Fall 2014 Seminar Series

DATE: 9/25/2014
LOCATION: E51-335
TIME: 4:15pm
Reception immediately following

SPEAKER:
Andy Philpott

TITLE
Supply Function Equilibrium Models for Electricity Markets

ABSTRACT
Supply function equilibrium models arise when agents offer a schedule of prices and quantities to an auction for a single divisible good. They were first developed in the setting of treasury auctions, but have become useful models for studying auctions of electricity with uncertain demand. These models are becoming increasingly relevant with the growth of intermittent renewable generation. This talk will give an introduction to the theory of supply function equilibrium, and illustrate this with some examples of their application.