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Proposta de aperfeiçoamento da metodologia dos leilões de comercialização de energia elétrica no ambiente regulado: aspectos conceituais, metodológicos e suas aplicações; Proposal for Improving Methodology of Regulated Electricity Procurement Auction: Concepts, Methodologies, and Their Applications

Rego, Erik Eduardo
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 05/11/2012 Português
Relevância na Pesquisa
36.32%
Este trabalho analisou os leilões de comercialização de energia elétrica no ambiente de contratação regulada no Brasil, realizados entre 2005 e 2011, com o objetivo de propor aperfeiçoamentos em sua metodologia. Para tanto, foram estudadas três linhas de pesquisa: teoria de leilões, internalização (adicionais) de custos não privados (externalidades) e organização de mercados de capacidade. Após a análise dos 21 leilões de novos empreendimentos realizados no período, conclui-se que o desenho do leilão com fase discriminatória final é adequado aos objetivos de modicidade tarifária, mas que também permite melhoras. As fraquezas da sistemática atual identificadas foram: metodologia de contratação termelétrica por disponibilidade, com viés das fontes de maior custo variável unitário, adoção de preço-teto nem sempre adequado, dificuldade em mitigar o exercício de poder de mercado da Eletrobras nos leilões de energia existente e licitação pelo custo econômico privado. De forma a aprimorar os leilões, as seguintes ações foram sugeridas: realização de uma etapa adicional e prévia ao desenho de leilão híbrido atual visando contornar a problemática de estabelecimento de preço-teto adequado; utilização de adicionais ao lance do leilão para internalizar os custos de transmissão não recolhidos pelo gerador; substituição do mecanismo de contratação termelétrica pelo modelo Colombiano de opções; condução de leilões de energia nova e existente em conjunto...

Financial Sector Assessment : Armenia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.19%
The Armenian financial system is quite small, with the assets of the banking system (by far the largest component) accounting for only 15 percent of gross domestic product (GDP). The banking sector has not yet reached the level of consolidation and sophistication of the more advanced transition economies, and intermediation costs are high. The results of the stress tests show that the banking system is significantly exposed to a combination of credit and foreign exchange rate risks, but only moderately exposed to interest rate risks. The legal framework governing the financial sector in Armenia is reasonably sound and comprehensive, but decisions by the Central Bank of Armenia (CBA) to withdraw banking licenses and or to initiate bankruptcy proceedings against banks have been successfully appealed in the courts. The authorities have agreed that the law on joint-stock companies should be replaced as soon as possible, and supplemented by a law on limited liability companies. Many of the Basel core principles are largely complied with...

Nigeria : Strengthening Monetary and Liquidity Management

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.17%
The 2002 Financial Sector Assessment Program (FSAP) identified considerable problems in containing the upsurge in liquidity in the financial system, partly caused by spending of oil receipts. In the face of persistent excess liquidity in the financial system, the Central Bank of Nigeria (CBN) made numerous adjustments in the monetary policy framework and instruments; however, these had a limited impact on monetary aggregates. A structural excess liquidity is a common feature in oil exporting countries like Nigeria because of sustained large foreign currency inflows. This note reviews the current frameworks for monetary policy and liquidity management and discusses role of selective financial markets in improving liquidity management in Nigeria. It also provides some recommendations to further strengthen the implementation of monetary policy, particularly systemic liquidity management. This note is structured as follows: chapter one gives context and background; chapter two gives monetary policy framework; chapter three presents liquidity forecasting and management; chapter four gives functioning of financial markets and liquidity management; and chapter five gives recommendations.

