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Estimating cost function in power markets under pay-as-bid pricing rules using observed bid data

机译:使用观察到的BID数据估算Power Markets在Power Markets中的成本函数

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Estimating cost function of firms is very important in competitive electricity market. Complete information on the factors which can be used for estimating cost function is not definite and also is not accessible. The importance of cost function estimation is appeared when the Independent System Operator (ISO) decide to measure the market power which can be exerted by a market participant. In this paper a new method is applied for estimating cost function using observed bid information, weighted average prices and quantities in pay as bid auction in which each firm submit its prices and quantities. Wolak’s cost function estimation model which is in uniform pricing auction, is applied to Iran’s Electricity Market (IEM), where each genset submit its prices in ten increments which can be changed hourly, and quantities for producing in each load period. In this market, firm’s cost function is recovered by optimizing behavior for each firm. After defining the profit of the firm and using the first order conditions for expected profit maximization, the generalized method of moment (GMM) is used for estimating cost function. In estimation procedure, the firm’s cost function is obtained by using the weighted average prices, for computing the total revenue of each firm and the maximum accepted price, instead of market clearing price.
机译:估算公司的成本函数在竞争力的电力市场中非常重要。有关可用于估算成本函数的因素的完整信息并不明确,也无法访问。当独立系统运营商(ISO)决定衡量市场参与者施加的市场权力时,出现了成本函数估计的重要性。本文采用了一种新的方法,用于使用观察到的出价信息,加权平均价格和支付作为投标拍卖的数量来估算成本函数,其中每个公司提交其价格和数量。 Wolak的成本函数估算模型是均匀定价拍卖,适用于伊朗的电力市场(IEM),每个发动机集每次称为10个增量的价格,可以单小时更换,以及在每个负载期内生产的量。在这个市场中,通过优化每个公司的行为来恢复公司的成本函数。在定义公司的利润并使用预期利润最大化的第一订单条件后,普遍的时刻(GMM)方法用于估算成本函数。在估算程序中,公司的成本职能是通过使用加权平均价格获得的,用于计算每个公司的总收入和最高可接受的价格,而不是市场清算价格。

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