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Market clearing

About: Market clearing is a research topic. Over the lifetime, 2723 publications have been published within this topic receiving 66288 citations.


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Book
14 May 2002
TL;DR: In this paper, the authors present a detailed analysis of the real-time power market in theory and in practice, including the day-ahead market and the congestion pricing methods, as well as the two-settlement system.
Abstract: List of Results and Fallacies. Preface. Acronyms and Abbreviations. Symbols. Part 1: Power Market Fundamentals. Prologue. Why Deregulate? What to Deregulate. Pricing Power, Energy, and Capacity. Power Supply and Demand. What Is Competition? Marginal Cost in a Power Market. Market Structure. Market Architecture. Designing and Testing Market Rules. Part 2: Reliability, Price Spikes and Investment. Reliability and Investment Policy. Price Spikes Recover Fixed Costs. Reliability and Generation. Limiting the Price Spikes. Value-of-Lost-Load Pricing. Operating-Reserve Pricing. Market Dynamics and the Profit Function. Requirements for Installed Capacity. Inter-System Competition for Reliability. Unsolved Problems. Part 3: Market Architecture. Introduction. The Two-Settlement System. Day-Ahead Market Designs. Ancillary Services. The Day-Ahead Market in Theory. The Real-Time Market in Theory. The Day-Ahead Market in Practice. The Real-Time Market in Practice. The New Unit-Commitment Problem. The Market for Operating Reserves. Part 4: Market Power. Defining Market Power. Exercising Market Power. Modeling Market Power. Designing to Reduce Market Power. Predicting Market Power. Monitoring Market Power. Part 5: Locational Pricing. Power Transmission and Losses. Physical Transmission Limits. Congestion Pricing Fundamentals. Congestion Pricing Methods. Congestion Pricing Fallacies. Refunds and Taxes. Pricing Losses on Lines. Pricing Losses at Nodes. Transmission Rights. Glossary. References. Index.

1,447 citations

Book
01 Jan 1990
TL;DR: In this article, the authors present an overview of the literature in pricing and its application in the context of market structure and performance, including advertising, advertising and disclosure, and how to make decisions over time.
Abstract: I. INTRODUCTION AND THEORY. 1. Overview. 2. The Firm and Costs. II. MARKET STRUCTURES. 3. Competition. 4. Monopolies, Monopsonies, and Dominant Firms. 5. Cartels. 6. Oligopoly. 7. Product Differentiation and Monopolistic Competition. 8. Industry Structure and Performance. III. BUSINESS PRACTICES: STRATEGIES AND CONDUCT. 9. Price Discrimination. 10. Advanced Topics in Pricing. 11. Strategic Behavior. 12. Vertical Integration and Vertical Restrictions. IV. INFORMATION, ADVERTISING, AND DISCLOSURE. 13. Information. 14. Advertising and Disclosure. V. DYNAMIC MODELS AND MARKET CLEARING. 15. Decision Making Over Time: Durability. 16. Patents and Technological Change. 17. How Markets Clear: Theory and Facts. VI. GOVERNMENT POLICIES AND THEIR EFFECTS. 18. International Trade. 19. Antitrust Laws and Policy. 20. Regulation and Deregulation.

1,317 citations

Posted Content
TL;DR: In this paper, the authors report the results of an experiment that was designed to test the impact of fairness on market prices and provide experimental support for the fair wage-effort theory of involuntary unemployment.
Abstract: This paper reports the results of an experiment that was designed to test the impact of fairness on market prices. Prices were determined in a one-sided oral auction, with buyers as price-makers. Upon acceptance of an offer, sellers determined the quality of the good. Buyers offered prices that were substantially above the market-clearing level and expected sellers to respond with high quality levels. This expectation was, on average, confirmed by the behavior of sellers. These results provide, therefore, experimental support for the fair wage-effort theory of involuntary unemployment.(This abstract was borrowed from another version of this item.)

1,277 citations

Journal ArticleDOI
TL;DR: In this paper, the authors report the results of an experiment that was designed to test the impact of fairness on market prices and provide experimental support for the fair wage-effort theory of involuntary unemployment.
Abstract: This paper reports the results of an experiment that was designed to test the impact of fairness on market prices. Prices were determined in a one-sided oral auction, with buyers as price-makers. Upon acceptance of an offer, sellers determined the quality of the good. Buyers offered prices that were substantially above the market-clearing level and expected sellers to respond with high quality levels. This expectation was, on average, confirmed by the behavior of sellers. These results provide, therefore, experimental support for the fair wage-effort theory of involuntary unemployment. I. INTRODUCTION Fairness is an elusive term. Yet, in actual business practice the parties involved in a transaction seem to refer quite frequently to the notion of fairness. This observation had already been made by Marshall [1925], who wrote: ". . . the phrase is constantly used in the market place; it is frequent in the mouths both of employers and the employed; and almost every phrase in common use has a real meaning, though it may be difficult to get at." In a recent study Blinder and Choi [1990] asked nineteen managers whether they and their workers would perceive a wage reduction to take advantage of labor market slack as (a) completely fair, (b) acceptable, (c) unfair, or (d) very unfair. While three managers considered this as an irrelevant question, all but one of the remaining sixteen said that such a wage cut is unfair or very unfair. Moreover, all but one believed that their workers would consider this wage cut as unfair or very unfair. In their study of community standards of fairness for the setting of prices and wages, Kahneman, Knetsch, and Thaler [1986] infer rules of fairness for conduct in the market from their interviewees' answers to hypothetical questions. Their empirical findings confirm the existence of such rules. However, what people say is one thing, but what they actually do may be quite a different thing. The possible divergence between

1,269 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
2023106
2022198
2021130
2020158
2019167
2018141