind Engn & Operat Res, Berkeley, CA 94720 USA
来源：
JOURNAL OF REGULATORY ECONOMICS | 2007年 / 31卷 / 01期
基金：
美国国家科学基金会;
关键词：
electricity markets; supply function equilibrium; ERCOT; market power;
D O I：
10.1007/s11149-006-9008-6
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We present an empirical analysis of a supply function equilibrium model in the Texas spot electricity market. We derive conditions for optimal bidding behavior in a spot market with ex ante bilaterally contracted sales. By estimating costs, we are able to derive a set of ex post-and ex ante-optimal supply functions and use a non-parametric behavioral model to compare our theoretically optimal supply functions to actual offers made. Our results show that with the exception of the largest generators, firms make offers with markups and markdowns far in excess of what a model of profit-maximizing behavior suggests.
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页码：1 / 35
页数：35
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