Modeling Electricity Auctions

The recent debates over discriminatory versus uniform-price auctions in the UK and elsewhere have revealed an incomplete understanding of the limitations of some popular auction models when applied to real-world electricity markets. This has led certain regulatory authorities to prefer discriminatory auctions on the basis of reasoning from models which are not directly applicable to any existing electricity market. Vickrey auctions, although often recommended by economists, have also been ignored in these debates. This article describes the approach which we believe should be taken to analyzing these issues

Designing Electricity Auctions

Motivated by the new auction format introduced in the England andWales electric- ity market, as well as the recent debate in California, we characterize bidding behavior and market outcomes in uniform and discriminatory electricity auctions. We ¯nd that uniform auctions result in higher average prices than discriminatory auctions, but the ranking in terms of productive e±ciency is ambiguous. The comparative e®ects of other market design features, such as the number of steps in suppliers' bid functions, the duration of bids and the elasticity of demand are also analysed. We also consider the relationship between market structure and market performance in the two auction formats. Finally, we clarify some methodological issues in the analysis of electricity auctions. In particular, we show that analogies with continuous share auctions are misplaced so long as ¯rms are restricted to a ¯nite number of bids

Designing Electricity Auctions

Motivated by the new auction format introduced in the England and Wales electricity market, as well as the recent debate in California, we characterize bidding behavior and market outcomes in uniform and discriminatory electricity auctions. We find that uniform auctions result in higher average prices than discriminatory auctions, but the ranking in terms of productive efficiency is ambiguous. The comparative effects of other market design features, such as the number of steps in suppliers' bid functions, the duration of bids and the elasticity of demand are also analysed. We also consider the relationship between market structure and market performance in the two auction formats. Finally, we clarify some methodological issues in the analysis of electricity auctions. In particular, we show that analogies with continuous share auctions are misplaced so long as firms are restricted to a finite number of bids.Market design, electricity, multi-unit auctions, regulatory reform

Modeling Electricity Auctions

The recent debates over discriminatory versus uniform-price auctions in the UK and elsewhere have revealed an incomplete understanding of the limitations of some popular auction models when applied to real-world electricity markets. This has led certain regulatory authorities to prefer discriminatory auctions on the basis of reasoning from models which are not directly applicable to any existing electricity market. Vickrey auctions, although often recommended by economists, have also been ignored in these debates. This article describes the approach which we believe should be taken to analyzing these issues.electricity markets, auctions, Vickrey auctions

Designing Electricity Auctions

Motivated by the new auction format in the England and Wales electricity market, as well as the recent debate in California, we characterize bidding behavior and market outcomes in uniform and discriminatory electricity auctions. Uniform auctions result in higher average prices than discriminatory auctions, but the ranking in terms of productive efficiency is ambiguous. The comparative effects of other market design features, such as the number of steps in suppliers’ bid functions, the duration of bids, and the elasticity of demand are analyzed. We also consider the relationship between market structure and market performance in the two auction formats.Publicad

Integral development of an innovative concept of dump trailer body for carrying arid materials

The authors develop a new concept of dump trailer vehicle designed to carry arid materials, with a series of advantages and improvements with regard to equivalent structures. For this reason, design criteria and objectives that must have been carried out in executing different stages to reach the final 'optimum' vehicle have been taken into account. From a detailed study of previous performances for this type of vehicle, it is intended to reach a series of objectives involving redesign and modification. The structural lightening and changes must mean the improvement of structural performances, both in terms of rigidity and endurance. The improvement of these variables will make possible the launch of a new product incorporating an improvement over current models. Moreover, the inclusion of sandwich structures in the design of the dump box's floor and door supposes a great novelty, intended to achieve significant weight saving

Valoración del sector de la comunicación. El sector televisivo

En el siguiente trabajo se lleva a cabo la valoración de varias empresas, dedicadas ambas al sector televisivo, a través de los métodos aplicables a la situación actual de dichas empresas. Estas empresas son Mediaset y Atresmedia. El trabajo incluye tanto los balances de situación, como las cuentas de pérdidas y ganancias, de ambas empresas año a año durante el periodo estudiado. Así como un análisis de los principales ratios contables y sus rentabilidades, tanto financiera como económica. Posteriormente se lleva a cabo el proceso de valoración, según cada método, para las empresas seleccionadas. Los resultados obtenidos para cada uno de los distintos métodos deben aproximarse entre sí, para cada empresa, con pequeñas diferencias provocadas por la forma de cálculo. Siendo así el método de descuento de flujos de tesorería el más usado en las grandes empresas cotizadas, de las cuales hay mayor facilidad a la hora de obtener datos fiables y a tiempo real.<br /

Valoración de empresas: Barón de Ley y Bodegas Riojanas.

