Identification and Estimation of Cost Functions Using Observed Bid Data: An Application to Electricity Markets

By F. Wolak. 2001

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Measuring Unilateral Market Power in Wholesale Electricity Markets: The California Market, 1998-2000 (2003, background): “Wolak (2001) explores this hypothesis and computes estimates of the daily expected profit-maximizing bidding strategy for this firm for each day during the sample period and compares the realized profits assuming firms played this 6 strategy instead of the bids they actually submitted.”
Pricing and Firm Conduct in California's Deregulated Electricity Market (2007, background): “I conclude in Section 7 by discussing general implications for (1)Other empirical papers that address competition in deregulated electricity markets includeWolfram [1998], Wolak [2000], and Wolak [2001].”
Moment Inequalities and Their Application (2015, methodology): “…the value function, thus circumventing the need for a nested fixed point algorithm, and, as a result, significantly increasing our ability to analyze richer models (see, for example, Morales 2011).8 For a continuous choice example we consider a uniform-price electricity auction (see Wolak 2001).”