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In this paper two decentralized decision processes for competitive markets are analyzed under quantized pricing; these proposed decentralized processes have toy models which are similar to those for market models in such areas as electricity systems, and communication networks. First, quantized dynamical auctions for supply markets (i.e., only sellers are assumed to have market power) are presented...
Combinatorial exchanges are double sided marketplaces with multiple sellers and multiple buyers trading with the help of combinatorial bids. The allocation and other associated problems in such exchanges are known to be among the hardest to solve among all economic mechanisms. It has been shown that the problems of surplus maximization or volume maximization in combinatorial exchanges are inapproximable...
The California Independent System Operator (CAISO) successfully launched its new Market Redesign and Technology Upgrade (MRTU) on April 1st, 2009. The new design is based on Locational Marginal Prices (LMPs) with Day Ahead and Real Time submarkets. The energy market is supplemented with a Congestion Revenue Right (CRR) market. With the major redesign of the CAISO markets, the implementation has proved...
A quantized progressive second price auction mechanism called ADQ-PSP is presented which improves upon the performance of the so-called Q-PSP mechanism presented in. Q-PSP mechanism was developed for the fast convergence properties that can be proven for it subject to the assumption that all agents share similar demand (i.e. marginal valuation) functions. For the ADQ-PSP mechanism applied to agent...
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