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1 results

  • A revenue-equivalence theorem for electricity auctions

  • Part of
  • Juri Hinz
  • Journal:
    Journal of Applied Probability / Volume 41 / Issue 2 / June 2004
    Published online by Cambridge University Press:
    14 July 2016, pp. 299-312
    Print publication:
    June 2004

  • The purpose of this paper is to analyse the real-time trading of electricity. We address a model for an auction-like trading which captures key features of real-world electricity markets. Our main result establishes that, under certain conditions, the expected total payment for electricity is independent of the particular auction type. This result is analogous to the revenue-equivalence theorem known for classical auctions and could contribute to an improved understanding of different electricity market designs and their comparison.