Speaker: Andy Philpott (Department of Engineering Science)
Topic: A Primer on Supply-Function Equilibrium
When: 2:30-3:30, Tuesday 29 October
Where: Room 5115, OGGB
Abstract: Supply function equilibrium models arise when agents offer a schedule of prices and quantities to an auction for a single divisible good. They were first developed in the setting of treasury auctions, but have become useful models for studying auctions of electricity, where uncertainty plays a key role. This talk will attempt to give an elementary account of supply function equilibrium, focusing on the mathematics underlying the model.
Slides are available.