The Potential of Regional Power Sector Integration : Central American Electric Interconnection System Transmission and Trading Case Study

Economic Consulting Associates
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
35.96%
Developing countries are increasingly pursuing and benefitting from regional power system integration (RPSI) as an important strategy to help provide reliable, affordable electricity to their economies and citizens. Increased electricity cooperation and trade between countries can enhance energy security, bring economies-of-scale in investments, facilitate financing, enable greater renewable energy penetration, and allow synergistic sharing of complementary resources. This briefing note draws from the experiences of RPSI schemes around the world to present a set of findings to help address these challenges. It is based on case studies of 12 RPSI projects and how they are dealing with key aspects of RPSI, such as: (i) finding the right level of integration; (ii) optimizing investment on a regional basis; (iii) appropriate regional institutions (iv) technical and regulatory harmonization; (v) power sector reform and integration (vi) the role of donor agencies (vii) reducing emissions through RPSI; and (viii) RPSI and renewable energy.

e-Reverse Auction Guidelines for MDB Financed Procurement

Asian Development Bank; Inter-American Development Bank; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.49%
Borrowing countries are increasingly inclined to use electronic procurement systems and means for processing and managing MDB funded activities. This guide is intended to be used for the application of e-reverse auctions during the procurement process. Not all procurement is suitable for e-reverse auction. Some governments consider e-reverse auction to be a special case of e-bidding while others see it as part of e-Purchasing. For United Nations Commission on International Trade Law (UNCITRAL), an e-reverse auction is described as an online, real-time dynamic auction between a buying organization and a number of suppliers who compete against each other to win the contract by submitting successively lower priced bids during a scheduled time period. Where e-GP systems are intended to be used for e-reverse auctions for works, goods, or services under MDB financed procurement, the MDB administering division or resident office administering the project will, consistent with any approved delegations, evaluate the e-reverse auction features...

The liquidity premiun in equity pricing under a continuous auction system

Rubio, Gonzalo; Tapia, Mikel
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /11/1996 Português
Relevância na Pesquisa
46.08%
This paper shows that the cost of iliquidity is not (positiveley) priced over all months in the Spanish continuous auction system where Iiquidity is provided in the absence of market makers. Two distinct approaches are employed. Both the two-step traditional cross-sectional method and the pooled cross-section time series analysis tend to indicate that the liquidity premium is negative during months other than January. Morever, the Iiquidity premium in January is positive (although not significant) and at the 10 per cent level it seems to be significantly higher than the liquidity premium over the rest of the year. Therefore, given the previous results for the US market, we conclude that, independently of the market trading mechanism, the behavior of the relationship between the bid-ask spread and stock retums is rather similar.

The Liquidity Premium in Equity Pricing under a Continuous Auction System

Rubio, Gonzalo; Tapia, Mikel
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em /03/1998 Português
Relevância na Pesquisa
46.08%
The paper shows that the cost of illiquidity is not (positively) priced over all months in the Spanish continuous auction system, where liquidity is provideh in the absence of market makers. Two distinct approaches are employed. Both the two-step traditional cross-sectional method and the pooled cross-section time series analysis tend to indicate that the liquidity premium is negative during months other than January. Morever, the liquidity premium in January is positive (although not significant) and at the 10% level it seems to be significantly higher than the liquidity premium over the rest of the year. Therefore, given the previous results for the US market, we conclude that, independently of the market trading mechanism with the exception of NASDAQ, the behaviour of the relationship between the bid-ask spread and stock returns is rather similar.

Adverse selection, volume and transactions around dividend announcements in a continuous auction system

Rubio, Gonzalo; Tapia, Mikel
Fonte: Blackwell Publishing Publicador: Blackwell Publishing
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em //1996 Português
Relevância na Pesquisa
36.01%
We show that liquidity providers do not significantly respond to changes in information asymmetry risks, at least when we analyse their trading behaviour around dividend announcements of a representative sample of stocks in a continuous auction trading mechanism. the implicit bid-ask spread does not seem to change beyond what is normally conveyed through an increased number of transactions. We also document that the information in the trading behaviour of investors is primarily contained in the number of daily transactions.

Adverse selection, volume, and transactions around dividend announcements in a continuous auction system

Rubio, Gonzalo; Tapia, Mikel
Fonte: Universidad de Deusto Publicador: Universidad de Deusto
Tipo: Parte de Livro Formato: application/pdf
Publicado em //1995 Português
Relevância na Pesquisa
36.01%
We show that liquidily providers do nol significantly respond lo changes in information asymmelry risks, al leasl when we analyze lheir lrading behavior around dividend announcemenls of a representali ve sample of stocks in a continuous auction irading mechanism. The implicit bid-ask spread does nol seem lo change beyond what is normally conveyed through an increased number of transactions. We also document tha! ¡he information in the trading behavior of investors is primarily contained in the number of daily lransaclions.

