@article{gentzoglanis2013pricing,
  title = {Pricing Decisions in Power Pools: The Case of Developing and Emerging Economies},
  author = {Anastassios Gentzoglanis},
  year = 2013,
  url = {https://ibimapublishing.com/articles/JESR/2013/475551/},
  journal = {Journal of Economics Studies and Research},
  volume = (2013),
  pages = 13,
  doi = 10.5171/2013.475551,
  abstract = {In most developing and emerging economies competition and not regulation is used to determine prices at the wholesale electricity markets. But prices are not as low as it was originally expected. Additionally, there are shortages of supply and a lack of investment in infrastructure. It seems that the competitive process does not provide adequate incentives to resolve these problems. To get a better understanding of the real functioning of these markets, an in-class simulation is developed using fictitious but close-to-reality data. After having explained thoroughly the experience with the restructuring of the electricity industry and the theoretical underpinnings that justify the reforms of the sector, students take the role of generators and are asked to participate in a simulation. They develop winning strategies during the bidding process and they easily grasp the gist of competitive industries by developing intuition in the preparation of bids under uniform auction markets.   },
  keywords = {auction markets, developing and emerging economies, simulation, uniform pricing mechanism, wholesale electricity markets.},
  note = Article ID: 475551
}