Con el objeto de realizar una valoración a dos empresas del sector vitivinícola a través de sus cuentas anuales, se han elegido las sociedades Barón de Ley y Bodegas Riojanas. Para llevar a cabo el estudio, se procederá a explicar brevemente el sector al que pertenecen e identificar las empresas seleccionadas. Posteriormente se centrará en el análisis contable de ellas, donde se hará el estudio del fondo de maniobra de la empresa, y de una serie de ratios de liquidez, de tesorería, de rentabilidad económica y de rentabilidad financiera, entre otros.Se tratan de dos bodegas que se dedican a la elaboración de diferentes tipos de vino, de las que analizaremos un análisis valorativo de dichas empresas, para obtener su valor y poder compararla con otras mediante diferentes métodos, entre los que se encuentran los que están basados en el balance, y dentro de él, en el valor contable, valor sustancial y CPNE. Otros métodos también utilizados son la cuenta de resultados, métodos mixtos y en el descuento de flujos de fondos, dando especial importancia a este último. Todos ellos intentan determinar el valor de la empresa mediante diferentes técnicas.Para finalizar, se compararán las valoraciones llevadas a cabo en ambas empresas con la que hace el mercado, y podremos extraer las pertinentes conclusiones.<br /

Numerical sound prediction model to study tyre impact noise

Impact noise is one of the mechanisms of vibratory origin that constitutes tyre/road interaction noise. When assessing a vehicle as a noise source, the impact sound mechanism is especially significant when obstacles are present on the driving surface. This document aims to enhance understanding of the impact noise phenomenon by presenting a two-step numerical model for studying the sound propagation of an accelerated tyre impacting a flat, rigid, and reflective surface: Firstly, a dynamic analysis of the contact is performed using the Finite Element Method. Then, the Boundary Element Method is used to perform an acoustic analysis with the vibration of the tyre surface as the sound source. The model has been successfully validated through a drop-test, where a tyre/rim assembly is dropped onto a ground surface. The validation was determined by comparing the predicted Sound Pressure Level measurements to those obtained from a circular microphone structure at various points during the drop-test

Layered Al2O3-SiO2 and Al2O3-Ta2O5 thin-film composites for high dielectric strength, deposited by pulsed direct current and radio frequency magnetron sputtering

Multilayer thin films have the potential to act as high dielectric strength insulation for wire and microelectronics. In this study, films consisting of 2, 4 or 8 layers, composed of Al2O3 with SiO2 or Ta2O5, were prepared via pulsed direct current and radio frequency magnetron sputtering to a thickness of between 152 and 236 nm. The dielectric strengths of all films exceeded the 310 Vμm−1 achieved for PDC Al2O3. Maximum dielectric strengths were obtained for four layer composites; Al2O3-SiO2-Al2O3-SiO2 (466 Vμm−1) and Al2O3-Ta2O5-Al2O3-Ta2O5 (513 Vμm−1), each containing two PDC-Al2O3 and two RF-SiO2/Ta2O5 layers. Whilst the average dielectric strength was higher in the Ta2O5 composites, they suffered from higher leakage prior to breakdown with ca. 6.5 nA compared to ca. 0.1 nA for SiO2 composites. The mechanical properties of the composites were poorer due to increased intrinsic coating stress. Samples exhibited complete interfacial delamination with maximum coating adhesion strengths of 22 and 25 MPa. The variance resulted from larger coefficient of thermal expansion for Ta2O5 compared to SiO2. Sputtered composites of Al2O3 and either SiO2 or Ta2O5 had high breakdown strength with reasonable adhesion and could be suitable for insulating copper conductors in the aerospace and automotive industries