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dc.contributor.authorAnderson, Edward
dc.date.accessioned2012-03-09
dc.date.available2012-03-09
dc.date.issued2011-04-01
dc.identifier.urihttp://hdl.handle.net/2123/8157
dc.description.abstractSupply function equilibria are used in the analysis of divisible good auctions with a large number of identical objects to be sold or bought. An important example occurs in wholesale electricity markets. Despite the substantial literature on supply function equilibria the existence of a pure strategy Nash equilibria for a uniform price auction in asymmetric cases has not been established in a general setting. In this paper we prove the existence of a supply function equilibrium for a duopoly with asymmetric firms having convex costs, with decreasing concave demand subject to an additive demand shock, provided the second derivative of the demand function is small enough. The proof is constructive and also gives insight into the structure of the equilibrium solutions.en_AU
dc.language.isoenen_AU
dc.publisherBusiness Analytics.en_AU
dc.relation.ispartofseriesBAWP-2011-04en_AU
dc.subjectWholesale electricity marketsen_AU
dc.subjectdivisible good auctionsen_AU
dc.subjectsupply functionsen_AU
dc.subjectexistence of equilibriaen_AU
dc.titleSupply Function Equilibria Always Existen_AU
dc.typeWorking Paperen_AU
dc.contributor.departmentDiscipline of Business Analyticsen_AU


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