The Clock Proxy Auction for Allocating Radio Spectrum Licenses

Mochón, Asunción; Sáez, Yago; Gómez-Barroso, J.L.; Isasi, Pedro
Fonte: Springer Publicador: Springer
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article Formato: application/pdf; text/plain
Publicado em /04/2011 Português
Relevância na Pesquisa
36.25%
The combinatorial clock-proxy auction is analyzed as a selling mechanism of a portion of the “digital dividend” in an European country. We assumed bidders with bounded rationality making their bidding decisions based on a system of recommendation that learns from the environment. The auction outcome when all bidders follow the proposed strategies was compared with the efficient outcome of the auction. Although significant differences were found in the seller’s income, no significant variations were found in the distribution of spectrum licenses among bidders.; This article has been financed by the Spanish research MCyT project MSTAR, Ref: TIN2008-06491-C04-03/TIN.

Liquidity Provision in the Limit Order Book - Adverse Selection, Iceberg Orders and the Opening Auction; Liquiditätsangebot im Orderbuch - Adverse Selektion, Iceberg Orders und die Eröffnungsauktion

Frey, Stefan
Fonte: Universität Tübingen Publicador: Universität Tübingen
Tipo: Dissertation; info:eu-repo/semantics/doctoralThesis
Português
Relevância na Pesquisa
36.25%
The dissertation highlights different topics of equity trading in limit order books using the example of Deutsche Boerse's electronic trading system XETRA. The first introductory chapter is a straight forward discussion of the profitability of exchange trading for both the exchange operator and the liquidity suppliers. It applies Harris and Hasbrouck(1996) for the continuous trading and extends it to the auction phase. The second chapter analyzes the impact of adverse selection on liquidity provision. It relaxes the the assumptions of Sandas(2001) empirical implementation of the theoretical model outlined in Glosten(1994) in two dimensions. Replacing the marginal profit conditions with average ones improves the empirical performance, whereas the nonparametric specification of the market order size does not. A cross sectional analysis corroborates the finding that adverse selection costs are more severe for smaller capitalized stocks. Iceberg orders allow traders to submit hidden liquidity into the order book. The third chapter studies the interaction between hidden liquidity and overall liquidity provision. It provides evidence that iceberg orders can be detected using public information and that market participants follow state-dependent order submission strategies. At times of iceberg orders prevailing in the order book the marker order flow and price impact changes. After adjusting for those effects in the Glosten/Sandas framework the marginal compensation of liquidity provision changes. The fourth chapter changes the focus to the opening auction. It proposes an extension to Biais et al.(1999) to remove the market microstructure noise of the indicative price regression. The results show that the indicative price becomes informative about the true value at the very beginning of the call phase...

Integrating Border Regions : Connectivity and Competitiveness in South Asia

Cali, Massimiliano; Farole, Thomas; Kunaka, Charles; Wagle, Swarnim
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.2%
Deeper regional integration can be beneficial especially for regions along international borders. It can open up new markets on opposite sides of borders and give consumers wider access to cheaper goods. This paper uses data from five contiguous districts of India, Nepal, and Bangladesh in the northeast of the subcontinent to measure the degrees of trade complementarity between districts. The paper illustrates that the regions are underexploiting the potential of intraregional commerce. Price wedges of up to 90 percent in some important consumption products along with measures of complementarity between households' production and consumption suggest the potential for relatively large gains from deeper trade integration. Furthermore, an examination of a specific supply chain of tea highlights factors that help industries scale up, aided by institutions such as an organized auction and decent physical and legal infrastructure. However, districts alike in geography but located across international boundaries face different development prospects...

