Lectures Shot course DEFAP 2015
Introduction to electricity markets: general topics of market architecture and the actual implementation
Designing electricity auctions
The Italian electricity auctions
The history of ENEL and the Italian electricity industry
The private value auction model under different payment rules
Bidding behavior and equilibrium results
Notes on order statistics
Extensions of the basic model: multi-object auctions, bid shading results, failure of revenue equivalence.
Theoretical models of multi-unit auctions for electricity markets
Auctions in general: Elmar Wolfstetter,Topics in Microeconomics, CUP 2002, chapter 8. You will find the .pdf on the
Multi-unit (share auctions): Wilson (1979), "Auctions of shares", The Quarterly Journal of Economics, 93(4), pp. 675-689.
Supply functions equilibrium: Klemperer and Meyer (1989), "Supply Function Equilibria in Oligopoly under Uncertainty", Econometrica, 57(6), pp. 1243-1277.
Empirical analisys of auction: Ali Hortacsu, “Recent progress in the empirical analysis of multi-unit auctions”,International
Journal of Industrial Organization, 29(2011) 245-349.