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Dynamic and strategic behavior in hydropower-dominated electricity markets : empirical evidence for Colombia

Jorge
Balat
Juan Esteban Ramiro
Carranza-Romero
Juan D.
Martin
Viernes, 1 Mayo 2015

In this paper we formulate a dynamic multi-unit auction model to characterize bidding behavior in hydro power dominated electricity markets. Our model implies that, in order to maximize expected profits, hydro producers will submit bid prices above its ma