Borradores de Economia
Número:
886
Publicado:
Jorge Balat, 
Juan D. Martin Clasificación JEL:
L25, D22, D44
Palabras clave:
Dynamic Auction Model, Bidding Behavior, market power, Electricity Markets
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Jorge Florez-Acosta, Margarita María Gáfaro-González, Alejandra González-Ramírez, Juan Sebastián Vélez-Velásquez
Sandra Isabel Salamanca-Gil, Enrique Montes-Uribe, Juan Sebastián Silva-Rodríguez
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