Strategic Reorientation of the Housing Provident Fund System in the People's Republic of China

Taffin, Claude; Friedemann, Roy; Kyung-Hwan, Kim
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
35.95%
The objective of this report is to respond to the request of the Ministry of Housing and Urban-Rural Development (MOHURD), to assess the Housing Provident Fund (HPF) system, and provide recommendations on its positioning, strategy and future role in the overall housing policy. The report focuses on a strategic review of the HPF system and its strategy, mission, and operational structure, and then analyses the market in which the individual HPFs operate. It provides recommendations on the realignment of the HPF system in view of the changed market conditions. The recommendations encompass the overall policy goal of the HPF system, including regulation and supervision, modifications to the current products offered by the HPFs, and improvements in the operational structure (e.g. organizational set-up, technical capabilities of management and staff, liquidity and risk management). The report concludes by citing international experiences with housing provident systems/credit linked savings systems in order to highlight useful links with the Chinese HPF system.

Detecting Collusion in Timber Auctions : An Application to Romania

Saphores, Jean-Daniel; Vincent, Jeffrey R.; Marochko, Valy
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.35%
Romania was one of the first transition countries in Europe to introduce auctions for allocating standing timber (stumpage) in public forests. In comparison with the former system in the country-administrative allocation at set prices-timber auctions offer several potential advantages: greater revenue generation for the government, a higher probability that tracts will be allocated to the firms that value them most highly, and stronger incentives for technological change within industry and efficiency gains in the public sector. Competition is the key to realizing these advantages. Unfortunately, collusion among bidders often limits competition in timber auctions, including in well-established market economies such as the United States. The result is that tracts sell below their fair market value, which undermines the advantages of auctions. This paper examines the Romanian auction system, with a focus on the use of econometric methods to detect collusion. It begins by describing the historical development of the system and the principal steps in the auction process. It then discusses the qualitative impacts of various economic and institutional factors, including collusion, on winning bids in different regions of the country. This discussion draws on information from a combination of sources...

Forest Governance 2.0 : A Primer on ICTs and Governance

Castrén, Tuukka; Pillai, Madhavi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Institutional and Governance Review (IGR); Economic & Sector Work
Português
Relevância na Pesquisa
36.18%
In this report, the authors study the experiences and lessons learned on the use of Information and Communication Technology (ICT) to promote good forest governance, and identify ways modern technology can be applied to meet the challenges of improving forest governance and achieving sustainable forest management. The authors believe that countries and their development partners can make their forest governance reforms more effective and inclusive through the use of information management and technology. The main focus in the report is on institutions how they interact with stakeholders and how their performance can be strengthened. The authors are trying to fill the gap in which experiences from various forest governance pilots are not widely shared. They do not cover forest inventories or technical resource assessment; extensive literature on these topics is available from various national and international research institutions and the UN Food and Agriculture Organization (FAO). They do not present all possibilities and current uses of ICT in forest governance. Their goal is to demonstrate the range and diversity of approaches...

Electricity Auctions : An Overview of Efficient Practices

Maurer, Luiz T. A.; Barroso, Luiz A.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
36.46%
This report assesses the potential of electricity contract auctions as a procurement option for the World Bank's client countries. It focuses on the role of auctions of electricity contracts designed to expand and retain existing generation capacity. It is not meant to be a 'how-to' manual. Rather, it highlights some major issues and options that need to be taken into account when a country considers moving towards competitive electricity procurement through the introduction of electricity auctions. Auctions have played an important role in the effort to match supply and demand. Ever since the 1990s, the use of long-term contract auctions to procure new generation capacity, notably from private sector suppliers, has garnered increased affection from investors, governments, and multilateral agencies in general, as a means to achieve a competitive and transparent procurement process while providing certainty of supply for the medium to long term. However, the liberalization of electricity markets and the move from single-buyer procurement models increased the nature of the challenge facing system planners in their efforts to ensure an adequate and secure supply of electricity in the future at the best price. While auctions as general propositions are a means to match supply with demand in a cost-effective manner...

