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Pay-as-Bid vs. Uniform Price Auctions is a document available to read on EtoBox.
This document summarizes a research paper that compares uniform price and pay-as-bid electricity auction markets using a multi-agent simulation approach. The simulation models a day-ahead electricity auction market with generators bidding using a Q-learning algorithm. The results show that the pay-as-bid auction leads to lower market prices and reduced price volatility compared to the uniform price auction. Demand response has less effect on price reduction in the pay-as-bid auction because generators bid c
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