Composite auction method for suppressing unreasonable electricity price spikes in a competitive electricity market

The existence of undesirable electricity price spikes in a competitive electricity market requires an efficient auction mechanism. However, many of the existing auction mechanism have difficulties in suppressing such unreasonable price spikes effectively. A new auction mechanism is proposed to suppress effectively unreasonable price spikes in a competitive electricity market. It optimally combines system marginal price auction and pay as bid auction mechanisms. A threshold value is determined to activate the switching between the marginal price auction and the proposed composite auction. Basically when the system marginal price is higher than the threshold value, the composite auction for high price electricity market is activated. The winning electricity sellers will sell their electricity at the system marginal price or their own bid prices, depending on their rights of being paid at the system marginal price and their offers' impact on suppressing undesirable price spikes. Such economic stimuli discourage sellers from practising economic and physical withholdings. Multiple price caps are proposed to regulate strong market power. We also compare other auction mechanisms to highlight the characteristics of the proposed one. Numerical simulation using the proposed auction mechanism is given to illustrate the procedure of this new auction mechanism.

Politics and parties: Neglected aspects of postmaterial value change

Inglehart’s thesis of postmaterial value change is one of the most influential accounts of social and political change in advanced Western nations. This paper uses data from the World Values Survey and the Australian Election Surveys to reexamine the relationship between age and values in 19 advanced industrial nations. We find evidence of a monotonic age structuring of values in a number of countries, but in others, the relationship between age and values is not as Inglehart would predict. In addition, the impact of birth cohort on values differs between countries that are dominated by two major parties and those where there are many smaller parties. The presence of successful Green parties is also important for enhancing the uptake of postmaterialist values. These findings suggest that Inglehart’s arguments about generational value change should be modified to take into account national political institutions and political cultures that might enhance or impede generational-based values change.