Assignment of exclusive spectrum licenses in Japan : use of an auction for the licensee selection process

Matsunaga, Hironori
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 159 p.; 7651233 bytes; 7657900 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
36.52%
The demand for spectrum resources has increased in the past decade due to the flourishing wireless industry worldwide. This change requires Japan's Ministry of Internal Affairs and Communications (MIC) to establish a transparent, fair and efficient spectrum allocation process that will enable it to select an optimal set of licensees to realize efficient spectrum use. This thesis proposes an auction system that assigns exclusive spectrum licenses to firms competing in the Japanese wireless industry. MIC currently uses a comparative examination system, which unfortunately lacks certain features the Ministry is required to address. An auction system is an alternative, already employed by many countries to allocate spectrum resources optimally, to secure a transparent and fair decision-making process, and to raise revenue for national coffers. The Diet's approval of legislation authorizing MIC to use auctions is one obstacle because it requires much time and effort to persuade political parties, incumbents, and newcomers of the value of the auction system over the current system. Another challenge to the effectiveness of the auction system is its design, which must be built-to-order based on the goals of each government and specific market conditions.; (cont.) This research covers four areas: (1) The development and transition of the Japanese mobile industry; (2) Analysis of stakeholders' attitudes toward the introduction of the auction system; (3) A proposed strategy for developing an auction design based on an analysis of English...

The Sequential Auction Problem on eBay: An Empirical Analysis and a Solution

Juda, Adam I.; Parkes, David C.
Fonte: Association for Computing Machinery Publicador: Association for Computing Machinery
Tipo: Monograph or Book
Português
Relevância na Pesquisa
36.2%
Bidders on eBay have no dominant bidding strategy when faced with multiple auctions each offering an item of interest. As seen through an analysis of 1,956 auctions on eBay for a Dell E193FP LCD monitor, some bidders win auctions at prices higher than those of other available auctions, while others never win an auction despite placing bids in losing efforts that are greater than the closing prices of other available auctions. These misqueues in strategic behavior hamper the efficiency of the system, and in so doing limit the revenue potential for sellers. This paper proposes a novel options-based extension to eBay's proxy-bidding system that resolves this strategic issue for buyers in commoditized markets. An empirical analysis of eBay provides a basis for computer simulations that investigate the market effects of the options-based scheme, and demonstrates that the options-based scheme provides greater efficiency than eBay, while also increasing seller revenue.; Engineering and Applied Sciences

A Real-time Group Auction System for Efficient Allocation of Cloud Internet Applications

Lee, Chonho; Wang, Ping; Niyato, Dusit
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 02/04/2013 Português
Relevância na Pesquisa
46.46%
Increasing number of the cloud-based Internet applications demands for efficient resource and cost management. This paper proposes a real-time group auction system for the cloud instance market. The system is designed based on a combinatorial double auction, and its applicability and effectiveness are evaluated in terms of resource efficiency and monetary benefits to auction participants (e.g., cloud users and providers). The proposed auction system assists them to decide when and how providers allocate their resources to which users. Furthermore, we propose a distributed algorithm using a group formation game that determines which users and providers will trade resources by their cooperative decisions. To find how to allocate the resources, the utility optimization problem is formulated as a binary integer programming problem, and the nearly optimal solution is obtained by a heuristic algorithm with quadratic time complexity. In comparison studies, the proposed real-time group auction system with cooperation outperforms an individual auction in terms of the resource efficiency (e.g., the request acceptance rate for users and resource utilization for providers) and monetary benefits (e.g., average payments for users and total profits for providers).

Online Auction Markets

Yao, Song
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 1538884 bytes; application/pdf
Publicado em //2009 Português
Relevância na Pesquisa
36.42%

Central to the explosive growth of the Internet has been the desire

of dispersed buyers and sellers to interact readily and in a manner

hitherto impossible. Underpinning these interactions, auction

pricing mechanisms have enabled Internet transactions in novel ways.

Despite this massive growth and new medium, empirical work in

marketing and economics on auction use in Internet contexts remains

relatively nascent. Accordingly, this dissertation investigates the

role of online auctions; it is composed of three essays.

The first essay, ``Online Auction Demand,'' investigates seller and

buyer interactions via online auction websites, such as eBay. Such

auction sites are among the earliest prominent transaction sites on

the Internet (eBay started in 1995, the same year Internet Explorer

was released) and helped pave the way for e-commerce. Hence, online

auction demand is the first topic considered in my dissertation. The

second essay, ``A Dynamic Model of Sponsored Search Advertising,''

investigates sponsored search advertising auctions, a novel approach

that allocates premium advertising space to advertisers at popular

websites, such as search engines. Because sponsored search

advertising targets buyers in active purchase states...