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Mingid prantslased küsisid sama küsimuse. Lehekülgedel 2-5 on kokkuvõte.
Departing from the expectation that pay-as-bid auctions would intensify the market competition and decrease average prices, however, multiple drawbacks of pay-as-bid auctions have been identified in the literature. To name a few, first of all, pay-as-bid auctions cannot assure production efficiency and hence are unlikely to combat the soaring price situation (Wolfram, 1999, Kahn et al., 2001). Under pay-as-bid auctions, it is not always the case that producers with lower marginal costs are accepted in priority. Producers need to bid above their marginal costs to recover their investment cost, and also below the market-clearing price to get accepted. Small firms, even with efficient technologies may end up with an inefficient merit order, if they cannot afford the cost of making predictions. This means producers that benefit from the design are those who own more information about predicting the market-clearing price, rather than those with most efficient technologies.
Second, conducting pay-as-bid auctions drives the market further away from the goal of creating a competitive wholesale electricity market. On one hand, dominant producers gain informational advantages under pay-as-bid auctions (Bower and Bunn, 2001). These dominant firms can exert their market power not only by withholding capacities and raising the price, but more seriously by manipulating the price setting mechanism under the complex auction design (Harbord and McCoy, 2000). On the other hand, the introduction of pay-as-bid auctions would bring difficulties for regulators to identify the exercise of market power, since firms greatly change bidding behaviors that become less transparent (Kahn et al., 2001). Moreover, the switch would even exacerbate the fear of regulatory uncertainty that further discourages the investment in capacity (Tierney et al., 2008).
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