When is a pay-as bid preferable to uniform price in electricity markets

摘要

This paper discusses, pay-as bid preferable to uniform price in electricity markets. In real electricity markets the auctioned products are not completely homogeneous and the markets are not complete. In non-homogeneous situations, nature of the product and market incompleteness necessitate a high degree of product fragmentation, a pay as bid settlement approach with optimized assignment based on requirements and multiattribute of the tender, may be promising.